Jamsil MICE complex construction in 2023

Article posted by Coliseum, December 20^th, 2021

Image: City of Seoul

The Hanwha Engineering & Construction (E&C) has been chosen as the preferred bidder to build a new sports and convention industry complex on some 350,000 square meters site near Jamsil Sports Complex in Seoul (South Korea) worth 2.1 trillion.

The project aims to begin construction in the second half of 2023 after concluding an agreement in the first half of 2023.

‘THE DONG-A ILBO’ stated that the Seoul Metropolitan Government said on December 10^th that it picked Hanwha E&C as the preferred bidder for a project building a sports meetings, incentives, conferences, and exhibitions (MICE) complex in Jamsil, Seoul. The Korea International Trade Association (KITA) consortium, which competed with Hanwha E&C to win the bid, became the next preferred bidder.

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South Korea-based Hanwha Engineering & Construction is recognized for its ability to successfully complete large-scale and complex projects in the global market, such as building an entire City, constructing chemical plants in the Middle East and North Africa and completing various real estate projects in the Americas.

‘THE DONG-A ILBO’ further stated that the Seoul Metropolitan Government plans to form a negotiating team as soon as possible and start negotiations with the preferred bidder from January next year at the earliest. The project is estimated to cost around 2.16 trillion won and the construction period is expected to be about six years.

The project has been in the works since 2016 with an aim to build a multipurpose facility encompassing exhibition, convention, sports, and culture as well as hotels and commercial and business facilities. The preferred bidder has been selected after a comprehensive evaluation, including development plan, design/construction plan, operation plan, and public interest by the evaluation committee supervised by the Seoul Public Investment Management Service under the Seoul Institute.

When the complex is built in Jamsil as scheduled, it is expected to help the City increase its competitiveness as a global City by vitalizing global exchange businesses as well as exhibiting new industries, such as smart mobility, K-beauty and healthcare.

The ‘money today’ stated that the project covers an area of about 350,000 square meters in Jamsil Sports Complex, an exhibition and convention facility (120,000 square meters), a baseball field (35,000 seats), a sports multipurpose facility (11,000 seats), a hotel (900 rooms), and cultural and commercial facilities.

The price tag will come to 2.167.2 trillion won (based on the 2016 project cost), which is the largest ever for a complex facility under a private investment project.

The ‘money today’ further stated that analysts say that the reason why the Seoul Metropolitan Government chose the Hanwha E&C is for its novel design. Hanwha worked in concert with the celebrated design studio Populous. The fact that Hanwha gave topmost priority to public interest rather than keeping an eye on the profits is what led it to being picked up as the preferred bidder.

With sustainability being a hot-button topic these days, the ‘carbon-neutral complex’ concept proposed by the Hanwha consortium also impressed the powers that be.

The Hanwha E&C consortium consists of Hanwha E&C, HDC Hyundai Development Company, Kumho E&C, Jungheung E&C, Woomi Construction, Hana Financial Investment, Shinhan Bank, Aegis Asset Management, HDC Asset Management, Nexon, KINTEX, I’Park Mall, Hanwha Galleria, Hanwha Hotel & 16 companies, including resorts, Hanwha Q CELLS, and Hanwha Systems. The consortium was led by Hanwha Group, which holds a 39 percent stake, and backed by the HDC Group, which holds a 20 percent stake, and companies in the construction, finance and operation fields.

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