Seoul to Launch Full-Scale Development of 2.7 Trillion Won Jamsil MICE Complex

MICE Complex 2.5 Times the Size of COEX and a 30,000-Seat Domed Stadium

2.7 Trillion Won Project Cost, Revenue Sharing Follows Private Investment

Portion of Profits to Be Reinvested in Balanced Development Across Seoul

The development of the Jamsil MICE (Meetings, Incentives, Conferences, and Exhibitions) Complex, with a total project cost of 2.7 trillion won, is set to move forward in earnest. It will be reborn as the largest integrated space in the city center, featuring a 30,000-seat domed baseball stadium and a five-star hotel.

On July 29, Seoul Metropolitan Government announced that on the previous day, it had signed an implementation agreement with "Seoul Smart MICE Park," the preferred negotiation partner for the "Jamsil Sports and MICE Complex Private Investment Project." The implementation agreement is a contract that stipulates project execution terms between the private project operator and the public sector. Hanwha is leading the project as the main contractor.

Perspective view of the 'Jamsil Sports and MICE Complex' to be established in 2032. Seoul City

The Jamsil private investment project faced significant challenges over the four-year negotiation period since the selection of its preferred bidder in 2021, due to high interest rates, a stagnant project financing (PF) market, and surging construction costs. The city of Seoul conducted an intense 160 rounds of negotiations with the preferred partner and continued consultations with the government to improve project conditions before finally securing the agreement.

To ease the construction cost burden, Seoul Metropolitan Government proposed regulatory improvements to the central government. In particular, the Ministry of Economy and Finance revised the basic plan for private investment projects to introduce a special provision allowing up to 4.4% of the total project cost to be reflected under certain conditions.

The core of the Jamsil private investment project is a new exhibition (89,000㎡) and convention (19,000㎡) facility, the largest in Seoul and 2.5 times the size of COEX, expected to boost the city's global competitiveness. The exhibition hall will be a two-story structure with a total of nine exhibition halls. The upper level will feature a column-free design to maximize space utilization, while the lower level will be constructed to withstand heavy loads, making it suitable for hosting large-scale international exhibitions.

The complex will also include a 30,000-seat domed baseball stadium. Serving as the home stadium for the LG and Doosan professional baseball teams during the season, the dome stadium will be directly connected to a four-star business hotel, allowing some rooms and lounges to offer views of the games. In the off-season, the space will be used as a performance venue and for other cultural events.

The "Sports Complex," which will have 11,000 seats and be suitable for international basketball games, will serve as the home stadium for the SK and Samsung basketball teams. When games are not scheduled, the multi-purpose venue will host concerts, e-sports, and other diverse content.

In connection with the exhibition, convention, and office facilities, the complex will also include a total of 841 guest rooms. There will be a five-star hotel with 288 rooms adjoining the exhibition and convention center, a four-star business hotel with 306 rooms attached to the dome baseball stadium, and a "workation"-style four-star residence hotel with 247 rooms connected to the office building. These various accommodations will meet demand for MICE, business, and tourism needs.

The 110,000㎡ commercial facility will connect to the riverside parks along the Tancheon and Han River. A prime office tower, with 31 floors above ground and a total floor area of about 200,000㎡, will be established to provide international business and MICE industry hub functions. The city will also seek connectivity with major development projects in southeastern Seoul, including the underground space beneath Yeongdong-daero and Hyundai Motor Group's Global Business Complex (GBC).

The total project cost is 2.6955 trillion won. Unlike previous public-private partnership projects, this development will proceed without fiscal support (construction or operation subsidies) until its completion in 2032. However, a portion of project revenue will be shared with the city through returns and excess profits. The city of Seoul plans to use these funds as a public-private shared value structure by reinvesting them in balanced development across the city.

Seoul expects this project to generate approximately 595 trillion won in economic impact and create about 2.42 million jobs. Sukkyoon Kang, head of Seoul’s Office for Balanced Regional Development, stated, “After extensive discussions and consultations, the Jamsil Sports and MICE Complex project has now entered the full-fledged implementation stage with this agreement. By developing Jamsil as a new growth engine for Seoul, we will lay the foundation for Seoul as a G3 global city.”

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