RealtyPlanet, a proptech corporation specializing in commercial real estate, announced on the 28th that it has been additionally selected as the sales agent for the 'former Lotte Department Store Masan branch.'
The former Lotte Department Store Masan branch is a large complex commercial facility located in Sinpo-dong, Changwon, Gyeongnam, with 5 basement floors and 20 above-ground floors. The site area is 12,463.1㎡ (about 3,770 pyeong), and the total floor area is 118,515.7㎡ (about 35,851 pyeong). Of this, the equity owned by the real estate fund established by KB Asset Management is a total of 12,171.9㎡ (about 3,682 pyeong) of the total site area and 115,276.0㎡ (about 34,871 pyeong) of the total floor area, which is about 97.6% based on site area.
The Sinpo-dong area is considered a core region of Masan, densely populated with distinctive commercial facilities such as the Odong-dong commercial district, Masan Fish Market, and Burim Market. The asset is conveniently located near major transportation facilities, including KTX Masan Station and intercity and express bus terminals, and has high recognition and visibility as it has served as a landmark in Masan for a long time.
Eom Hyun-po, CEO of RealtyPlanet, noted, "The former Lotte Department Store Masan branch is an asset with growth potential, as it not only has excellent location conditions but also the value accumulated through coexistence with the local community aligns with the municipality's development willingness," adding, "I expect it to become a new landmark for Masan and a focal point for economic revitalization, depending on future development directions."
Detailed information about the sale target and bid-related guidelines can be found in the 'Deal Information' section within the RealtyPlanet app and website.