LH Announces Public Competition for Private Developers in Wirye Bokjeong Station Area Development... Total Scale of 3.2 Trillion KRW

Korea Land and Housing Corporation (LH) announced on the 7th that it will supply three land parcels in the Bokjeong Station area of Wirye New Town to private developers through a public bidding process to develop the area into a landmark in the southeastern Seoul region.

Location map of the public contest project site. [Photo by LH]

The Bokjeong Station area in Wirye New Town consists of a total of three parcels of complex land and urban support facility land covering 220,000㎡. It is adjacent to Bokjeong Station, a transfer station for Subway Line 8 and the Bundang Line, and is regarded as an excellent location. Approximately 10 trillion KRW will be invested to develop the area into a mixed-use facility with a total floor area of 1 million㎡ (about 2.2 times the size of COEX), including office and commercial spaces.

The bidding targets include two complex land parcels and one urban support facility land parcel within the Bokjeong Station area, measuring 130,000㎡ and 90,000㎡ respectively. The two complex land parcels located in Songpa-gu, Seoul, can be developed for various uses such as office, commercial, and cultural facilities, while the urban support facility land located in Sujeong-gu, Seongnam City, is designated for uses such as office, knowledge industry centers, and educational research facilities.

The total supply (planned) price is 3.2 trillion KRW, and applicants must submit land prices for each block that meet or exceed the supply (planned) price.

LH has established the bidding direction as ‘realizing a job-creating city’ and aims to introduce private sector creative ideas to build a self-sustaining industrial ecosystem by comprehensively evaluating business plans and land prices through the bidding process. In particular, attracting large-scale anchor companies and mixed commercial facilities are key evaluation criteria.

Eligibility to apply is limited to single entities or consortia composed of two or more corporations, with each investor holding a minimum stake of 3%, and the consortium consisting of no more than 15 corporations. At least one construction company ranked within the top 10 in the comprehensive construction capability evaluation must be included, with a maximum of three such companies allowed.

Starting with this announcement, the schedule includes ▲business briefing session (July 17) ▲submission of letters of intent (July 21) ▲submission of written inquiries (July 27) ▲submission of business applications (October 17) ▲announcement of preferred negotiation candidates (November). The process will proceed with signing business agreements and land sale contracts with the preferred negotiation candidates, obtaining permits, starting construction by the end of 2025, and aiming to complete the project by 2030.

The process will proceed with signing business agreements and land sale contracts with the preferred negotiation candidates, obtaining permits, starting construction by the end of 2025, and aiming to complete the project by 2030.

Following this bidding, LH plans to promote public bidding for private developers targeting second-phase new towns such as Pyeongtaek Godeok, Incheon Geomdan, and Hwaseong Dongtan 2.

Shin Kyung-cheol, Head of LH’s Land and Urban Development Headquarters, said, “With the commencement of the Wirye Line (tram) and the promotion of the Wirye Sinsa Line, along with the development project of the Bokjeong Station area, Wirye New Town is expected to re-emerge as the premier luxury new town in the metropolitan area.”

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