JYP withdraws 75.5 billion won Godeok new headquarters project, decides to purchase buildings near Seongnae-dong

JYP Entertainment has decided to withdraw its project to construct a new headquarters in Godeok-dong, Gangdong-gu, Seoul, and has decided to purchase buildings near its current headquarters in Seongnae-dong. JYP released an official statement on the 8th, stating that after first becoming aware of the land use change for the land in front of the Godeok new headquarters site in April 2026, they held several consultations with SH and the Gangdong-gu Office, but concluded that it would be difficult to proceed further with the project. SH sent an official response on August 31 stating that there were no procedural issues with the said land use change and that it could not be restored to a park. Instead of abandoning the existing plan, JYP intends to secure and reinforce the working environment for its members by purchasing buildings around the Seongnae-dong headquarters.

Godeok-dong site won for 75.5 billion won, integrated headquarters plan

In October 2023, JYP purchased land in Godeok-dong, Gangdong-gu, Seoul, to build a new headquarters. According to reference articles, the site is Block 2 of the Godeok-Gangil District distribution and sales facility land, with an area of 10,675㎡. JYP won the bid for the site from SH for 75.5 billion won, and the company disclosed at the time that the purpose of the land acquisition was for the construction of a new headquarters. The plan revealed by JYP while pursuing the integrated new headquarters in Godeok-dong was to secure space necessary for mid-to-long-term business expansion and to improve work efficiency and productivity through the expansion of the headquarters.

At the time, the company stated regarding the purpose of purchasing the site, "We expect to secure physical space for mid-to-long-term business expansion and increase work efficiency and productivity through the expansion of an integrated headquarters." After moving its headquarters to Seongnae-dong, Gangdong-gu in 2018, JYP had been proceeding with the new headquarters project on the Godeok-dong site. The plans pursued since the land purchase will be halted due to this decision to withdraw the project. In the statement released by JYP on the 8th, no separate construction schedule or construction plans after the purchase of the Godeok-dong site were presented.

The main details regarding the existing site and the land use change announced this time are as follows.

Negotiations continued regarding land use change in front of the new headquarters, but faced difficulties

The background behind JYP's decision to drop the project is the land use change of the land in front of the new headquarters site. It is known that as the land, which was originally parkland, was changed to self-sufficiency facility land, a floor area ratio of 400% was applied to that land, allowing a building of up to 18–19 floors to be built. JYP had been consulting with SH and the Gangdong-gu Office, seeing that the change in land use conditions in front of the site could affect the design and utilization plan of the new headquarters. The company also presented privacy and security issues for its artists and members as considerations related to the new headquarters plan.

JYP stated in its official position that it first became aware of the use change in April 2026. It explained that it subsequently held several consultations with SH and the Gangdong-gu Office and made various efforts to continue the project. However, the consultations did not lead to the continuation of the project. According to reference articles, conflict arose as high-rise buildings could be built in front of the new headquarters after the parkland was changed to self-sufficiency facility land. JYP continued negotiations while reviewing conditions that affected the existing plan, but ultimately decided to withdraw the Godeok new headquarters construction project.

Project withdrawn following SH's "restoration impossible" response

JYP stated that it received an official response from SH on August 31, 2026, regarding the land use change of the land in front of the new headquarters site. The core of the response was that there were no procedural issues with the land use change and that it was also impossible to return the site to a park. JYP conveyed SH's response in its official position as follows: "There are no procedural issues with the land use change of the land in front of the new headquarters site, and restoration to a park is also impossible."

After receiving this response, the company judged that the core environment for pursuing the new headquarters project had changed and reviewed the relevant conditions. The subjects of the review included the status of buildings currently being leased and used, in addition to the current headquarters, and other general matters. JYP explained that through this process, it reached the final conclusion that it was no longer difficult to proceed with the project. In the official announcement, the company presented the consultation process surrounding the land use change and SH's response as the progress leading to the decision to withdraw the project, and did not separately disclose specific follow-up schedules for the Godeok-dong new headquarters project.

Reinforcing the work environment by purchasing buildings around the Seongnae-dong headquarters

Having halted the Godeok-dong new headquarters project, JYP has decided to purchase buildings near its current location, the Seongnae-dong headquarters. The company stated that it has established a direction to secure and reinforce a stable working environment for its members through this. JYP explained, "We have established a direction to secure and reinforce a stable working environment for our members by purchasing buildings near our current location, the Seongnae-dong headquarters." However, the location, scale, amount, and timing of the contract for the target buildings to be purchased were not included in this official statement.

Since moving to Gangdong-gu in June 2018, JYP has been operating centered around the Seongnae-dong headquarters. The company stated that it will continue to cooperate with the local government centered on the Seongnae-dong headquarters. JYP's artists include 2PM, TWICE, Stray Kids, DAY6, ITZY, Nmixx, Xdinary Heroes, Nexz, and KickFlip. JYP is a company established in 1996, and instead of the Godeok-dong new headquarters, it presented a plan to reinforce the working space for its members by utilizing buildings around the Seongnae-dong headquarters.

JYP requested understanding and forbearance, stating that the decision was made after long consideration and consultation. The Godeok-dong new headquarters construction project has been withdrawn, and the company announced its policy to purchase buildings near the Seongnae-dong headquarters. The target of the purchase and the schedule have not been disclosed, and the company said it would continue operations centered on the Seongnae-dong headquarters.

Read the original (Korean)