Call for Private Sector Proposals for Mixed-Use Development
Project Applications Accepted Until August 1
Dongjak District in Seoul is inviting private sector participants to submit proposals for the development of the current district office site located at 47-2 Noryangjin-dong.
This open call comes as the district seeks to relaunch the project after negotiations with the previously selected preferred bidder, chosen through last year’s public offering, ended in January of this year. The negotiations were terminated due to a freeze in the project financing (PF) market and a sharp increase in construction costs.
Exterior view of the current Dongjak District Office building in Noryangjin-dong. Provided by Dongjak District Office.
The current district office site covers 8,941 square meters, is designated as an urban and general commercial area, and is a large plot with views of the Han River near Noryangjin Station.
The public offering was announced on July 2. Letters of intent will be accepted until July 17, and project applications will be accepted until August 1. Interested buyers may participate as part of a consortium, and all application documents must be submitted in person to the Core Policy Promotion Team on the 4th floor of 70 Jangseungbaegi-ro, at the district office.
The district plans to select a preferred bidder in August and to complete the land sale process by signing an agreement and contract within the year. Through this public offering, Dongjak District aims to combine the locational potential of the Noryangjin Station area with private sector development capabilities to revitalize the region. The proceeds from the sale will be used as funding for the construction of a new district office, minimizing the district’s financial burden.
According to the district, the current site was originally planned for housing-focused development through payment in kind. However, recognizing its growth potential as a commercial site, the district switched to a cash settlement method after consultations with Korea Land and Housing Corporation (LH).
In particular, with the recent completion of the new district office and the full-scale relocation of departments, the district is focusing its efforts on this public offering to secure the necessary funds for settling construction costs with LH. Given the close connection between this project and district finances, the district plans to sell the site under competitive conditions.
To this end, the district has strengthened verification of bidders' financial soundness and funding capability in this offering, and has revised the relevant criteria to prioritize practical project execution capabilities. To enhance the effectiveness of bidder selection and align with administrative timelines, the public offering period has been significantly shortened from the previous 90 days to 30 days, and the evaluation system has also been improved.
For more details, visit the district office website’s notices section or contact the Core Policy Promotion Team at 02-820-1074.
Park Ilha, Mayor of Dongjak District, stated, “This public offering is not simply an asset sale, but a cornerstone for creating a landmark mixed-use facility that will represent the future of the Noryangjin area. We will ensure the development is carried out fairly and transparently, in partnership with financially stable private sector participants, for the future of Dongjak District.”
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