Seoul greenlights private‑investment Jamsil Sports‑MICE complex

Seoul’s planning bureau confirmed that the Jamsil Sports‑MICE private‑investment project passed the Ministry of Economy and Finance’s private‑investment review (민투심) on 16 May. The approval clears the way for an implementation agreement and project‑finance (PF) funding, with the city aiming to sign the agreement in July, begin construction later this year and complete the development by 2032.

The 3.3 trillion‑won (≈ US$2.3 billion) scheme will redevelop about 35 ha around the Jamsil stadium into South Korea’s largest privately funded mixed‑use complex. Planned facilities include an exhibition hall 2.5 times the size of COEX (≈ 8,900 m²), a 1.9 ha convention center, a 30,000‑seat dome baseball stadium, a 11,000‑seat sports complex, 841 hotel rooms across 5‑star, 4‑star and residence hotels, 11 ha of retail space and a 31‑storey office tower of roughly 200,000 m². All construction costs will be borne by the private consortium led by Hanwha Construction, with a portion of future revenues to be shared with the city.