The new convention and exhibition facility planned for years for Seoul’s Jamsil district area has finally been given the go-ahead, and bids for operating right will soon open in October.
Currrently, two consortiums led by the Korea International Trade Association and Hana Financial Investment are the two most probable contenders. However, public offerings will begin in October this year, where multiple bidders are expected to join the race.
The consortium led by the Korea International Trade Association is a group of 17 institutions and companies including Daewoo Engineering & Construction, Korea Development Bank and Parnas Hotel. Its plan is to create a complex that combines both sports and business events, taking into consideration that Jamsil was where the 1988 Olympics was held.
The consortium led by Hana Financial Investment, on the other hand, is solely made up of private companies in the finance, sports and IT sector that are keen to create a global platform that enables online-to-offline businesses.
The Seoul Metropolitan Government has indicated it will select the winning bidder in March 2021.
Once the winner is selected, the consortium will have the operating rights of the Jamsil MICE complex for 50 years from the expected completion date in 2025.
However, ownership will be held by the Seoul Metropolitan Government.
“The Jamsil Sports-MICE Private Investment Project is a key project to continually strengthen Seoulâ€™s competitiveness. We will thoroughly implement anti-speculation measures by cooperating with the Ministry of Land, Infrastructure and Transport and other related agencies,” said Kim Sun-soon, head of the Seoul governmentâ€™s regional development division.
When completed, the Jamsil MICE complex will cover an area of 334,605m2, three times the size of COEX. It will comprise of exhibition space, sports facilities, and a new luxury hotel with 900 keys for visiting delegates. Together with the existing Coex venue, both facilities will form a “MICE Cluster” in south-eastern Seoul.