Sangam Digital Media City (DMC), which is under construction as a digital creative hub for northwestern Seoul, has seen its rate of occupancy by high-tech companies rise from 80 percent in 2008 to 94.5 percent this year.
According to an “Inspection of Progress with the Sangam DMC Project” conducted in the third quarter of 2011 (between October 7 and 13), the total number of firms housed at the DMC amounted to 662, with the number of workers reaching 28,054. As a result, the complex posted an overall occupancy rate of 94.5 percent.
The Seoul Metropolitan Government cited the following reasons for the hike in the occupancy rate at the DMC: good geographical access, ample transportation infrastructure, cooperation between companies in the facility, and the City Government’s assistance program for firms.
The DMC sits in a convenient location, benefitting from road networks that enable people from Incheon International Airport to get to the DMC in 30 minutes and from anywhere in the Seoul metropolitan region in an hour. Furthermore, if one uses the Incheon Airport Railway, which opened recently, it takes just 42 minutes to get to the DMC from the airport and only eight minutes from Seoul Station.
Another reason for the hike in the occupancy rate at the DMC is the generation of synergistic effects through cooperation between high-tech firms housed at the DMC and the execution of joint projects by them.
The success is also due in part to the City Government’s systematic assistance service for companies, and its various promotion policies aimed at cultivating small and medium-sized firms into global enterprises.
With the opening on October 28 of Stanford Hotel (opening ceremony on November 9), a five-star business hotel, as the first major accommodation facility in the DMC, the complex has now secured a business infrastructure, including accommodation and seminar facilities, which had been lacking in an area previously only packed with high-tech firms.
Sangam DMC is a successful urban development project that has transformed 569,925㎡ of deserted land around Nanji-ro into a world-class media and entertainment hub. The complex is slated for completion in 2015.