Seoul City announced on the 16th that the sale of the Sangam DMC landmark site, which was promoted for the first time in seven years, failed due to no bidders submitting purchase applications.
They had planned to receive applications and business plans within this month and select a preferred negotiation partner next month, but no applications were submitted by the deadline today.
The site covers a total area of 37,262㎡ around 1645 and 1246 Sangam-dong. Seoul City had attempted to sell the site four times from 2004 to 2016, but it remained neglected as no substantial project was initiated. The city has planned to build a cutting-edge complex business center here by 2030 to revitalize the western Seoul economy and strengthen its central functions.
Seoul City stated that it will analyze the reasons for the lack of bids, gather industry opinions and expert advice, and decide on a supply plan as soon as possible.
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