A major urban development project aimed at enhancing Seoul's international competitiveness has officially begun. On July 28, the Seoul Metropolitan Government signed a business agreement for the 'Jamsil Sports and MICE Complex Development Project' with the preferred bidder, Seoul Smart MICE Park Co., Ltd. The project aims for completion by 2032.
This agreement signifies more than just a development contract. It comes after nearly four years of negotiations since the selection of the preferred bidder in 2021, overcoming challenges such as high interest rates, a stagnant project financing market, and soaring construction costs.
The Seoul government conducted over 160 negotiations and worked alongside the government to improve regulations, paving the way for the project's normalization.
Most importantly, this project is expected to significantly enhance the competitiveness of the MICE industry, which is regarded as a future growth sector for Seoul.
MICE encompasses meetings, incentive travel, conventions, and exhibitions, representing a high-value, integrated industry. Participants in MICE events tend to spend more than regular tourists, and the ripple effects on related sectors such as accommodation, shopping, culture, and transportation are substantial, prompting major cities worldwide to strategically develop this area.
The core facility of the Jamsil Sports and MICE Park will be a massive exhibition and convention center with an exhibition area of 89,000 square meters and a convention area of 19,000 square meters. This will be approximately 2.5 times the size of the current COEX, making it the largest exhibition facility in Seoul.
Notably, the upper exhibition hall will feature a column-free design to maximize space utilization, while the lower exhibition hall will be designed to accommodate heavy equipment, enabling the hosting of global industrial fairs and international exhibitions.
Experts view large international exhibition centers as critical infrastructure that determines a city's industrial competitiveness. When international conferences and exhibitions are held, participating companies, buyers, investors, and academic experts will flock to Seoul, creating a virtuous cycle that leads to investment attraction and industrial development.
Sports infrastructure will also see significant enhancements. A new 30,000-seat dome baseball stadium will serve as the home ground for professional baseball teams LG and Doosan, and the concept of a 'stadium hotel' will be introduced, allowing guests in certain hotel rooms and lounges to watch baseball games live.
During the off-season, the facility will operate as a multi-cultural space capable of hosting large concerts, cultural events, and international gatherings, maximizing its usage.
Additionally, a sports complex with 11,000 seats will be built to host international basketball games, K-pop performances, e-sports competitions, and global cultural events.
The accommodation infrastructure will also be significantly expanded to support the MICE industry. The project site will include 288 five-star hotel rooms, 306 business hotel rooms, and 247 residence-style hotel rooms, totaling 841 rooms. Given that accommodation is one of the most critical factors for hosting international conferences and exhibitions, the integration of event venues and hotels within the same space is expected to enhance convenience for participants and boost international competitiveness.
Alongside this, a prime office space of 200,000 square meters and commercial facilities of 110,000 square meters will be developed.
Moreover, cultural and leisure facilities, skywalks, observation decks, plazas, and forest paths will be constructed, linking the Tancheon and Han River waterfronts, transforming the area into a mixed-use city that combines tourism, culture, and business rather than merely focusing on exhibition space.
From an urban planning perspective, the Jamsil Sports and MICE Park will play a pivotal role in the southeastern international business belt, connecting COEX, the Yeongdongdaero Transfer Center, Hyundai Motor's GBC, and the Han River and Tancheon waterfronts.
This is expected to serve as a catalyst for developing the southeastern part of Seoul into a global business and international conference hub, complementing the existing tourism axis centered in the northern part of the city.
The project's financing model is also noteworthy. The total project cost is estimated at 2.6955 trillion won (at 2016 prices), and it will be entirely funded by private capital without any financial support for construction or operational costs.
In a departure from the traditional model where private entities monopolize development profits, this project will share a portion of its revenues with the Seoul government, which will be used for balanced development across the city.
The Seoul government anticipates that this project will generate approximately 595 trillion won in economic ripple effects and create 2.42 million jobs.
Tourism experts assert, 'The competition among international cities now hinges not on skyscrapers but on the strength of MICE infrastructure.' They believe that the Jamsil Sports and MICE Park will become a key facility enabling Seoul to compete with cities like Singapore, Hong Kong, Shanghai, and Tokyo.
Gang Seok, head of the Seoul Metropolitan Government's Balanced Development Bureau, stated, 'We will develop Jamsil into a global complex where sports, MICE, culture, and nature coexist, making it a core growth axis for Seoul to compete with major global cities as a 'G3 city.'
* This article has been translated by AI.
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