Korea Rail Network Authority to Supply Suseo Station Area Neighborhood Living Facility Site via Competitive Bidding

The Korea Rail Network Authority announced on May 22 that it will supply the neighborhood living facility site (G1) within the Suseo Station Area Public Housing District through a competitive bidding process.

The G1 block is a parcel with a total area of 1,996 square meters, where convenience and commercial facilities can be established. The site can be developed within a building coverage ratio of up to 60% and a floor area ratio of up to 400%. The total expected supply price, based on the results of an appraisal, is 29 billion KRW.

The interim and final payments, excluding the contract deposit (10% of the total amount), can be paid in five equal installments at six-month intervals. The current installment interest rate is 3.5% per annum, and an early payment discount of 5% per annum is applied for payments made before the agreed due date. However, both the installment interest rate and the early payment discount are subject to change according to current standards.

Provided by Korea Rail Network Authority

Suseo Station Area is considered a key railway transportation hub, with connections to the Suseo-Pyeongtaek High-Speed Railway (SRT), the Metropolitan Express Railway (GTX-A), Seoul Subway Line 3 and the Bundang Line, as well as the planned Suseo-Gwangju Line.

In particular, the development of the Suseo Station Complex Transfer Center site, scheduled for 2030, is expected to include a department store, hotel, office, residential, and cultural facilities, raising high expectations.

Once the mixed-use city development project, which includes neighborhood parks as well as commercial, business, distribution, and residential facilities within the district, is completed, the Suseo Station Area is expected to emerge as a core hub of the southeastern region and a new landmark of Gangnam.

The main supply schedule for the G1 block is as follows: announcement on May 27, bid application and opening on June 19, and contract signing on June 26.

For further details, please refer to the announcements posted on the Korea Rail Network Authority website or Onbid, or contact the Station Area Development Department of the Global Development Division at the Korea Rail Network Authority for guidance.

Lee Seonghae, President of the Korea Rail Network Authority, stated, "The Suseo Station Area has great potential to grow into Korea's leading hub for transportation, daily life, and commerce," adding, "We ask for the keen interest and active participation of genuine end-users in the bidding process."