Sale of Sillim-dong Landmark Podomall... Bidding Scheduled for February

Sillim-dong Podomall

[Asia Economy Reporter Onyu Lim] The landmark shopping mall Podomall in Sillim-dong, Seoul, is set to be sold. German private equity firm DWS Asset Management announced on the 6th that it plans to hold a bidding process for the sale of Podomall in mid-month. Cushman & Wakefield Korea has been appointed as the lead sales agent. Since its opening in 2009, Podomall has changed hands twice, from Hanwon Asset to Aegis Asset Management, and currently to DWS Asset Management.

Podomall is a complex shopping mall spanning 8 basement floors and 15 above-ground floors, encompassing fashion, cosmetics, and lifestyle sectors. With excellent accessibility, it has established itself as the landmark shopping mall of Sillim Station, a representative commercial area in the southwestern region of Seoul. The upper floors house a cinema (Lotte Cinema) and a large bookstore (Youngpoong Bookstore), ensuring strong customer attraction.

Located at the Sillim intersection, a major road with six and eight lanes in both directions, it offers easy access. Public transportation is also excellent, with the subway station connected to Podomall’s basement levels 1 and 2. Among the upcoming development plans, the notable ones are the Sillim Light Rail Transit (LRT) line and Sillim New Town. The Sillim LRT is scheduled for completion in 2022, which will improve accessibility from Yeouido and surrounding residential areas to the Sillim Station commercial district.

Youngguk Son, Executive Director of the Investment Advisory Team at Cushman & Wakefield, said, “Active residential developments are planned within a 3km radius, including Park Royal, Park View, and youth rental housing near the station area. In the short term, 3,000 households will be added, and in the mid to long term, about 12,000 households or more will increase. Once these developments are completed, Podomall will firmly establish itself as a landmark in an area attracting even more people.”