Seongsu-dong has emerged as a leading candidate to become Seoul's next global landmark district, drawing a surge of foreign tourists and corporate tenants as the city pushes ahead with its G3 Seoul Plan, an 86.1 trillion won ($60.5 billion) program aimed at making Seoul one of the world's top three cities by 2030.
Seoul unveiled the G3 Seoul Plan in September and committed 86.1 trillion won through 2030, according to industry sources on the 16th. Of that, 9.46 trillion won is earmarked for spatial innovation alone. The city has drawn international attention after holding sixth place for a second straight year in the 2025 Global Power City Index compiled by Japan's Mori Memorial Foundation, narrowing the gap with fifth-ranked Singapore to five points. Seoul is benchmarking the business ecosystem of New York, the culture and nighttime economy of London, and the urban infrastructure of Tokyo — the index's top three cities. Those cities are absorbing global talent and capital through large-scale mixed-use developments that combine offices, housing, retail and culture, such as Hudson Yards in Manhattan, King's Cross in London and Azabudai Hills in Tokyo.
Analysts expect Seongsu-dong to emerge as a key hub under the city's urban blueprint. A vibrant retail scene that attracts foreign visitors, combined with a steady stream of corporate relocations, is broadening the area's growth base. Foreign visits to Seongsu rose 82% in 2025, the highest among major Seoul retail districts and far ahead of Gangnam at 24%, Myeong-dong at 11% and Hongdae at 9%, according to Cushman & Wakefield Korea. Data from the Korea Tourism Organization's DataLab also show foreign visitors to Seongsu 2-ga 3-dong surged to about 2.23 million last year from roughly 22,000 in 2021. Rents are climbing as well. Street-level retail rents in Seongsu rose 14% year-on-year in the second quarter, outpacing Gangnam at 9% and Myeong-dong at 7%, while the vacancy rate stood at 3.4%, CBRE said.
Expanding business and accommodation capacity is seen as the next essential step for Seongsu's growth. Large office buildings for corporate tenants and hotels for overseas visitors would tie tourism and consumption more closely to business functions. With new hotel supply in Seoul running at about 1,000 rooms a year, adding large-scale office and lodging infrastructure is considered essential.
The key project addressing that need is Sampyo Global Landmark, or SGL, a redevelopment of the former Sampyo ready-mixed concrete plant site. The project will turn roughly 28,000 square meters of land — used as a concrete plant for more than 40 years before demolition in 2022 — into a mixed-use complex, and it cleared a review by Seoul's architecture committee in July. Centered on a residential tower of up to 81 floors and a 53-floor office complex, the development will include 403 apartment units, 61 officetel units — studio units used as either homes or offices — and 130 hotel rooms, along with office, retail and cultural facilities. Construction is set to begin next year, with completion planned for 2032.
Large-scale upgrades to surrounding infrastructure will proceed alongside the development. Through public contributions worth about 608.1 billion won, the project will build a new Yongbi Bridge ramp on the Dongbu Expressway and a direct ramp at the northern end of Seongsu Bridge, and construct a Seoul unicorn startup hub spanning about 53,000 square meters. A pedestrian green corridor linking Seoul Forest, the Han River and Eungbongsan will also be created.
"Seongsu is an area where rising foreign visits and corporate inflows are happening at the same time," an industry official said. "Once SGL is completed and office and lodging facilities expand along with public spaces, we expect it to grow into one of Korea's leading mixed-use hubs where tourism and business intersect."