Seoul City Establishes Detailed Development Plan
Business, Commercial, and Accommodation Facilities Upgraded to Semi-Residential Zone
The private investment project to develop the area around Jamsil Sports Complex in Songpa-gu, Seoul, into a sports and exhibition convention (MICE) complex space has gained momentum. The Seoul Metropolitan Government aims to complete negotiations with the preferred bidder within this year and begin construction as early as 2025.
Perspective view of Jamsil Sports-MICE Complex Development Project. (Provided by Seoul Metropolitan Government)
On the 25th, Seoul held the 11th Urban and Architectural Joint Committee meeting and announced the approval of the 'International Exchange Complex District Unit Plan Amendment and Detailed Development Plan for Jamsil Sports and MICE Complex Special Planning Zone.'
The approved plan includes designating the Jamsil Sports Complex area as a special planning zone to develop it into a future-oriented complex and adjusting land use zones accordingly.
The city adjusted the land use zones for exhibition and convention facilities and supporting office, commercial, and accommodation facilities from the Category 1 General Residential Area to Semi-Residential Area. As a result, the maximum floor area ratio will increase from the existing 200% to 400%. The detailed development plan also includes the specific layout of sports facilities such as the dome-shaped baseball stadium, sports complex, swimming pool, as well as exhibition halls and convention centers.
With this decision, the Jamsil Sports and MICE private investment project is expected to proceed more rapidly. The city plans to finalize negotiations with the preferred bidder, the Hanwha consortium, within this year, complete consultations with the Ministry of Economy and Finance by next year, and sign the implementation agreement. The remaining procedures will be expedited with the goal of starting construction in 2026.
Kim Seung-won, Director of the Seoul Metropolitan Government’s Balanced Development Headquarters, stated, "With the approval of this district unit plan, we will do our best to ensure that future procedures, including the signing of the implementation agreement for the Jamsil Sports and MICE private investment project, proceed swiftly."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
