Igis to redevelop Namsan Hilton site into a global landmark
Local real estate asset manager Igis Asset Management announced Friday that its plans to redevelop the former Hilton Seoul site near Namsan are officially underway, following approval from the Seoul Metropolitan Government earlier this week.
The project, dubbed Iota, will transform the 338,982.69-square-meter site into a modern, large-scale hub featuring office towers, a six-star hotel, retail spaces and a public green area comprising 40 percent of the site.
Construction is slated to begin in the first half of 2025, led by YD427 Project Financing Vehicle in collaboration with Hyundai Engineering & Construction and Shinhan Financial Group. The project will also extend to nearby Metro and Seoullo Towers, expanding the total redevelopment area to 460,000 square meters. It is expected to be completed by 2030.
'The redevelopment will not only modernize the Seoul Station area but also integrate green spaces and advanced facilities, creating a sustainable and vibrant hub,' an Igis Asset Management official said.
The plans include public infrastructure upgrades, such as escalators connecting Seoul Station to Namsan, to improve pedestrian access. The design will also prioritize preserving clear views of Namsan, according to the company.
'The Iota project will elevate Seoul's status as a global city by creating a space that harmonizes nature, culture and cutting-edge architecture,' the official added.
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