[Edaily Reporter KIM HYUNSIK ] JYP Entertainment Corporation (035900) (JYP) announced on the 8th that it has decided to withdraw from the project to build a new headquarters on the Godeok Biz Valley site in Godeok-dong, Gangdong-gu, Seoul.

Originally, the new headquarters in Godeok-dong was planned to be built on a site purchased by JYP for approximately 75.5 billion won, with a total floor area of 69,259 square meters, comprising five basement levels and 17 above-ground floors. Last year, the project underwent a traffic impact assessment and a review by the Joint Committee on Architecture and Landscape, and subsequently received a building permit.
JYP had planned to begin construction on the new headquarters in the second half of this year after completing procedures such as a safety impact assessment for the underground levels. However, a complication arose when the Seoul Housing & Communities Corporation (SH) and Gangdong District rezoned 13,261 square meters of park land in front of the planned JYP site to “self-sufficiency support land.”
The plot in question is located approximately 20 meters south of the planned site for JYP’s new headquarters. Concerns have been raised that the rezoning—which now allows for the construction of an 18- to 19-story building—could disrupt the visual integrity of the new headquarters, which is designed in a ring-shaped layout surrounding an atrium.
In a statement released today, JYP explained, “Since first learning of the land-use change for the plot in front of the new headquarters site in Godeok-dong last April, we have held numerous discussions with the Seoul Housing & Communities Corporation (SH Corporation) and the Gangdong District Office and made multifaceted efforts to continue the project; however, we have ultimately decided to withdraw from the Godeok new headquarters construction project.”
The company continued, “On August 31, we received an official response from SH Corporation stating that ‘there are no procedural issues with the land-use change for the plot in front of the new headquarters site, and restoring it to a park is also impossible,’” “As the key conditions for proceeding with this project according to our standards have changed, we conducted a comprehensive review of various factors—including the circumstances surrounding the leased buildings other than our current headquarters—and reached the final conclusion that it is no longer feasible to proceed with the project,” the company elaborated.
JYP stated, “We have established a plan to purchase buildings near our current headquarters in Seongnae-dong to secure and strengthen a stable work environment for our employees.” The company emphasized, “With our Seongnae-dong headquarters as the centerpiece, we will work closely with the local government and continue to pursue sustainable growth.”