Jamsil sports-MICE redevelopment clears government review with W2.7tr price tag

A 2.7 trillion won ($1.81 billion) private investment project to redevelop the Jamsil Sports Complex in Seoul into a mixed-use sports, culture and exhibition hub has cleared a government review. A separate plan to develop Cheongju's Myeongam recreation area into a complex tourism and cultural facility has also been designated as a private investment target, paving the way for full development.

The Ministry of Planning and Budget said Thursday it approved two private investment projects at the fourth Private Investment Project Review Committee meeting of 2026. The two projects are the Jamsil Sports and MICE Complex development in Seoul and a competitive private investment project for the Myeongam recreation area in Cheongju.

The larger of the two, the Jamsil Sports and MICE Complex project, will channel 2.7 trillion won (based on 2016 constant prices) into building a dome baseball stadium, exhibition and convention facilities, and accommodation, commercial and office space across a roughly 358,000-square-meter site around the Jamsil Sports Complex. The entire project cost will be borne by the private sector, and a portion of the returns and excess profits generated during operations will be deposited into a Seoul Metropolitan Government fund to finance balanced regional development.

The government expects the transformation of the aging Jamsil sports facilities into a sports and cultural complex to generate significant economic ripple effects, including a boost to the exhibition and convention industry, stronger competitiveness in the service sector, an enhanced national brand and job creation. The project will proceed under a build-transfer-operate model, with a construction period of 62 months and an operating period of 40 years.

The Cheongju Myeongam recreation area project, also approved Thursday, centers on the government's decision to recognize complex tourism and cultural facilities within the recreation area — previously not specified in the basic private investment plan — as eligible for private investment. Cheongju plans to develop a 64,000-square-meter site around Myeongam Reservoir with a Ferris wheel, a performance hall, an exhibition hall, a musical fountain and a robot experience center through private investment. Total project costs are estimated at around 17 billion won, with a construction period of 24 months and an operating period of 20 years.

To accelerate private investment projects, the Ministry of Planning and Budget said it plans to complete feasibility reviews within statutory deadlines and convene review committee meetings on an ad hoc basis when needed to shorten procedures. The ministry also said it will continue to strengthen financing support — including equity investment, loans and expanded guarantees through a special infrastructure fund — to minimize bottlenecks during project implementation.