JYP Entertainment has decided to cancel its plans to build a new headquarters in Godeok-dong.

JYP stated that after becoming aware in April of a change in the designation of the park in front of the planned new headquarters site in Godeok-dong, Gangdong-gu, Seoul, it held multiple consultations with the Seoul Housing & Communities Corporation (SH) and the Gangdong-gu Office in an effort to continue the new headquarters construction project.

However, the company explained that in late August, it received an official response from the SH Corporation stating, "There are no procedural issues with the land use change, and restoring it to a park is also impossible."

JYP added, "As the core environment surrounding the execution of the project has changed, we comprehensively reviewed various factors including the status of leased buildings outside of our current headquarters, and ultimately reached the final conclusion that we can no longer proceed with the project."

Instead of dropping anchor on the new headquarters construction plan, JYP stated that it plans to purchase a building near its current headquarters in Seongnae-dong to secure a stable working environment.

(Photo: Provided by Gangdong-gu Office, Yonhap News)