SH Corporation Launches Full-Scale Design of 'Bio and Startup Facilities' in Hongneung Area

Expected to Create 1,300 New Jobs
Anticipated Induced Production Effect of 280 Billion Won

Seoul Housing and Communities Corporation (SH Corporation) has officially begun the design services for the 'Advanced Medical Device and Bio Health Center' and the 'Hongneung Startup Lab,' which are core projects of the 'Hongneung Area Urban Regeneration Activation Plan.'

According to SH Corporation on June 17, the 'Advanced Medical Device and Bio Health Center,' which will be built in Cheongnyangni-dong, Dongdaemun-gu, passed the Seoul Metropolitan Government's public building landscape review on May 28.

Passed Landscape Review for 'Hongneung Advanced Medical Device Development Center and Bio Health Center Complex Facility' in Cheongnyangni-dong, Dongdaemun-gu, Seoul (Plan). Provided by SH Corporation

This facility will be constructed with three basement levels and seven above-ground floors, with a total floor area of 12,652 square meters. The total project cost is 87.7 billion won. It will house research labs related to advanced medical devices and bio health, and is expected to serve as a key research and development hub for the northeastern region of Seoul.

The 'Hongneung Startup Lab,' which will be established in the Hoegi-dong area, began its design services on June 2. This facility will have one basement level and three above-ground floors, with a total floor area of 1,065 square meters. The total project cost is 10.1 billion won, and it is expected to become a startup support space equipped with shared offices, independent startup rooms, and shared meeting rooms.

SH Corporation projects that the completion of these two facilities will create 1,300 new jobs and generate an economic effect of 280 billion won in induced production. Both facilities aim to begin construction bidding within 2026, with all administrative procedures scheduled to be completed within this year.

Hwang Sangha, President of SH Corporation, stated, "We will make Hongneung the center of bio-medical innovation in Seoul and present a successful development model that combines research and startups," adding, "We will do our best to ensure that these two facilities grow into a global innovation belt for the northeastern region."