Will the DMC Landmark Site Finally Find a Buyer? Seoul City Eases Conditions for New Bid

The Seoul Metropolitan Government announced that it is issuing a public notice for the supply of the landmark site in Sangam Digital Media City (DMC).

The site consists of plot F1 at 1645 Sangam-dong and plot F2 at 1646 Sangam-dong.

The combined area is approximately 37,000 square meters, and the expected supply price is 924.1 billion won, based on an appraisal.

The public notice can be viewed on the Seoul Metropolitan Government website (seoul.go.kr).

The city aims to receive project proposals on December 10 and select a preferred bidder within the same month.

The Seoul Metropolitan Government has attempted to sell the landmark site six times over the past 20 years since 2004, but no deal has been reached.

In response, the city has significantly improved the development criteria.

The mandatory usage ratio for designated purposes has been relaxed from the previous 50% or more to 40% or more, and the residential ratio, which was previously at least 30%, has been removed entirely.

Requirements for mandatory international convention facilities and minimum ratios for specific uses have also been eliminated to increase flexibility.

The site is located in a central commercial zone with a base floor area ratio of 1,000%. Additional incentives may be granted if criteria related to innovative design, eco-friendly performance, and tourist accommodation facilities are met.

Supply conditions have also been adjusted to enhance the feasibility of project implementation.

Previously, the purchase price had to be paid in equal installments every six months over five years. Under the new terms, the number of installments, payment schedule, and payment amounts can be determined through consultation with the Seoul Metropolitan Government within five years from the contract date.

A new special clause allowing the assignment of claims for the return of intermediate payments has been introduced to improve financing conditions, and the restriction period for third-party transfers has been shortened from 10 years to 5 years.

Through this public notice, the city plans to encourage the construction of a futuristic landmark that embodies the industrial identity and symbolism of DMC.

The city expects that once development begins in earnest, it will provide momentum for DMC to move beyond the media content industry and attract future industries based on artificial intelligence (AI), data, and digital technology.

Kim Yong-hak, Director General of the Future Spatial Planning Bureau of the Seoul Metropolitan Government, stated, "The DMC landmark site is a key stage that will elevate our future industrial competitiveness to the next level," adding, "We will develop Sangam beyond being the center of the northwestern region into a future economic hub of 'Global TOP 3 Seoul,' where work, life, culture, and leisure coexist."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.