The Seoul city government will supply the Sangam DMC promotion center site to the private sector.
The Seoul city government said on the 28th that it has been implementing a sale notice for the Sangam DMC Promotion Center (D4) site since on the 26th.
After ending operation of the DMC promotion center in 2023, the city is supplying the site to the private sector for the first time after abolishing its designated use to encourage creative private development.
The designated use of the promotion center site was abolished through a district unit plan change notice on the 4th. This allows various commercial and office functions without use restrictions.
However, some prohibited uses such as entertainment and recreation facilities remain in place, and among recreation facilities and Type 2 neighborhood living facilities, outdoor golf practice ranges and massage parlors cannot move in.
The site is the starting point of DMS (Digital Media Street) and is located in the central area adjacent to DMC Culture Park.
The Seoul city government, after resolution by the DMC Planning Committee, included architectural standards in the contract conditions to contribute to the urban space.
Key conditions are: ▲ build 15 meters back from the western boundary along Maebongsan-ro and open the setback space ▲ open part or all of the lower floors in a pilotis form for three or more stories ▲ design the lower floors to be street-friendly ▲ when designing parking entrances, ensure pedestrian safety and convenience.
The promotion center site is a general commercial zone, with a maximum floor area ratio of 800% and a maximum buildable height of 60 meters. The appraised value is 92.2 billion won, or about 1 billion won per 3.3㎡. It will be supplied including the existing temporary structures. Bidding will be conducted through Onbid operated by Korea Asset Management Corporation (KAMCO). The highest bidder at or above the appraised value will be selected as the successful bidder.
If a sale contract is concluded next year, the developer must start construction within three years from the contract date and complete it by 2032.
To help private developers understand the promotion center site, the city plans to hold a DMC site supply briefing on Jan. 30 next year.
Chu Yong-tae, head of the Seoul city government's Economic Affairs Office, said, "For the past 20-some years, the DMC promotion center has fulfilled its role well as public facilities for creating the Sangam creative industry cluster," adding, "We expect a symbolic building with openness and public interest befitting DMC's central location to rise and take DMC's competitiveness up a notch."