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Samsung/NPS Consortium Selected for Yongsan Development Project

Samsung/NPS Consortium Selected for Yongsan Development Project

Posted November. 03, 2007 09:09,   


A consortium consisting of the Samsung Corporation, the National Pension Service (NPS) as well as some others has been selected to develop the international business zone in the Yongsan station area in Seoul.

The Korean National Railroad (Korail) announced during a press conference held at the Palace Hotel in Banpo-dong, Seocho-gu, Seoul on November 2 that it has selected the Samsung Corp./NPS Consortium as the first candidate for the development project.

Kim Dong-geon, a professor at Seoul National University and chairman of the Evaluation and Management Committee, said, “Public offering for the development officially ended on October 30. The consortium consisting of 25 corporations including Samsung Corp. has been nominated as the first candidate, and another consortium consisting of Prime Development and 31 other corporations as the second.”

The Samsung Corp./NPS consortium proposed a 28 trillion won investment for the business including eight trillion won allocated to purchasing land for Korail’s railway depot. It also presented its plan to develop a “Dream Hub that Realizes the Dreams of the World’s Cities” with IT, finance, and tourism as core elements.

Korail is expected to undertake the project after it finalizes details with the consortium.

The international business zone development project in Yongsan area covers 566,800 square meters including the Korail railway depot and Seobuichon-dong. It is to be a massive compound consisting of office buildings including 152-story buildings, hotels, department stores, commercial and residential complexes, and shopping centers.

kimkihy@donga.com koh@donga.com