Seoul gov't seeks new team to take over lagging Sangam development

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Seoul gov't seeks new team to take over lagging Sangam development

Published: 18 Jun. 2024, 18:11 Updated: 18 Jun. 2024, 21:12

CHO JUNG-WOO
cho.jungwoo1@joongang.co.kr

A rendered image of Sangam-dong in Mapo District, western Seoul, featuring a Ferris wheel, tentatively named the Seoul Twin Eye [SEOUL METROPOLITAN GOVERNMENT]

A new team will take over the much-delayed development of western Seoul's Sangam-dong, a digital media and communications hub, said the city government.

According to the Seoul Metropolitan Government on Monday, a new team will be created to lead the development of the Sangam DMC area, with its head being an expert from outside the city government.

Recruitment for the position began on May 23, ahead of a government reshuffle in July, after Seoul Mayor Oh Se-hoon requested an outsider who could bring creative ideas.

Sangam to become leisure hub like Abu Dhabi’s Yas Island: Seoul mayor

During his visit to Yas Island in Abu Dhabi last month, Oh revealed his plan to transform the western Seoul area into a family-friendly entertainment hub. The revitalization plan includes constructing a Ferris wheel, tentatively named the Seoul Twin Eye, in Pyeongwha Park. The long-awaited development of the Sangam DMC landmark site, which has been pending since 2004, will also be part of the master plan, which is expected to be announced later this year.

The development of the Sangam DMC landmark site has been a long-standing challenge for the metropolitan government for nearly two decades. It has proposed creating a landmark building in the area since 2004, envisioning a high-rise with over 100 stories by 2030. However, the plan has repeatedly stalled as no developers have shown interest. The latest attempt to sell the land on May 28 marked the sixth failure, with no bidders coming forward.

The site, measuring 37,262 square meters (9.2 acres), is expected to be sold for 836.5 billion won ($604 million). The land's floor area ratio is as high as 1,000 percent, allowing for a building that has 133 stories and a height of 656 meters (2,152 feet). However, the city government does not deem it necessary to exceed 100 floors.

"About 100 companies attended a briefing on the sale of the site in January, but ultimately none made a bid," a city government official said. "We will revisit the plan after analyzing why companies did not participate."

One option for developing the site could be leasing it to a developer, similar to the International Finance Center in Yeouido, western Seoul, in 1999. The land owned by the city government was leased to the American International Group and was later returned to the city government after it was developed and the lease had ended.

"Sangam DMC lags in competitiveness compared to major business districts like Yeouido, as it is on the outskirts," said Lee Chang-moo, an urban planning professor at Hanyang University. "The development should be based on profitability rather than an excessive push for development."

BY HAN EUN-HWA [cho.jungwoo1@joongang.co.kr]