Breaking Ground

IOTA Seoul

IOTA Seoul is a Foster + Partners-designed landmark rising on the historic gateway site between Seoul Station and Namsan Mountain, the former home of the Millennium Hilton Seoul.

TMW IntelligenceVerified Oct 1, 2026
AnnouncedBreaking GroundConstructionOpening SoonNow Open
05.25
Start
2032
Completion
39
Floors
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Details

50 Sowol-ro, Seoul. 39 floors. Broke ground May 2025, completing 2032.

The story so far
Announced Dec 27, 2024IGIS Asset Management's IOTA Seoul — redevelopment of the former Millennium Hilton site between Seoul Station and Namsan — received Seoul Metropolitan Government approval; Foster + Partners masterplan of a six-star hotel, a 34-storey office tower and a central park, completion targeted 2031.
koreaherald.com
Tenant announced Apr 2025IGIS Asset Management tapped The Ritz-Carlton to operate the six-star hotel anchoring IOTA Seoul, returning the brand to the city; completion targeted for 2031
kedglobal.com
Financing secured May 2025First-stage PF of 2.2 trillion won (three tranches: 1.3T/700B/200B won) closed May 2025 to fund demolition and early works on the former Millennium Hilton site; a second PF of about 4.5 trillion won is planned for 2027 (Edaily MarketIn)
marketin.edaily.co.kr
Broke ground May 2025Re-asserting status: demolition and construction commencement began May 2025 (contract start May 9, 2025), Hyundai E&C contractor, completion 2031 (Edaily MarketIn)
marketin.edaily.co.kr
Expected opening 2032
Milestones are dated to when they actually happened and linked to their source. This record fills in over time as TMW tracks the project.
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About the project

IOTA Seoul is a Foster + Partners-designed landmark rising on the historic gateway site between Seoul Station and Namsan Mountain, the former home of the Millennium Hilton Seoul. Conceived as a green oasis of three buildings, it restores long-lost sightlines from the Seoullo 7017 elevated park toward the N Seoul Tower and gives almost half of its site over to public use. The composition pairs a six-star luxury hotel with a 34-storey office tower and a tourism and cultural center, all arranged around a central park that links directly into Namsan Park. Sustainability is woven through the design, with a large share of the development's electricity drawn from facade- and roof-integrated solar panels, while a fragment of the earlier hotel lobby is retained as a heritage gesture. The result is a civic-minded mixed-use landmark that reframes one of Seoul's most storied sites.

Developer & design
The Seoul market 23 · Balanced supplyNamsan 14-project pipeline · 10,393 residences and keys · peak Late ’27 Explore the market →
Common questions

Frequently asked

Where is IOTA Seoul located?

IOTA Seoul is located in Seoul.

When will IOTA Seoul be completed?

IOTA Seoul is breaking ground, with completion targeted in 2032.

Who is developing IOTA Seoul?

IGIS Asset Management is the developer behind IOTA Seoul.

Who designed IOTA Seoul?

IOTA Seoul was designed by Foster + Partners.

How big is IOTA Seoul?

IOTA Seoul rises 39 stories.