Igis Asset Management announced on the 26th that the business implementation plan approval for the redevelopment of the 'Yangdong urban renewal redevelopment zone 4-2 and 7 districts' was published on the 24th. A massive restoration project that will transform the landscape around the Namsan Hilton site has officially begun.
According to Igis Asset Management, the business implementer 'YD427PFV' plans to sign a construction contract with Hyundai Engineering & Construction. Afterward, if the management plan approval is completed with a target of the first quarter of next year, construction is expected to start in the first half of next year.
YD427PFV is jointly owned by Igis Asset Management, Hyundai Engineering & Construction, and Shinhan Financial Group and has been promoting a large-scale urban regeneration project targeting the two districts within the Yangdong district, located between Seoul Station and Namsan, since 2022. The subject of this business implementation plan approval is the Hilton site, which is the central axis of the project, with a total floor area of 339,882.69 square meters.
The other axis of the project is the 'Yangdong urban renewal redevelopment zone 8-1 and 6 district redevelopment project,' which is a redevelopment of a nearby metro station and Seoul Lotto Tower, completed in the 1970s. Once the development of both areas is completed around 2030, a complex space of approximately 460,000 square meters is expected to emerge in front of Seoul Station, rivaling the scale of the Yeouido International Financial Center (IFC).
The combined name of the two projects has been set as 'Iota,' which means 'completeness' in Greek.
An official from Igis Asset Management noted, 'Seoul has grown into a megacity ranking second in population and fourth in economic scale among global cities, but the highest level of commercial real estate facilities is only about one-third of Tokyo.' The Iota project aims to transform Seoul's underdeveloped areas into future spaces that blend nature, culture, and cutting-edge office facilities.
Once the two projects are completed, two high-tech office buildings, a six-star hotel, and various commercial facilities will be established. In particular, 40% of the total site area will be composed of public green spaces for citizens, equivalent to the size of one soccer field.
Igis Asset Management has been closely consulting with various relevant agencies to enhance the public interest of the development project. Consequently, they have added plans for escalators to improve pedestrian environments in the section leading from Seoul Station to Namsan and developed design plans to secure views of Namsan.
Meanwhile, global design firms, including Britain's Foster and Partners, the United States' Skidmore, Owings & Merrill (SOM), and Korea's dA Architecture, are expected to participate in the project.