Seoul Clears Way for Lotte Mall Development at DMC Site After Decade-Long Delay

Retail Space Ratio Limit Abolished to Secure Profitability · Groundbreaking Targeted for 2027, Completion by 2030 · Expectations Rise for Lotte Mall Landmark at DMC

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By Jung Hye-jin
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null - Seoul Economic Daily Finance News from South Korea

The long-stalled Sangam Digital Media City development in northwestern Seoul has finally broken through after more than a decade of delays. The mixed-use shopping mall project, held back for years, is now gaining momentum following regulatory easing and plan revisions, raising expectations for resolution of a long-awaited initiative.

Seoul Metropolitan Government announced on Thursday that it approved amendments to the Sangam Housing Development District Unit Plan and detailed development plans for Special Planning Zones I3·4 and I5. The site is located at 1625 Sangam-dong, Mapo-gu, directly in front of Exits 2 and 3 of Digital Media City Station, currently used as a public parking lot. The city's decision marks a turning point for the commercial and business land development project that had been adrift for years. Seoul expects the project to create a signature mixed-use cultural complex representing the northwestern region. Following architectural review and permit procedures, construction is targeted to begin in 2027 with completion in 2030.

The core of the revised plan is regulatory easing to enhance project feasibility. The previous 34.7 percent cap on retail space has been abolished, and two separate parcels have been consolidated into one. Officials explained this secures architectural design unity and improves space utilization, significantly boosting the likelihood of project execution.

The development is being pursued through a resident proposal by Lotte Shopping and will combine shopping, cultural, and office functions in a mixed-use complex. The facility will rise 23 stories above ground with eight basement levels on a 20,644-square-meter site. The complex will feature retail facilities as its core, alongside officetels and cultural amenities.

null - Seoul Economic Daily Finance News from South Korea

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.