Preliminary Negotiations Completed for Sampyo Remicon Site... Up to 77-Story Mixed-Use Facility to Be Developed

Seoul City and Private Developer Conclude Preliminary Negotiations After Over a Year
Mixed-Use Complex Planned with Office, Lodging, Cultural, and Retail Facilities
Public Contribution of 605.4 Billion KRW Confirmed, to Be Used for Traffic System Improvements

A mixed-use complex including office, lodging, cultural, and retail facilities with up to 77 floors will be developed on the Sampo Remicon site in Seongsu-dong. With the preliminary negotiations between Seoul City and the private developer concluded, the project is set to break ground as early as 2026. The public contribution of approximately 600 billion KRW will be used to expand infrastructure aimed at alleviating traffic congestion in the area.

Perspective view of the Sampyo Remicon site complex facility. Provided by Seoul City

On the 19th, Seoul City announced that it has completed the 'Preliminary Negotiation Procedure for Urban Planning Change of the Sampo Remicon Site' and officially notified the private developer (SP Seongsu PFV) of the negotiation completion.

The Sampo Remicon site is located at 683, Seongsu-dong 1-ga, and was selected as a preliminary negotiation target in 2022. Seoul City began preliminary negotiations in December 2023 and reached an agreement in about a year. The completed preliminary negotiations will be further detailed through procedures such as district unit planning decisions. Construction is expected to be possible as early as 2026 after the private developer undergoes architectural committee review and permits.

To be developed as a Seoul Forest landmark... Two towers up to 77 floors

The Sampo Remicon site operated as a ready-mixed concrete factory for 45 years since 1977. In 2017, Seoul City, Seongdong-gu, Sampo Industry, and Hyundai Steel agreed through a memorandum of understanding to demolish the existing facilities. Since the demolition was completed in August 2022, Seongdong-gu has temporarily used the site for cultural performance venues and other purposes.

According to the preliminary negotiations, the Sampo Remicon site will host a mixed-use complex consisting of two towers ranging from 9 basement levels to 77 floors above ground, with a total floor area of 447,913 square meters, including office facilities, lodging, cultural and assembly facilities, and retail spaces. The city upgraded the zoning from first-class general residential area to general commercial area, setting a floor area ratio of up to 922.82% and a building coverage ratio of up to 60%. The plan is to develop it as a global future industry hub linked with the Seongsu area.

Aerial view of the Sampyo Remicon site complex facility. Provided by Seoul City

Seoul City plans to develop the Sampo Remicon site as a landmark reflecting creative and innovative design. Earlier, in 2023, the city held an international design competition and selected Skidmore, Owings & Merrill (S.O.M), the firm behind the Burj Khalifa and 63 Building. S.O.M proposed an integrated concept that organically connects the unique architectural design with Seoul Forest.

To connect the project site with Seoul Forest, a three-dimensional pedestrian park (cover park) and an underground pedestrian passage will be newly constructed, with public spaces and shared areas created at the connection points. The green spaces on the lower floors of the buildings and the observation deck on the top floor will be open to the public, offering views of the Han River and Seoul Forest. The Sampo Remicon site was selected as a Seoul City Urban Architecture Design Innovation target in August last year. In future architectural committee reviews, it may receive benefits such as additional floor area ratio relaxation of up to 105.6 percentage points through designation as a special architectural zone.

Public contribution confirmed at 605.4 billion KRW, to be used for traffic relief and startup hub creation

The preliminary negotiations focused on the development plan for the Sampo Remicon site and the utilization plan for public contributions. Seoul City and the private developer's negotiation team operated a 'Negotiation Coordination Council' that included private experts from various fields. The public contribution confirmed in the preliminary negotiations totals 605.4 billion KRW. It will be used to expand infrastructure to alleviate traffic congestion around Seoul Forest and to establish facilities such as a unicorn startup hub.

Of the secured public contribution, 73.1% (442.4 billion KRW) will be used to expand infrastructure in adjacent areas to relieve chronic traffic congestion, including the construction of a new ramp at the northern end of Seongsu Bridge and improvements from Dongbu Expressway to Gangbyeonbuk-ro. The unicorn startup hub will be a specialized facility with a total floor area of 53,000 square meters to support the scale-up of promising startups.

The remaining 162.9 billion KRW, excluding public facility installation costs, will be received as cash and used for comprehensive redevelopment through renewal of the Seoul Forest area. This amount will be distributed with approximately 48.9 billion KRW to the autonomous district and about 114 billion KRW to Seoul City, prioritizing comprehensive redevelopment of the Seoul Forest area into a waterfront green space.

Aerial view of the Sampyo Remicon site complex facility. Provided by Seoul City

Additionally, Seoul City plans to concretize the project realization plan by collecting ideas related to improvements of Seoul Forest and surrounding areas through the 'Seoul Forest Area Renewal Master Plan Competition' in the first half of the year.

Lim Chang-su, Director of Future Space Planning at Seoul City, said, "Through the development of the Sampo Remicon site and the redevelopment of the Seoul Forest area, a new landmark of Seoul will be born. We hope this development will serve as a catalyst for the Seongsu area to establish itself as a global business hub."

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