The Gyeonggi Seongnam 'Baekhyeon MICE' development project, with a total project cost of 6.3 trillion won, is expected to be approved by the end of this year and commence construction in early next year. The site is located in Jeongja-dong, Bundang-gu, Seongnam, and is close to Pangyo Techno Valley. The project area is 1.4 times the size of Samsung-dong COEX.
The city of Seongnam has designated this area as an urban development zone in December 2020 to develop it into a high-tech complex industrial zone equipped with office facilities for exhibition conventions as well as corporations in robotics, autonomous driving, and technology convergence content. In 2021, the city promoted a public offering for private developers. However, the project was delayed due to allegations of preferential treatment in the Daejang-dong development, and only in 2023 was the consortium of MERITZ Securities and DL E&C selected as the preferred negotiator.
According to the city of Seongnam on the 4th, the consortium led by the preferred negotiator MERITZ Securities and the joint investor Seongnam Urban Development Corporation is in the final stages of refining documents to apply for the implementation plan approval for the Baekhyeon MICE project. A Seongnam city official said, "The city and the Seongnam Urban Development Corporation, along with the consortium, are in the stage of document refinement to reflect various environmental impact assessments in accordance with the development plan," adding that "the application for the implementation plan approval will likely be made in the second half of the year."
This project involves the construction of an exhibition convention center, complex office facilities (including rental housing), offices, hotels, parking lots, and parks on 200,000 square meters (206,350.2 square meters) of land in Jeongja-dong, Bundang-gu, Seongnam. The project implementer is 'Seongnam MICE PFV,' a project finance investment company jointly funded by the MERITZ Securities consortium and the Seongnam Urban Development Corporation. The project is scheduled to be completed by October 31, 2030.
The total project cost is 6.3 trillion won, and the consortium includes MERITZ Securities, DL E&C, TAEYOUNG E&C, and Samsung Securities. The main construction companies are DL E&C (60% equity) and TAEYOUNG E&C (30%). Yuanta Securities Korea estimates that DL E&C's related revenue will reach 2.4 trillion won (on a consolidated basis). A DL E&C official noted, "While the actual construction cost may adjust slightly at the time of commencement, we expect that approximately this amount will be reflected in revenue according to construction progress." The city of Seongnam expects the implementation plan to be approved by the end of this year and construction to begin in the first quarter (January to March) of next year.
The city of Seongnam plans to use this project as an opportunity to attract strategic industries to the boundary area between Bundang and Pangyo. The target area, Jeongja-dong 1, is right next to Suin-Bundang Line Sunae Station across the Tancheon River. It is located between Jeongja Station and Pangyo Station on the New Bundang Line. The city is also planning underground connections, 7.1 meters wide and 1.38 kilometers long, linking the Baekhyeon MICE site to Seopangyo IC, as well as a 7.1-meter wide and 820 meters long underground access road connecting to Bundang-Suseo Road.
Additionally, a new station (tentatively named Baekhyeon MICE Station) is being pursued to pass through the Baekhyeon MICE urban development site between Pangyo Station and Jeongja Station on the New Bundang Line. The city of Seongnam is currently conducting a feasibility study for the establishment of this station, which is expected to be completed by November. Kim Nam-won, the head of the Seongnam Metropolitan Railway team, said, "To create a large-scale MICE development, transport measures and accessibility improvements are needed, and we are conducting a feasibility study to establish a new station as much as possible," adding, "If the economic evaluation exceeds the threshold, we plan to apply for approval from the government."