‘Geumssaragi’ Seongsu Sampyo Factory Site, Construction to Begin in First Half of 2025

Original Plan for Selecting Pre-Negotiation Sites in Wonandong
Full-Scale Promotion of Next Year's Pre-Negotiations

[Asia Economy Reporter Ryu Tae-min] The development construction of the Sampo Remicon factory site in Seongsu-dong, Seongdong-gu, Seoul, known as one of the few remaining "golden lands" in Seoul, is scheduled to begin in the first half of 2025.

On the 28th, Seoul City held the 18th Urban and Architectural Joint Committee and approved the original proposal on the 29th regarding the selection advisory plan for the preliminary negotiation target site for urban planning changes of the Sampo Remicon factory site at 683 Seongsu-dong 1-ga, Seongdong-gu, Seoul.

The site, measuring 27,828㎡, is attracting market attention due to its high value and how it will be utilized. The nearby Seongsu-dong area is one of the most active commercial districts in Seoul and is densely populated with ultra-high-end apartments. Additionally, it boasts a prime location at the confluence of the Han River and Jungnangcheon Stream.

The "Seongsu-dong Sampo Remicon Factory" completed demolition on August 16, 45 years after the factory began operations in 1997. Since then, Seoul City has been carrying out administrative procedures, including consultations with related departments, to select the site for preliminary negotiations for urban planning changes for development.

The preliminary negotiation system is a system where public authorities, as permit issuers, and private developers establish specific development plans through prior negotiations for large-scale development sites over 5,000㎡ and change urban plans. This development method enhances project feasibility through urban planning changes and secures planned profits as public contributions, promoting both efficient land use and the public nature of urban development projects.

With the selection of the preliminary negotiation target site for urban planning changes completed, Seoul City plans to actively promote preliminary negotiations next year to utilize the site as a strategic location that will become a new growth engine for Seoul, aiming to start construction in the first half of 2025.

The city stated that through preliminary negotiations, it plans to support the transformation of the factory site into a representative tourist attraction and an advanced cultural complex hub linked with Seoul Forest, including office and commercial facilities. The public contribution secured through the urban planning change of the site is estimated to be about 600 billion KRW. The city plans to use the public contribution funds to expand various public facilities needed in the area, such as the advancement of Seoul Forest and the creation of an advanced cultural hub.

Industry interest is focused on the change of land use. Currently, the Seongsu-dong Sampo Remicon factory site is classified as a Type 1 General Residential Area. Since the maximum floor area ratio is 200%, there are limitations in developing housing and office facilities, so there is a strong consensus in the industry that a land use change is likely. The adjacent mixed-use complex, Acro Seoul Forest, was developed as a General Commercial Area. In other words, the value of the site will vary depending on how Seoul City changes the land use.

Hong Seon-gi, Director of Future Space Planning, said, "We will review this area as an important strategic site to secure future growth engines for Seoul," adding, "We will do our best to transform it into an office, commercial, and advanced cultural hub linked with Seoul Forest, so that it can be reborn as a representative attraction of Seoul visited by many citizens and tourists from around the world."

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