Lotte Property & Development will buy a site in Yangpyeong-dong, Yeongdeungpo-gu, Seoul owned by Lotte Chilsung Beverage to launch a real estate development. It is the first real estate development in about 10 years since the completion of Lotte World Tower and Mall in Jamsil.
Lotte Property & Development disclosed on the 31st that it would purchase land in the Yangpyeong-dong 5-ga area of Yeongdeungpo-gu, Seoul (lot No. 119 and 17 adjacent parcels) owned by Lotte Chilsung Beverage for 280.5 billion won.
The purpose of the purchase is real estate development. The site measures about 21,217 square meters (about 6,400 pyeong), and Lotte Chilsung Beverage acquired it in 1965 and has used it as a logistics center and vehicle maintenance base.
The site is in a station area, a five-minute walk from Seonyudo Station on Subway Line 9. It is adjacent to Olympic-daero, making it easy to reach key parts of Seoul, and it is also close to the Yeouido Business District (YBD).
The surrounding location is also favorable. To the north are Seonyudo Park and Hangang Park, and to the west is Anyangcheon. It is adjacent to the Mok-dong living area, giving access to education, medical and shopping infrastructure.
The zoning is Type 2 general residential. Under the district unit plan for the Seonyudo Station area in 2020, it was designated as a special planning zone, and the floor area ratio under the Seoul city urban planning ordinance is around 200%. It is generally regarded as an area where residential development such as multifamily housing takes place.
Lotte Property & Development plans to prepare the optimal development plan based on its accumulated mixed-use development experience. During the development of Lotte World Tower and Mall in Jamsil, it carried out the entire process from planning to sales for Signiel Residence.
Jang Jae-hoon, CEO of Lotte Property & Development, said, "We will expand the discovery and investment of high value-added real estate based on a stable revenue structure," and added, "We are reviewing the optimal development plan for the purchased site and will push ahead so that we can coexist with stakeholders such as the local community and permitting authorities."