Groundbreaking of 'IKEA Gangdong' Complex Facility Store in Godeok Biz Valley, Gangdong-gu

A Leading Mixed-Use Commercial and Office Space in the Eastern Seoul Metropolitan Area... Contributing to Industrial Revitalization, Job Creation, and Regional Economic Activation

[Asia Economy Reporter Jongil Park] Gangdong-gu (Mayor Lee Jeong-hoon) announced that on May 31, a groundbreaking ceremony was held for the construction of the new IKEA complex facility at Block 1 of the distribution and sales facility site in Godeok Biz Valley, located at 353-23 Godeok-dong, Gangdong-gu, marking the official start of construction.

The groundbreaking ceremony was attended by about 60 people, including Lee Jeong-hoon, Mayor of Gangdong-gu, Hwang Ju-young, Chairman of the District Council, Jin Sun-mi, National Assembly member, Jeon Gye-hyung, CEO of JK Future, Fredrik Johansson, CEO of IKEA Korea, Park Hee-yoon, Head of HDC Hyundai Development Company, Kim Dong-chun, Head of Mirae Asset Securities, Seoul city council members, district council members, and residents.

Block 1 of the distribution and sales facility site in Godeok Biz Valley (area 353-23 Godeok-dong, Gangdong-gu) was selected in October 2019 through the evaluation by the Seoul Housing and Communities Corporation selection committee. The IKEA Korea-JK Future consortium was chosen, confirming IKEA Korea's entry. The site will be developed as a large-scale complex facility including a cinema, shopping mall, and offices.

The IKEA complex facility in Godeok Biz Valley, which will become a landmark of Gangdong, will be built on a 35,916㎡ site with a total floor area of 301,123.32㎡, consisting of 6 basement floors and 21 above-ground floors. Upon completion in the second half of 2024, it is expected to become a representative complex commercial and business space in the eastern metropolitan area, significantly contributing to industrial revitalization, job creation, and regional economic activation.

Additionally, Godeok Biz Valley (234,523㎡) will house approximately 150 companies, including distribution and sales complex shopping malls, office facilities, R&D centers, and public offices. Currently, 41 companies have confirmed their move-in.

Upon completion, it is expected to generate an economic inducement effect of 9.5 trillion KRW and create 38,000 jobs.

Lee Jeong-hoon, Mayor of Gangdong-gu, stated, “The Godeok Biz Valley, which will grow into a landmark of Gangdong-gu, will host IKEA, the first large-scale distribution complex in Seoul, attracting key leading companies. This will serve as a stepping stone for the eastern metropolitan area to become an economic hub where commerce and culture coexist.” He added, “The district office will continue to do its best to ensure the smooth development of Godeok Biz Valley.”

This content was produced with the assistance of AI translation services.