Koramco Asset Trust Announces Bid for Emart Seongsu-dong Site

[Asia Economy Reporter Park Soyeon] Koramco Asset Trust is participating in the bid for the Emart Seongsu-dong site.

According to industry sources on the 30th, Koramco Asset Trust plans to submit its purchase price and redevelopment project proposal to CBRE Korea, which is in charge of the sale of Emart Seongsu-dong headquarters, on the same day.

In addition to Koramco, it is known that consortia including Aegis Asset Management·KKR, Mirae Asset Management·Krafton, and Taeyoung Construction·Eastern Investment Development are preparing to participate in the bid for the Seongsu-dong headquarters.

The Emart Seongsu-dong headquarters, completed in 2001, consists of three basement floors and 20 above-ground floors. The site area is 19,359㎡, and the total floor area is 99,474㎡. Including nearby owned land, a total of 20,800㎡ is subject to sale.

The site is in a semi-industrial zone where apartments, offices, officetels, and knowledge industry centers are permitted. Considering that it is a prime location in Seongsu-dong, Seoul, and that redevelopment allowing Emart's re-entry is possible, it is expected that large-scale buyers will flock to the bid.

The industry is paying attention to whether the sale price will surpass 1 trillion KRW. To exceed 1 trillion KRW, the transaction price must be at least 160 million KRW per 3.3㎡ based on the land area. The recent sale prices in the Seongsu-dong area have been around 120 million KRW per 3.3㎡.