Seoul’s 1.5 Trillion-Won Bokjeong Station Transit Center Project Ends in Failed Bidding

The 1.5 trillion-won Bokjeong Station transit center complex development has ended in another failed bidding process, despite being a large-scale project near a major station.

Seoul Housing and Communities Corporation, known as SH, reopened the tender to find a private developer. However, the application deadline passed on Sept. 3 without a qualifying application, leaving the renewed public offering unsuccessful.

Real estate industry sources attributed the result to a combination of sharply higher construction costs, rising financing expenses and the prolonged downturn in the property market. Even the project’s location near a station failed to attract private-sector interest.