100,000-Pyong Lots in Digital Media City in Sangam-dong to Sold

Seoul city sells the lots in to be `Mecca of media information industry` Digital Media City (DMC) in Sangam-dong, Mapo-gu Seoul to the public.

Seoul city announced on the 2nd that it provides the public with 99,400-pyong sized DMC lots, where the companies of media, entertainment, and information technology (IT) will be situated, except for the lots for public facilities like roads and parks.

For the sale, Seoul city will hold a large-scale forum and explanatory meeting for investment inviting some 200 domestic and foreign experts and CEOs at World Cup Stadium on the 3rd.

Seoul city plans to divide the price of lots into 3 levels of prior, recommending, and ordinary invitations in order to maximize the efficiency of DMC complex, and to promote sale and early development.

29,000 lots of prior invitation, where public offices, educational research centers, and broadcasting facilities will be situated, will be provided for central government and local governments at the land developing cost (4.1 to 4.2 million won per a pyong), and for public corporations, nonprofit private corporations, universities at the appraised price. The government will select the subjects of provision of prior invitation lots in August after collecting business programs.

The government will sell the 20,000-pyong recommending invitation sites, where advanced operating facilities will be placed, at the estimated price of lots, and 50,400 pyong of ordinary invitation lots, which are used for hotel, apartments with stores, commercial facilities, and entertainment facilities, by open bid.

Seoul city will complete the Sangam building lots development business including the preparation of DMC complex by 2010. Estimated income from the sale of building lots is 1 trillion and 418.7 billion won, which will cover the development cost (1 trillion and 78.8 billion won), and the rest money will be added in the general account of the city.

An official of the city said, ¡°DMC project will create added value by over 24 trillion won and jobs for yearly around 270,000 persons as well as direct effects as above. ¡°

Kyung-Joon Chung news91@donga.com