Kepco to reveal highest bidder in sale of its land in Gangnam

Home > Business > Industry

print dictionary print

Kepco to reveal highest bidder in sale of its land in Gangnam

Korea Electric Power Corporation (Kepco) will announce the highest bidder for its land in Samseong-dong, Gangnam District, tomorrow at 10 a.m. The open bid was announced in July when Kepco said it will relocate its headquarters to South Jeolla in November.

The auction is expected to attract offers from the nation’s two largest corporations by market capitalization: Samsung Electronics and Hyundai Motor.

Hyundai Motor, Korea’s No. 2 in terms of market cap, has made clear its intention of purchasing the land to set up a global business center for the company. A Hyundai official said the automobile company is finalizing the documents needed for the auction and that its bid will not be unreasonable.

Samsung Electronics, on the other hand, hasn’t publicly acknowledged a decision to make an offer on the land.

“For large-scale bids, it’s customary to maintain security until [the company’s official announcement],” said a Samsung official.

The 79,342-square-meter land, which is around the size of 12 soccer fields, is said to be worth around 3.3 trillion won ($3.2 billion). The lowest bidding limit is unknown, and the auction closes at 4 p.m. today.

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)