Dongjak District Signs Sales Contract for Former Government Office Site: "100 Billion Won Budget Savings"

Contract Signed with IMM Investment Consortium 'Nodeone'
Landmark to Be Created Through Private Development

Dongjak District in Seoul (District Mayor Park Ilha) announced on the 24th that it had signed a public property sales contract with Nodeone PFV Co., Ltd. (Nodeone) on the 20th for the area of 47-2 Noryangjin-dong, the site of the former Dongjak District Office, and will officially begin private development.

Perspective view of the Noryangjin Government Complex Site Mixed-Use Development Project. Provided by Dongjak District Office.

Initially, Dongjak District had planned to settle the land with Korea Land and Housing Corporation (LH) through payment in kind and supply rental housing. However, the district successfully shifted both the development and settlement methods from public to private, judging that a new landmark needed to be created through private development.

In August of this year, the district selected the IMM Investment Consortium as the preferred bidder through an open call for private developers, established the special purpose company 'Nodeone,' and will carry out the project based on this contract. IMM Investment is one of Korea's leading financial and venture capital firms, known for discovering and nurturing unicorn companies such as Celltrion, Musinsa, Zigbang, and Ecopro. The core of the district's plan is to combine IMM Investment's capabilities with the site's potential to make Dongjak District the birthplace of Korea's next unicorn companies.

The district expects to generate approximately 100 billion won in financial gains from the land sale. It will save 43 billion won that was originally planned for LH, and by shortening the three-year installment period proposed by Nodeone to two years, it will be able to repay construction costs earlier, reducing interest expenses by more than 1 billion won. Additionally, through private development, the district will receive donated space worth 36.5 billion won, resulting in comprehensive budget savings.

The government complex site will be developed as a mixed-use complex with seven basement floors and 44 above-ground floors, including educational and research facilities, residential apartments, officetels, and neighborhood living facilities. The attraction of an international school and the establishment of new growth industry infrastructure are also expected to greatly contribute to revitalizing the local economy and creating jobs for young people.

Park Ilha, Mayor of Dongjak District, stated, "With this land sale, Dongjak District will become the starting point for Korea's unicorn companies," adding, "The day is not far off when the world will turn its attention to Dongjak."