Old District Office Site in Local Traditional Market to Be Redeveloped with New District Office and Mixed-Use Complex

Decline of Traditional Markets Due to Internet Shopping
Yeongdo Market in Dongjak-gu and Dongjak-gu Office Building Construction
Mixed-Use Residential and Commercial Building Construction at Sillim General Market in Gwanak-gu

As local traditional markets lose ground in competition with online shopping malls like Coupang and fail to establish themselves, there is an increasing trend of redeveloping these sites into public offices or mixed-use residential-commercial complexes. A representative example is the construction of the Jangseungbaegi Dongjak-gu Office, which was rebuilt on the site of Yeongdo Market in Dongjak-gu.

Since the 6th local government term, Dongjak-gu decided to sell the current district office site, which has become outdated after about 40 years, and build a splendid administrative town. In particular, the Dongjak-gu Office is so cramped that some departments are dispersed across four locations, including Noryangjin and nearby Yuhan Corporation.

This causes inconvenience for residents using the office, and the annual maintenance and management costs are increasing. Moreover, the parking lot is so narrow that it is difficult to park even a few dozen cars on the ground, causing considerable inconvenience for residents visiting the district office.

Especially, the current office site is commercial land valued at about 100 million KRW per pyeong (3.3 square meters), and by selling it, the Yeongdo Market site was purchased to build the new district office. The current site is expected to be acquired by the private sector and developed into a hotel or similar facility.

Bird's-eye view of the currently under-construction Dongjak-gu New Government Building

The Jangseungbaegi area is the central region of Dongjak-gu but has experienced stagnation in regional development for 40 years. In particular, the Jangseungbaegi Yeongdo Market area, targeted for the administrative town construction, has almost lost its market function due to aging shops and a high vacancy rate (about 72%).

Accordingly, merchants are reportedly eager for the administrative town to be established in this area.

Plan to Attract Prestigious British Private School Wycombe Abbey School to Current Office Site

Dongjak-gu, leveraging the locational advantage of the current office site, selected the ‘SJ Holdings Consortium’ on the 3rd of last month as the preferred negotiation partner for the development project of the Dongjak-gu Office current site (Noryangjin-dong 47-2) to transform the Noryangjin station area into a world-class landmark and elevate the value of Dongjak-gu.

The district plans to transform the current office site into a new growth core, with a development concept centered on balanced living hubs to revitalize the local economy and improve living convenience in the Noryangjin area.

Bird's-eye view of the building to be constructed on the current Dongjak District Office site

The current office site will be designed as two towers, ranging from 6 basement levels to 40 floors above ground, with a maximum height of 144 meters. It plans to attract Wycombe Abbey School, the UK's top prestigious private school, and include premium residential complex facilities with sports amenities such as ice hockey and swimming pools.

The upper floors of the buildings will allocate residential facilities such as residential officetels and apartments in appropriate proportions, while the lower floors will integrate educational facilities, retail spaces, and public facilities. The two buildings will be connected by a bridge to organically link education, commercial, residential, and public facilities centered on educational functions.

The surrounding landscape will enhance a nature-friendly image within the urban environment by using natural greenery and eco-friendly equipment, creating a vibrant atmosphere. Furthermore, the development project of the current office site will be linked with large-scale residential complexes (9,290 households) emerging in the Noryangjin area, aiming to become a future growth hub driving the development of Dongjak-gu.

Gwanak-gu to Build Mixed-Use Residential-Commercial Complex with 4 Basement Floors and 15 Above-Ground Floors at Sillim General Market

Gwanak-gu (Mayor Park Jun-hee) gave final approval on July 5th and announced on the 11th the management disposition plan for the redevelopment project of Sillim General Market submitted by Sillim General Market Development Co., Ltd.

Sillim General Market (505-1 Sillim-dong) is a building with 1 basement floor and 3 above-ground floors, covering a total floor area of 4,059㎡, approved for use in the 1970s and now highly aged. Additionally, customer convenience facilities are insufficient, and the vacancy rate is 47.7%, effectively causing the market to lose its function. Through this redevelopment project, Sillim General Market will be transformed into a mixed-use residential-commercial complex with 4 basement floors and 15 above-ground floors, covering a total floor area of 23,896㎡. The basement 1st floor and ground 1st floor will house 32 retail units and 1 public office unit, while floors 2 through 15 will provide 145 apartment units.

Sillim General Market Reconstruction Bird's-eye View

The apartments will be urban-style residential units ranging from 6 pyeong to 18 pyeong in size. Among the 145 units, 4 will be preferentially sold to existing merchants, while 141 residential units and 32 retail units will be sold to the general public.

The district expects that the new mixed-use complex will improve the image of the deteriorated commercial area, increase foot traffic, and revitalize the local economy.

The Sillim General Market redevelopment project is scheduled to begin construction in the second half of this year, with completion targeted for 2027.