[BizHankook] The Digital Media City (DMC) PR Center site in Sangam-dong, Mapo-gu, which Seoul City put up for sale at 92.2 billion won, has failed to find a buyer for the third time. With the third sale falling through despite the city not further relaxing the base price or key development conditions following the second unsuccessful attempt, attention is now focused on whether there will be a shift in future sales strategy.
According to Onbid, the Korea Asset Management Corporation's electronic asset disposal system, on the 26th, the DMC PR Center site at 1612 Sangam-dong, Mapo-gu, Seoul, failed to sell after the bid opening held that day. This marks the third consecutive unsuccessful attempt to sell the property.
The sale includes a 2,874.2㎡ plot of land and a temporary building with a total floor area of 1,715.51㎡. The total appraised price is 92,199,875,040 won, consisting of 91,974,400,000 won for the land and 225,475,040 won for the building. Seoul City commissioned appraisals from Prime Appraisal and Jungil Appraisal on December 8, 2025, and both firms provided the same valuation.
This was the third attempt to sell the DMC PR Center site. The first sale notice was issued on December 26 last year, with bids opened on March 26 this year, but no buyer was found. Subsequently, Seoul City eased some development conditions and launched a second sale on May 28, but that also ended in a failed bid opening on June 29.
Following the first failure, Seoul City eased certain construction-related requirements for the second notice. The initial requirement for a "15-meter or more" setback from the western boundary of the site was changed to a "sufficient distance." The open height for the pilotis-style low-rise section was also adjusted from "three stories or more" to a "height that ensures openness." The development completion deadline was adjusted from within 6 years of contract signing to within 5 years of the start of construction.
However, there were no further relaxations for the third sale conducted after the second failure. The base price was also maintained at approximately 92.2 billion won.
The third notice included a new condition related to the Daejang-Hongdae metropolitan railway private investment project. Approximately 12.5㎡ of the sale site is scheduled to be used temporarily until April 29, 2032, for the installation of earth retaining facilities and earthworks. Seoul City has mandated that the project executor restore the land to its original state following the completion of the railway project. Any land usage fees or compensation discussions arising after the transfer of ownership must be negotiated directly by the successful bidder with the project executor, Seobu Metropolitan Railway.
Seoul City attributed the previous failures to the high base price, high interest rates, and the decline in business feasibility due to rising construction costs. After the second failure, some companies provided feedback to Seoul City suggesting that the base price was too high for project viability and that supply conditions should be further eased.
There is legal room to lower the price. According to the Enforcement Decree of the Public Property and Commodity Management Act, if a bid for the sale of general property fails, the base price can be lowered for re-bidding.
However, even after the second failure, Seoul City maintained the third base price at the same level as before. Given that the high base price was one of the reasons the city itself cited for the previous failures, interest is growing as to whether the city will persist with the same price for a fourth time after three consecutive failed attempts.
The appraisal value that serves as the basis for the current base price is also nearing its expiration date. Article 27 of the Enforcement Decree of the Public Property and Commodity Management Act stipulates that when selling general property, the base price must be set at or above the arithmetic mean of appraisals from two or more appraisal firms, and the appraisal value is valid for one year from the date of the assessment. However, the period can be extended if determined by the Minister of the Interior and Safety. Since this appraisal was conducted on December 8 last year, there is not much time left for Seoul City to use the existing valuation unless there are specific grounds for an extension.
With the third sale now void, Seoul City faces the situation of deciding whether to hold a fourth re-bidding, lower the base price, or further ease supply conditions. Whether Seoul City will maintain the ~92.2 billion won base price despite three failures, or change its sales strategy, is expected to be the key factor for the next attempt.