[Edaily Marketin KIM SUNG-SOO Reporter] All eyes are on how HiteJinro will develop the land in Cheongdam-dong, Gangnam-gu, Seoul, which it acquired for approximately 130 billion won.

Given that the site is eligible for a floor area ratio of up to 1,100% following the Seoul Metropolitan Government’s deregulation, it holds significant development potential and cannot simply be left as a park in its current state.

With the development of the Hyundai Motor Group Global Business Center (GBC) in nearby Samseong-dong now in full swing, the land acquired by HiteJinro is also expected to benefit.

“Transit-Oriented Commercial Zone” Floor Area Ratio of Up to 1,100%

According to the real estate industry on the 29th, HiteJinro owns three parcels of land—132-9, 10, and 11 in Cheongdam-dong, Gangnam-gu, Seoul. The site is located right next to HiteJinro’s headquarters and is zoned for a gas station. It is conveniently located just a 3-minute walk from Cheongdam Station on Subway Line 7.

HiteJinro acquired this land on July 2, 2024, for 129.8 billion won. The land area is 1,402.5 square meters (approximately 424 pyeong). The price per 3.3 square meters was set at approximately 306 million won. This acquisition price excludes incidental costs such as taxes, fees, and value-added tax.

Previously, the developer, Juseong R&D, had planned to build luxury residences on this land but sold it to HiteJinro after high interest rates and a downturn in the real estate market made it difficult to proceed with the project.

Hite Jinro has temporarily converted the land into a park. The company purchased the site to expand its existing headquarters. The site borders Yeongdong-daero and is classified as a “linear commercial zone,” as it contains a mix of “General Commercial Zone” and “Type 3 General Residential Zone” designations.

A “linear commercial zone” refers to a commercial area designated in a strip-like pattern along major arterial roads, where two or more land-use zones—such as commercial and residential—coexist within a single parcel.

When calculating the floor area ratio (FAR) for a “linear commercial zone,” a weighted average is applied based on the proportion of each land use type within the lot. However, the Seoul Metropolitan Government has significantly raised the FAR for “linear commercial zones”—including those along Yeongdong-daero, Bongeunsa-ro, Gangnam-daero, and Teheran-ro—to a maximum of 1,100%.

This decision was made because the Seoul Metropolitan Government has decided to expand the scope of its “station area revitalization project”—which promotes high-density, mixed-use development around subway stations—to include areas along major arterial roads.

For example, if a project site that was previously designated as a Type 3 General Residential Zone is rezoned to a General Commercial Zone and meets all three incentive criteria, it may be eligible for a floor area ratio of approximately 1,107%.

GBC Development

in Full Swing

… 49-Story Office Tower to Be Built

As development of the nearby Hyundai Motor Group Global Business Center (GBC) in Samseong-dong is now in full swing, the land acquired by HiteJinro is also expected to be developed in line with this project.

The GBC site is located in the area around 167 Samsung-dong, and its zoning designation includes “Urban Area, General Commercial Zone, Type 3 General Residential Zone, and District Unit Planning Zone (International Exchange Complex District).” It is a 24-minute walk from the Hite Jinro property.

At the 16th Seoul City Architecture Committee meeting held on the 8th of last month, the committee approved the proposal for the “New Construction Project for the Hyundai Motor Site Special Planning Zone Mixed-Use Complex (GBC).”

Previously, Hyundai Motor Group had proposed a design change to build the GBC as two 55-story towers instead of a single 105-story skyscraper; however, it withdrew that proposal and prepared a new plan that enhances public benefits and design.

Accordingly, the GBC will consist of three buildings ranging from 8 stories below ground to 49 stories above ground. These will house office facilities (offices and officetels), cultural and assembly facilities (exhibition halls and performance venues), retail spaces, lodging facilities, and tourist rest areas (observation decks).

This mixed-use complex will have a total floor area of approximately 972,000 square meters, and an urban forest called “Great Park,” spanning about 11,000 square meters, will be created in the ground-level plaza. Additionally, a mixed-use cultural space—including exhibition halls and performance venues—will be established along the frontage of Yeongdong-daero, freely accessible to the public.

The “performance hall,” which will serve as a core cultural facility, is designed as a state-of-the-art, versatile space with a capacity of up to 2,000 seats to accommodate performances across various genres, including classical music, opera, and musicals.

Furthermore, the ground-level plaza along Yeongdong-daero will be organically connected to the underground level of the integrated transit center, creating a new pedestrian and green corridor. This is expected to significantly strengthen the pedestrian network encompassing the entire International Exchange Complex.

However, a HiteJinro official remained tight-lipped regarding the site’s development, stating, “There are no concrete plans at this time,” and adding, “The purpose of acquiring the site was to build our corporate headquarters; it is not for commercial development.”