Aegis Asset Management is in the final stages of preparing the redevelopment maintenance plan for the 'Millennium Hilton Seoul' hotel in front of Seoul Station, Jung-gu.
According to the financial investment industry on the 2nd, YD427 plans to submit a supplemented plan to the Seoul Metropolitan Government within this month to receive approval for the maintenance plan change for the development of Yangdong 4-2 and 7 districts in Jung-gu, Seoul.
YD427 is a project finance investment vehicle (PFV) involving Aegis Asset Management. This is the Hilton Hotel redevelopment plan reflecting the improvements pointed out in the review by the Seoul City Urban Planning Committee (UCP) held last month.
Previously, Seoul City had put the maintenance plan change proposal based on the development plan submitted by YD427 PFV on hold. It was reported that the review comments required improvements in the 'architectural plan,' including the facade design, and the 'pedestrian system.'
YD427 PFV plans to request a review by the delegated subcommittee of the UCP with the development plan reflecting the improvements from the previous UCP review. The delegated subcommittee is formed to examine matters delegated by the UCP. Once it passes the delegated subcommittee, the overall development plan is effectively finalized.
The prepared plan arranges buildings to secure the Namsan scenic axis and reportedly includes office facilities, commercial facilities, and a hotel.
They are also exploring ways to improve accessibility to Namsan. Plans are under consideration to install escalators that can be ridden up from the nearby small park and Toegye-ro area of the development site. This is benchmarked after Hong Kong’s ‘Mid-Levels Escalator,’ which has many uphill sections.
As a donated facility, a Seoul tourism information center for foreign tourists is planned, taking advantage of the proximity between Seoul Station and Namsan.
Additionally, the plan includes continuing the symbolism of the existing Hilton Hotel. The iconic Hilton Hotel lobby will be relocated to an open green central area so that many citizens can experience the lobby of the existing Hilton Hotel.
An official from the real estate development industry said, "If a space connecting Seoul Station to Namsan is created, a new landmark symbolizing Seoul can be established."
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