The Seoul Metropolitan Government has decided to abandon its plan to build a skyscraper over 100 stories tall as part of the Sangam DMC Landmark project in Mapo-gu, Sangam-dong. A city official said on July 7 that after four rounds of bidding by May, no applicants had come forward. “We will no longer issue bidding announcements and instead plan to change the project itself,” the official said. Another official added, “Due to recent increases in construction costs and the difficulty in securing funding, we have determined that building a skyscraper over 100 stories tall is not feasible,” and continued, “We will commission a study for a new project.”
The Sangam DMC Landmark project involves constructing a skyscraper of over 100 stories on a 37,262㎡ (about 11,000 pyeong) site within the Digital Media City (DMC) in Sangam-dong. Established in 2002 as a hub for broadcasting companies and others, the DMC was intended to be a landmark for northwest Seoul. In 2008, the Seoul Light Tower, funded by a consortium of 25 companies including Daewoo Engineering & Construction, was selected as the preferred bidder.
They planned to construct a 133-story building, the world’s second tallest at the time, with a budget of 3.7 trillion won, and even held a groundbreaking ceremony in 2009. But due to the global financial crisis, the Seoul Light Tower faced funding difficulties, and the project was ultimately canceled in 2012. The site has remained vacant for 12 years. In 2020, during the Moon Jae-in administration, the government proposed building 2,000 public housing units on the site, which led to resident opposition.
Mayor Oh Se-hoon, who returned to office after the 2021 by-election, tried to revive the project in March last year, but no companies showed interest. Despite easing conditions in December by not insisting on a 100-story building and increasing the residential ratio from 20% to 30%, there were still no applicants. This was the fourth failed attempt since the project’s cancellation in 2012. Efforts to attract a major corporate headquarters also failed, with the project widely seen as unviable.
The city has decided to change the project plan entirely. A city official explained, “With the real estate project financing (PF) market frozen, companies find it hard to secure funds. Increasing the residential ratio further could lead to controversy over preferential treatment, so we are shifting direction.”
Seoul now considers cultural and sports facilities as alternatives, such as the Sphere performance hall or the Allegiant Stadium in Las Vegas. The Sphere, created by the American sports and entertainment company MSG at a cost of $2.3 billion (around 3.1 trillion won), is the world’s largest spherical performance hall, attracting tourists with its innovative design. Oh visited the Sphere in January, saying, “We confirmed that a landmark with innovative design can enhance a city’s tourism competitiveness.”
However, changing direction again could inevitably delay the project. It will be necessary to revise the designated uses such as hotels, performance halls, and office facilities, and select a new preferred bidder. Park, a 44-year-old resident of Sangam-dong, expressed frustration, saying, “I moved here expecting the landmark project, but the core facility of the Digital Media City has been a vacant lot for over 20 years.”
The city government plans to develop the surrounding area, including the Oil Tank Culture Park, Pyeonghwa or Peace Park, Haneul Park, Noeul Park, and Nanji Han River Park. There are also plans to build the Seoul Ring, a large Ferris wheel in Peace Park, and a gondola connecting Haneul Park and Noeul Park.
