The consortium of DAISHIN SECURITIES and Golden DP has been selected as the preferred bidder for the sale of approximately 24,000 square meters of land for the Children's Center in the Neung-dong area of Gwangjin-gu, Seoul, managed by the Yookyoung Foundation. The Yookyoung Foundation and the DAISHIN SECURITIES-Golden DP consortium plan to sign a memorandum of understanding (MOU) this week and finalize the transaction soon.
According to the real estate development and investment banking (IB) industry on the 30th, the Yookyoung Foundation and the DAISHIN SECURITIES-Golden DP consortium are scheduled to sign the MOU this week. The DAISHIN SECURITIES-Golden DP consortium will then pay the deposit and plans to pay the balance with a project financing (PF) loan in May next year before breaking ground.
The land that the Yookyoung Foundation is selling through this bidding is approximately 24,232 square meters located at 18-10, 18-41, 18-42, 18-43, and 18-11 (partially) in Neung-dong, Gwangjin-gu, Seoul. Currently, the Yookyoung Foundation uses this location as a parking lot. The zoning designation of the land for sale includes semi-residential, general residential type 2, and exclusive residential type 1.
Earlier, in the bidding for the sale of the site conducted by the Yookyoung Foundation on June 5, the DAISHIN SECURITIES-Golden DP consortium and the NH Investment & Securities-Samsung C&T consortium participated.
The DAISHIN SECURITIES-Golden DP consortium consists of developer Golden DP, DAISHIN SECURITIES, Hana Bank, and KB Kookmin Bank. This consortium submitted a bid of 340 billion won for the sale of the land. Additionally, they proposed to pay the Yookyoung Foundation 20% of the total development profit.
According to the request for proposal (RFP) for participation in the bidding, there is a possibility of increasing the floor area ratio through future revitalization projects in Seoul's transport hubs. The Yookyoung Foundation plans to use the funds from the sale of the nearby Neung-dong parking lot to promote projects for nurturing talent in culture, sports, and the arts.