Upper Floors, Creation of 'Campus-Style Offices'
Existing Lower Floor Retail Facilities Such as Food Courts Maintained
The Sindorim area is expected to undergo significant changes following the scheduled closure of Hyundai Department Store D-Cube City branch on June 30 next year.
Aegis Asset Management announced that after the Hyundai Department Store D-Cube City branch closes on June 30 next year, it will raise approximately 650 billion KRW in project funds to promote a mixed-use development of office facilities and retail. The upper-level sales facilities will be converted into offices, and major renovations will be made to internal elevators and escalators to diversify floor plans. The facade design will also be transformed to harmonize with the surrounding landscape.
As an example of mixed-use office facility development, they cited COEX, which has offices on the upper floors and Starfield on the lower floors.
Specifically, leveraging the excellent geographical advantage of Sindorim Station, which connects Seoul, Incheon, and Gyeonggi Province centered on the Great Metropolitan Express Railway (GTX) Line B, they plan to design a creative new large-scale office space rather than a typical office space, creating a ‘campus-style office’ that global innovative companies require.
The ‘campus-style office’ is a differentiated work environment that includes commercial facilities and relaxation spaces where people can enjoy culture, shopping, and dining in addition to office facilities.
Furthermore, Aegis Asset Management stated that the first floor above ground will be developed into rest areas such as an indoor garden accessible to both office tenants and the general public, along with various experiential spaces. The existing lower-level sales facilities, such as the food court, will be maintained for continued use.
Guro District Office (District Mayor Moon Heon-il) has begun devising measures together with Aegis Asset Management, the owner of Hyundai Department Store D-Cube City, following the store’s closure.
A district official said, “We recently held a meeting with Aegis Asset Management and agreed that when reviewing the building use change, we must consider how it will change the future of Guro District and its impact on residents’ lives.” They added that they will actively cooperate to enhance the value of the area going forward.
This follows the meeting on June 14, when the district directly met with an Aegis Asset Management executive to convey residents’ concerns about the department store’s closure and urged a constructive role in revitalizing the local commercial district.
They explained, “Major renovations and use changes of the building require approval from the district office under Article 11 (Permission) and Article 19 (Use Change) of the Building Act, provided legal requirements are met. We will actively consult with Aegis Asset Management to ensure residents’ benefits are maximally guaranteed.”
They continued, “When Aegis Asset Management acquired ownership shares of Hyundai Department Store D-Cube City in 2022, the closure was already being considered. We were informed that opening another department store nearby was difficult due to the presence of other department stores. Last May, we met with Hyundai Department Store D-Cube City officials to hear about current issues and discuss building a cooperative relationship. We deeply regret Hyundai Department Store’s decision to close.”
However, they said, “We are doing our best to attract facilities that can increase the area’s value so that D-Cube City can be reborn more splendidly. We ask for your anticipation of new changes in the Sindorim area.”
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