SEOUL, March 27 (Korea Bizwire) – The government of Seoul plans to sell the naming rights for more than 50 subway stations this year to make up for losses in its subway operations.

The Seoul Metropolitan Government said Monday that it will auction off the naming rights for 58 additional subway stations, including 23 on lines 1-4 and 20 on lines 5-8.

A number of downtown and commercial hub area stations, including Jonggak Station of Line 1, Shinchon and Yeoksam stations of Line 2, Yeouido and Yeouinaru stations of Line 5 and Express Bus Terminal Station of Line 3 and 7, will be up for sale, it said.’

The successful high bidders will be allowed to add their institutional names to the original names of the concerned stations’ facilities and maps as well as in information broadcasts, officials said.

Last year, the government of Seoul earned 2.36 billion won (US$2.1 million) from the sale of naming rights to nine subway stations, such as Myeongdong Station of Line 4, they noted, adding that the names of four stations on Line 9, and 10 stations on the Wooi-Shinseol extension of Line 4, will also be sold this year.

“The planned sales of station naming rights will give citizens useful information and institutions a stable means of public relations,” said Yun Jun-byeong, a Seoul government official, noting entities involved in scandals will not be allowed to take part in the bidding.

Companies and institutions located within 500 meters of the stations will be eligible for the bid for naming rights. The range can be expanded to 1 km depending on the circumstances. Naming contracts will be valid for three years, with a one-year extension possible. Detailed information can be obtained from Seoul Metro’s website.

(Yonhap)