Seoul City has begun the process to sell the former National Institute of Health site in Eunpyeong District, which has been idle for over 20 years. The plan is to create a 'Seoul Creative Town,' a hub specialized in digital media, through the sale of the site.
On the 20th, Seoul City announced the sale of the former National Institute of Health site. The sale target site covers an area of 48,000.1 square meters, with a planned sale price of 454.5 billion won.
Bids will be accepted until April 10, and the winning bidder will be decided on the 11th, with a goal to sign the contract within April and start construction in 2027.
The site is adjacent to Bulgwang Station on subway lines 3 and 6, which Seoul City purchased from the government in 2003. Seoul City has selected this site as the first pre-negotiation site for balanced development, in order to develop it as a hub specialized in creative industries such as digital media and video.
The balanced development pre-negotiation system reduces the public contribution portion by up to 50% based on the job creation facility ratio and additionally provides a floor area ratio incentive. In December of last year, the city council approved the disposal agreement of local government property, and preliminary procedures such as changes to the district unit plan have been completed.
To expedite the project, Seoul City has added conditions such as submitting a development plan within three years from the contract date, establishing a right of repurchase, and demolishing remaining buildings. Additionally, if the buyer does not begin construction within one year after the transfer of ownership or abandons the project, the right of repurchase will be established to reclaim ownership.
To allow the project implementer to establish a development plan that aligns with the vision, purpose, and objectives of Seoul Creative Town, an information session will also be held on the 27th. Detailed information about the sale announcement can be found on the OnBid system and Seoul City’s official website.
Kim Chang-kyu, head of the Balanced Development Headquarters in Seoul City, noted, 'We will attract future job corporations to the former National Institute of Health site, and reinvest the public contributions generated during the development process to support corporate activities, creating a favorable environment for corporations in the northwest region.'