JYP Bought a 75.5 Billion Won Site, Only to Face an 18-Story Building Right in Front? ... SH's "Surprise Rezoning" Makes JYP Pull Out

Site purchased in 2023... construction planned for the second half of 2026

Plans disrupted after park site in front of new headquarters was rezoned

Withdraws after talks with SH... plans to expand in Seongnae-dong

JYP Entertainment (JYP) has completely withdrawn its plan to build a new headquarters in Godeok-dong, Gangdong-gu, Seoul. The decision came after the project’s conditions changed when a park site in front of the planned headquarters was rezoned for high-rise buildings.

In an official statement on October 8, JYP said it was withdrawing the Godeok headquarters project. The company said it first learned in April this year that the land in front of the new headquarters site had been rezoned. It held several rounds of discussions with the Seoul Housing & Communities Corporation (SH Corporation) and Gangdong-gu Office in an effort to continue the project, but ultimately concluded that it would be difficult to proceed.

Because its current headquarters in Seongnae-dong lacked space, JYP bought Block 2 of a site designated for distribution and sales facilities in the Godeok-Gangil District from SH Corporation in 2023 for approximately KRW 75.5 billion. The company had planned to build a new headquarters on the approximately 10,675-square-meter site, with a total floor area of 69,259 square meters and five basement levels and 17 floors above ground.

Rendering of JYP Entertainment’s new headquarters. Gangdong-gu, Seoul.

JYP subsequently proceeded with related procedures, including obtaining a building permit, and pursued the project with the goal of starting construction in the second half of this year. The new headquarters was to include large rehearsal rooms, a main auditorium, office space for employees, an 800-seat performance venue, and photo zones.

However, the plans were disrupted when the neighborhood park site in front of the planned headquarters was rezoned for self-sufficiency support facilities. The rezoned land could accommodate commercial facilities of up to 18 stories. JYP expressed concern that high-rise buildings directly in front of the new headquarters could compromise artists' privacy and undermine the intent of the original design.

According to JYP, SH Corporation responded officially on August 31 that there had been no procedural issues with the rezoning and that restoring the land to its original designation as a park was not possible. After reviewing this response, the status of leased buildings, and various other conditions required to proceed with the project, JYP concluded that it would be difficult to continue.

Although its new headquarters plan has fallen through, JYP intends to expand its office space by purchasing a building near its existing headquarters in Seongnae-dong. JYP has expanded its business since relocating its headquarters to Seongnae-dong, Gangdong-gu, in June 2018.

The company said it plans to buy a building near its existing headquarters in Seongnae-dong to secure a stable workplace for its employees. It also said, "We will continue to work with the local community and pursue sustainable growth."

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