BS Group announced on the 23rd that it has been selected as the preferred negotiation partner for the sale of Korea Electric Power Corporation (KEPCO)'s site in Majang-dong, Seoul.
The site is approximately 39,567 square meters of land at 765-1 Majang-dong, Seongdong-gu, Seoul. The BS Group consortium was selected as the preferred negotiation partner with a bid price of about 505.5 billion won in the KEPCO logistics center site bidding held on the 18th. The winning bid is about 5 million won higher than the minimum bid price of 505.4524 billion won.
The KEPCO logistics center site in Majang-dong has been pushed for sale by KEPCO to improve its financial structure. Although KEPCO and the city of Seoul attempted development since 2011, it took 14 years to sell due to the time required for selecting the relocation site of the logistics center and the transfer process.
Currently, the land use designation of the logistics center site is general residential area type 2. The BS Group consortium is expected to significantly enhance the project's feasibility through an increase in the floor area ratio. It is scheduled to be supplied as a large-scale residential complex next year.
The site is a 2-minute walk from Majang Station on subway line 5 and is adjacent to the double station areas of Wangsimni Station on the Gyeongui-Jungang Line, line 2, and line 5.
A BS Group official noted, "The development project for the KEPCO logistics center site in Majang-dong will improve the residential and living environment in the northeastern part of Seoul, contributing to regional development and enhancing future value," and added, "We will create a new landmark in Majang-dong through cooperation with local governments and communities."
BS Group is currently developing the 'Solar City' project, a large-scale public-private partnership urban development project, along with Jeollanam-do and Haenam-gun. Additionally, it is promoting the 'Northeast Asia LNG Hub Terminal' project in Myeongdo, Yeosu, Jeollanam-do.