The old Korea Appraisal Board site in Samseong-dong, Gangnam District, Seoul, will be transformed into a global business hub with buildings up to 38 stories high.
The Seoul city government said on the 18th it will post a public notice for viewing through Feb. 2 on a resident-proposed district unit plan change for the old Korea Appraisal Board headquarters site at 171-2 Samseong-dong in Gangnam District.
The site was purchased by Samsung Life Insurance when the Korea Appraisal Board moved to Daegu in 2013, and through an architectural design competition it will be developed into a mixed complex for exhibitions, conventions (MICE), offices, sports, and culture, spanning from seven basement levels to 38 above-ground floors with a total area of 126,536㎡. Depending on the form of corporations, offices of 500 pyeong or larger can be used in variable layouts, and business lounges and multipurpose workspaces for networking will also be created to support tenant corporations.
With the zoning changed from a type-3 general residential area to a general commercial area, the floor area ratio was raised from the existing 250% to 800%. In line with the principle of prioritizing investment within the International Exchange Complex District unit plan area, the 363 billion won in public contributions will be injected into the Gangnam-daero underground space complex development and used to expand infrastructure such as public transit and citizen convenience facilities.
Through the urban management plan change process, the Seoul city government will decide on the district unit plan change as early as the first half of next year and sign a public contribution agreement between the public and private sectors. The project operator will proceed with building permits and approvals, aiming to start construction in 2027 and complete it in 2031.
The site will be consolidated with the Korea Land & Housing Corporation (LH) and the former Seoul Medical Center site, and an elevated pedestrian promenade will be created overlooking the Tancheon stream and the Han River. The "urban plateau," which connects a specialized exhibition facility of about 700㎡ with the elevated walkway, is expected to become a linear landmark of the International Exchange Complex District.
The lower floors of the building along Tancheon will include indoor public spaces to provide an experiential space where people can enjoy cultural activities year-round regardless of the weather.
In addition, a public pedestrian passage will be created on the north side of the site to connect east-west and serve as a key node linking the main pedestrian axis from COEX to Tancheon to Jamsil Sports Complex to the Han River. To overcome the elevation differences of the Tancheon embankment and create a safe walking environment, universal design will be applied to provide a pleasant pedestrian environment suitable for strollers and wheelchairs.
Kim Chang-gyu, head of the Seoul Metropolitan Government's Balanced Development Headquarters, said, "The development of the old Korea Appraisal Board site will not only create office facilities but also serve as an opportunity to elevate Seoul's international business and MICE support conditions to a world-class level," adding, "We will actively support this project, which will raise Seoul's stature as a leading MICE city and serve as a catalyst for its leap as a 'global business hub.'"