KT&G to build shopping complex in Sejong City

KT&G unveiled plans on Wednesday to develop a commercial and residential complex in the neighborhood of Eojin-dong in Sejong City, where many of the central government’s offices are located.

The complex will include two retail buildings, three office buildings and one studio apartment building which residents can also use as offices.

Retailer AK Plaza, which runs five department stores nationwide, will operate the shopping complex.

The facilities will open one by one as they are completed between late 2018 and 2019. The retail buildings are scheduled to open before the accommodations.

“We saw the location as fit for the project because consumer demand there is high, sitting near government offices, large-scale accommodations and bus rapid transit,” the company said in a statement.

For KT&G, which is best known as a supplier of tobacco and red ginseng products, the project is a huge step in its grand plan to diversify its business portfolio into real estate.

By Song Kyoung-son