JYP Entertainment has completely abandoned its plans to build a new headquarters in Godeok-dong, Seoul, and will instead purchase additional office space near its current location in Seongnae-dong.
On October 8, JYP Entertainment issued an official statement saying, "Since recognizing the change in land use for the site in front of the Godeok-dong headquarters in April of this year, we have made various efforts to continue the project through multiple discussions with SH Corporation and the Gangdong District Office. However, we ultimately decided to withdraw from the Godeok headquarters construction project."
The decisive reason for the withdrawal was the environmental changes surrounding the new headquarters site. JYP received an official response from SH Corporation on August 31, stating that there were no procedural issues with the change in land use for the site in front of the new headquarters and that restoration to a park was also not possible.
In response, JYP explained, "As the key environmental factors for the project changed, we reviewed various circumstances, including the conditions of the leased buildings aside from the current headquarters, and reached the final conclusion that it was no longer feasible to proceed with the project."
With the abandonment of the Godeok-dong relocation, JYP has established an alternative plan to acquire additional buildings near its current office in Seongnae-dong. This aims to secure a stable working environment for its employees.
JYP stated, "As this decision was made after extensive review and careful consultation, we ask for your understanding and patience. Since relocating to Gangdong District in June 2018, we have continued to grow and will work closely with the local government centered around the Seongnae-dong office to ensure sustainable growth in the future."
* This article has been translated by AI.
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