No Bidders for Competitive Auction
Concerns Over Delays in 2027 Construction Start
The first private sale of the former National Institute of Health site in Eunpyeong-gu, Seoul (currently Seoul Innovation Park), which Seoul City proposed for the creation of 'Seoul Creative Town,' has failed.
According to Seoul City on the 11th, after announcing the sale on February 20, the city received no bids for the competitive auction of the National Institute of Health site until the day before, resulting in a failed sale. The site for sale covers an area of 48,000.1㎡, with an expected sale price of 454.5 billion KRW.
The National Institute of Health site is adjacent to Bulgwang Station on subway lines 3 and 6, and Seoul City purchased it from the government in 2003. Seoul City has been reviewing various development plans to develop this site as an economic hub leading the development of the northwestern region. Currently, it is being used as a complex cultural space housing civic groups and social enterprises.
To develop this site as a specialized hub for creative industries such as digital media and video, Seoul City changed the district unit plan at the end of last year and selected this location as the first balanced development-type pre-negotiation site. The balanced development-type pre-negotiation system reduces public contribution by up to 50% depending on the proportion of job-creating facilities and provides additional floor area ratio incentives.
Originally, the city planned to select a successful bidder in April with the goal of starting construction in 2027. However, this failed sale is expected to inevitably cause delays in the schedule. A city official stated, "We plan to prepare follow-up measures through meetings with companies in the future."
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