Sale Process Begins for Former Eunpyeong National Institute of Health Site... Transforming into a 'Creative Industry Hub'

Location map of the former National Institute of Health site. Provided by Seoul City

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The sale process for the former National Institute of Health site in Eunpyeong-gu, Seoul, which has been idle for over 20 years, is set to begin. The site will be reborn as a 'creative industry hub' focusing on digital media, video, and related fields.

On the 20th, the Seoul Metropolitan Government announced that it will start the public announcement for the sale of the former National Institute of Health site.

The city plans to accept bids until April 10, decide the successful bidder the following day, and sign the sales contract within the same month. Construction is targeted to begin in 2027. Bidding is open to domestic and international individuals or corporations, either individually or as a consortium, and will proceed through a general competitive bidding method where the highest bid above the expected sale price wins.

The site covers an area of 48,000.1㎡, with an expected sale price set at 454.5 billion KRW. It is a large-scale idle site in the Yeonsinnae-Bulgwang area adjacent to Bulgwang Station on subway lines 3 and 6. The city purchased the site from the government in 2003 to develop it as an economic hub.

The city selected the site as the first pre-negotiation target for balanced development to create a specialized hub for creative industries such as digital media and video. The balanced development pre-negotiation system, introduced for the first time at this site, relaxes public contribution requirements by up to 50% depending on the proportion of job-creating facilities and provides additional incentives for maximum floor area ratio. This system was established to attract regional vitality by supporting the establishment of development plans based on private sector creative ideas.

To expedite the project, conditions such as submitting a development plan within three years from the contract date and demolishing remaining buildings will be added to implement the balanced development pre-negotiation system and secure public interest. Additionally, a repurchase right has been set so that if the buyer does not commence construction within one year after ownership transfer registration or abandons the project, ownership can be reclaimed. On the 27th, an explanatory meeting will be held for project implementers and others to help establish development plans that align with the vision, purpose, and objectives of the project.

Kim Chang-gyu, head of Seoul's Balanced Development Headquarters, stated, "We will attract future job-creating companies to the former National Institute of Health site and reinvest public contributions generated during development into supporting corporate activities, creating a business-friendly northwest area. We look forward to the interest of domestic and international new industry stakeholders who will lead Seoul's future."

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