Plans for Large-Scale Residential Complex
Key Development Area in Northeastern Seoul
Location map of KEPCO Logistics Center site in Majang-dong, Seongdong-gu, Seoul. Provided by BS Group
BS Group has been selected as the preferred bidder after receiving the highest score in the auction for the sale of the Korea Electric Power Corporation (KEPCO) logistics center site in Majang-dong, Seongdong-gu, Seoul.
On July 23, BS Group announced, "We have been selected as the preferred bidder after submitting a bid of approximately 505.5 billion KRW in the open auction for the 39,567-square-meter KEPCO logistics center site in Majang-dong, Seongdong-gu, Seoul." BS Group participated as a consortium centered on Bosung Industrial Development, one of its affiliates. Bosung Industrial Development previously completed the Cheongnyangni Dongbu Agricultural and Marine Products Market redevelopment project (now Cheongnyangni Station Hanyang Sujain Graciel) successfully.
This auction was primarily a price competition. KEPCO, the seller, allocated 80% of the total evaluation score to the bid amount, effectively awarding the site to the company that offered the highest price.
The site is located a two-minute walk from Majang Station on Seoul Subway Line 5 and is also close to Wangsimni Station, which connects Lines 2 and Gyeongui-Jungang Line. Situated in a double-station area, this location is considered one of the prime redevelopment candidates in northeastern Seoul. As the reconstruction of aging nearby apartments accelerates, both the residential environment and real estate values in the area have been steadily rising.
The company plans to change the zoning of the site from its current status as a Type 2 General Residential Area to a Semi-Residential Area, and to develop it into a large-scale residential complex starting next year.
Cadastral map of the Korea Electric Power Corporation logistics center site in Majang-dong, Seongdong-gu, Seoul (left) and the building exterior. Provided by Korea Electric Power Corporation
With this selection as the preferred bidder, BS Group has secured another prime project site in a key area of Seoul, following the Cheongnyangni Dongbu Agricultural and Marine Products Market redevelopment project. The company is also preparing to launch sales for other projects in the second half of the year, including the Yonghyeon-Hakik urban development project in Michuhol-gu, Incheon (1,199 units), and the Pungmu Station Area joint housing development project in Gimpo (1,710 units).
In addition to real estate development, BS Group is accelerating its expansion into future businesses based on renewable energy. 'Solar City,' currently being developed as a public-private partnership urban development project on a 20.9 million-square-meter site in Haenam-gun, Jeollanam-do, is a new city based on renewable energy. Its strengths include affordable electricity, vast land, stable industrial water supply, and resilience to natural disasters. BS Group plans to develop this site into an RE100 (100% renewable energy) industrial complex for a population of 100,000, as well as a hub for artificial intelligence (AI) data centers.
The 'Northeast Asia LNG Hub Terminal' under construction in Myodo, Yeosu, is Korea's first purely commercial terminal, with the goal of beginning commercial operation of LNG storage tanks No. 1 and 2 in 2028. The 220 MW-class biomass power plant being built in the Hwanggeum Industrial Complex in Gwangyang Bay is scheduled to begin operation next year.
A BS Group representative stated, "The Majang-dong site is a key location that will dramatically improve the residential environment in northeastern Seoul," adding, "We will work with local governments and the community to develop Majang-dong into a new landmark for the area."
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