Hanwha-HDC "Transforming Jamsil Sports Complex Area into a National Representative Multipurpose Space"

Perspective view of Jamsil MICE Complex Space Development Project

The Hanwha Consortium, selected as the preferred negotiator for the Seoul Jamsil Sports and MICE (Meetings, Incentives, Conferences, and Exhibitions) Complex Development Project (Jamsil MICE Project), announced on the 13th that it will develop the Jamsil MICE complex into a new center of Seoul and a future-oriented complex representing the Republic of Korea.

Choi Kwang-ho, Vice Chairman of Hanwha Engineering & Construction, stated, "We plan to contribute to revitalizing the national economy and creating jobs through smooth project implementation in cooperation with the Seoul Metropolitan Government."

Earlier on the 10th, Seoul City selected the Hanwha Consortium, led by Hanwha Group, HDC Group, and Hana Financial Investment, as the preferred negotiator for the Jamsil MICE project.

The Jamsil MICE project involves developing a complex facility on a 357,576㎡ site around Jamsil Sports Complex in Songpa-gu, Seoul, including convention facilities three times the size of COEX, a baseball stadium, sports complex, swimming pool, water leisure facilities, hotels, and cultural, commercial, and office facilities. The total building floor area is 880,000㎡, with a project cost of 2.1672 trillion KRW, making it the largest private investment project for a complex facility in Korea.

The Hanwha Consortium will have Hanwha Group (39%) and HDC Group (20%) as the largest shareholders, serving as the main operators coordinating the project for 40 years.

Construction companies participating include Hanwha Engineering & Construction, HDC Hyundai Development Company, Joongheung Construction, Woomi Construction, and Kumho Construction. Financial institutions involved are Hana Financial Investment, Shinhan Bank, Aegis Asset Management, and HDC Asset Management, responsible for large-scale funding.

Operators include Hanwha Solutions (Q CELLS Division, Advanced Materials Division, Galleria Division), Hanwha Hotels & Resorts, Hanwha Systems, HDC I'Park Mall, Hotel HDC, HDC I Service, KINTEX, Nexon, Shilla Hotel, Megazone, Hanmu Convention, and CS Property. Design and project consulting are handled by DAE Architecture, Now Dongin, POPULOUS (USA), Benoy (UK), Heatherwick (UK), and the Korea Private Investment Research Institute.

The Hanwha Consortium proposed a development plan to transform Jamsil into a new cultural-business hub of global Seoul, integrating culture, sports, and events, based on the heritage of the Han River and the 1988 Olympics. They also plan to realize public benefits by combining private creativity with design and future technologies while promoting carbon neutrality and social value creation.

In particular, to build an eco-friendly carbon-neutral complex, Hanwha Solutions, a leading solar energy company, along with Hanwha Group’s hydrogen-related affiliates (Hanwha Solutions Q CELLS Division and Advanced Materials Division, Hanwha Aerospace, Hanwha Power Systems, etc.), will pool their technological capabilities to establish an urban hydrogen value chain.

Meanwhile, Seoul City plans to begin negotiations with the Hanwha Consortium from January next year to conclude an implementation agreement in the first half of 2023 and aims to commence construction in the second half of 2023.

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