JYP scraps new Seoul headquarters plan over rezoned park

JYP Entertainment has scrapped plans to build a new headquarters in Godeok-dong, eastern Seoul, after the city's housing agency refused to restore a park in front of the site that had been rezoned.

The K-pop agency on Thursday said it had held several rounds of talks with Seoul Housing & Communities Corporation (SH) and the Gangdong district office since April, when it first learned that the land in front of the site had been rezoned from parkland to commercial use, but ultimately decided to withdraw from the project.

The rezoning allows buildings of up to 18 or 19 stories on the plot, about 20 meters from the site, according to local media reports.

On Aug. 31, SH formally told JYP that the rezoning had "no procedural problems" and that restoring the land to a park was "not possible," the company said. After reviewing the changed conditions, including the status of buildings it leases in addition to its current headquarters, JYP concluded it could no longer proceed.

The company said it will instead buy a building near its current headquarters in Seongnae-dong, also in Gangdong District, to secure office space for employees.

JYP moved its headquarters to Gangdong District in June 2018.

BY LEE JIAN [[email protected]]