38-Story Complex to Be Built on Former Korea Appraisal Board Site in Samseong-dong... Advance Negotiations with Samsung Life Insurance Completed [Real Estate AtoZ]

Public Viewing of Architectural Plan Agreed in Advance Negotiations with Samsung Life Insurance
Complex Featuring Office, MICE, and Cultural Spaces up to 38 Stories High
Elevated Pedestrian Walkway with Han River Views Planned for Lower Levels

The former site of the Korea Appraisal Board in Samseong-dong, Gangnam-gu, Seoul, will be transformed into a complex facility featuring office, cultural, and MICE (Meetings, Incentives, Conferences, and Exhibitions) spaces, with a maximum height of 38 stories.

A perspective rendering of the office facility up to 38 stories high to be developed in the area of 171-2 Samseong-dong, Gangnam-gu, the former site of the Korea Appraisal Board. Provided by the Seoul Metropolitan Government

On December 18, the Seoul Metropolitan Government announced that it will publicly display the proposed changes to the district unit plan for the former Korea Appraisal Board headquarters site (171-2 Samseong-dong, Gangnam-gu), as agreed in advance negotiations with the private developer Samsung Life Insurance, until February 2 of the following year. The developer formed a negotiation and coordination council with the city and experts, and submitted a resident proposal to the city reflecting the agreements reached with the city from August last year to September this year.

Samsung Life Insurance purchased the site for 232.8 billion won in 2011, after the Korea Appraisal Board confirmed its relocation to Daegu and the sale of public institution land commenced. Through a design competition, the company planned to build a complex facility with seven underground floors and 38 above-ground floors, totaling 126,536 square meters. Depending on the business type, office spaces of over 1,653 square meters (500 pyeong) can be flexibly utilized, and business lounges for networking and multipurpose workspaces will also be established.

By changing the zoning from a Type 3 General Residential Area (floor area ratio of 250%) to a General Commercial Area (floor area ratio of 800%), a public contribution of 363 billion won will be made. In accordance with the principle of prioritizing investment within the International Exchange Complex District Unit Plan area, the public contribution will be allocated to the underground space complex development of Yeongdong-daero. It will be used to expand infrastructure such as public transportation and citizen convenience facilities.

Location map of 171-2 Samseong-dong, Gangnam-gu, former headquarters site of the Korea Appraisal Board. Provided by Seoul City

The city plans to finalize the district unit plan change as early as the first half of next year through the urban management plan amendment process and to sign a public-private contribution agreement. The developer aims to begin construction in 2027 after completing the building permit process, with the goal of completing the project by 2031.

On the lower floors, an elevated pedestrian walkway will be created, connecting the project site with adjacent land owned by Korea Land & Housing Corporation (LH) and Seoul Medical Center, offering views of the Tancheon Stream and the Han River. The "Urban Plateau," a specialized exhibition facility of about 700 square meters connected to the elevated walkway, is expected to become a linear landmark within the International Exchange Complex District.

To serve as a key pedestrian link from COEX through Tancheon Stream, Jamsil Sports Complex, and to the Han River, a public pedestrian passage connecting east and west will be constructed on the north side of the site. The width of Teheran-ro 113-gil, the road connecting Teheran-ro to the project site, will be expanded from the current 15 meters to 20 meters, and the currently one-way road will be converted to two-way traffic.

Expected view of the low- to mid-rise section along the Tancheon Stream in the complex facility being developed in the area of 171-2 Samseong-dong, Gangnam-gu. Seoul City Public

The lower floors of the building along the Tancheon Stream have been designed with openness to activate the waterfront promenade. The area will feature indoor public spaces easily accessible from outside, a step library utilizing the sloped terrain as a tiered rest area, and a culture ground in the open lobby for enjoying events, creating spaces for cultural activities.

Kim Changgyu, Director General for Balanced Regional Development at the Seoul Metropolitan Government, stated, "The development of the former Korea Appraisal Board site goes beyond simply creating office facilities; it will serve as an opportunity to elevate Seoul's international business and MICE support environment to a world-class level. As a leading MICE city, we will actively support this project to enhance Seoul's global business hub status and serve as a catalyst for its leap forward."