JYP Entertainment has ultimately scrapped its project to build a new headquarters in Godeok-dong, Gangdong-gu, Seoul.

JYP announced on the 8th that it has made the final decision to withdraw the new headquarters construction project.

After first confirming the change in land use for the property in front of the new headquarters site last April, the company held multiple consultations with Seoul Housing & Communities Corporation (SH) and the Gangdong-gu Office, but ultimately concluded that it was difficult to continue the project.

Citing reasons such as its existing building in Seongnae-dong being too small, JYP acquired 10,675 square meters of land in Block 2 of the distribution and sales facility zone in the Godeok-Gangil district from SH in 2023 for 75.5 billion won.

It had planned to build a new headquarters there with a total floor area of 69,259 square meters, spanning 5 floors underground and 17 floors above ground.

The new headquarters was scheduled to feature large practice rooms, a grand auditorium, office spaces for executives and staff members, an 800-seat performance hall, and photo zones.

However, issues arose when SH changed the land use of the neighborhood park site located directly in front of the planned headquarters site.

The land use was altered to allow the construction of an 18-story commercial facility on a site originally scheduled to become a park.

JYP strongly protested, stating that high-rise buildings going up in front of the new headquarters instead of a park could cause problems regarding the privacy protection of its artists, but its concerns were not accepted.

JYP stated, "On August 31, we received an official response from SH stating that 'there were no procedural issues in changing the land use of the land in front of the new headquarters site, and restoring it to a park is also impossible.'"

It added, "As the core environment regarding the pursuit of this project has changed according to our standards, we reviewed various circumstances from multiple angles, including the situation of leased buildings other than our current headquarters, and reached a final conclusion that we can no longer proceed with the project."

Instead of giving up on establishing a presence, JYP decided to purchase a building near its current Seongnae-dong headquarters to supplement its office space.

JYP conveyed, "As this is a decision made after extensive review and careful consultation, we ask for your generous understanding."

It also stated, "Having achieved continuous growth since relocating to Gangdong-gu in June 2018, we will closely cooperate with our local government centered around the Seongnae-dong headquarters, and will continue to pursue sustainable growth going forward."

(Photo provided by Gangdong-gu Office, Yonhap News)