Railway Corporation to Supply Suseo Station Area B3 Block via Competitive Bidding

The Korea Rail Network Authority announced on the 25th that it will supply the office and distribution facility site (hereinafter referred to as B3 Block) within the Suseo Station public housing district through a competitive bidding process.

Location map of B3 block. Provided by Korea Rail Network Authority

The competitive bidding will be conducted for actual users. The total area of B3 Block is 16,001㎡, and four office and distribution facility lots will be sold as a whole. The building coverage ratio is limited to 60% or less, and the floor area ratio is limited to 800% or less. The planned supply price is 17.5 million KRW per 1㎡.

Payment will be made in interest-bearing installments over 2 years and 6 months. The down payment (10% of the total amount) is excluded, and the intermediate and remaining payments can be paid in five equal installments every six months. The current installment interest rate is 3.5% per annum, and if payment is made earlier than the scheduled payment date, a prepayment discount of 5% per annum will be applied.

However, the installment interest rate and prepayment discount are subject to change based on current standards, and the actual installment interest will be finalized after approval of use or area settlement.

The Suseo Station area is a key railway transportation hub where the Suseo-Pyeongtaek High-Speed Railway (SRT), the Metropolitan Area Express Railway (GTX-A), Seoul Subway Line 3 and Bundang Line, and the planned Suseo-Gwangju Line intersect.

In particular, the site of the 2030 Suseo Station Transfer Center Complex Development Project is expected to include department stores, hotels, offices, residential, and cultural facilities, attracting public attention.

Once the complex urban development project, including neighborhood parks and commercial, office, distribution, and residential facilities within the district, is completed, the Suseo Station area is expected to emerge as a key hub in the southeastern region and a new landmark of Gangnam. This is anticipated to enhance the value of B3 Block.

The supply schedule for B3 Block will proceed as follows: bidding applications from the 16th to the 26th of next month, bid opening on the 27th, and contract signing on the 30th.

For more detailed information regarding the competitive bidding, please refer to the announcement posted on the Korea Rail Network Authority website or Onbid, or contact the Rail Network Authority’s Business Development Department, Station Area Development Division.

The Rail Network Authority plans to hold a project briefing session at the Seoul Metropolitan Headquarters on the 3rd of next month.

Lee Seong-hae, Chairman of the Korea Rail Network Authority, stated, “The Suseo Station area has the potential to grow into a representative transportation and commercial center of Korea. B3 Block is an opportunity to secure that value, and considering its excellent location and favorable payment conditions, we ask for the keen interest of actual users.”