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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Seongnam, October 10 — The CGV Square Building (Block B), a landmark commercial property near Ori Station in Bundang, Seongnam, has been placed on the market. According to investment banking sources, Samil KPMG (KPMG Korea) has been appointed as the exclusive sell-side advisor and is currently seeking potential buyers.
While the exact deal size has yet to be finalized, real estate industry insiders estimate that the transaction value will likely reach several hundred billion won, based on comparable properties and building size.
Located in Gumi-dong, Bundang-gu, the CGV Square complex sits just 2–5 minutes on foot from Ori Station and offers a gross floor area of approximately 9,800 pyeong (around 32,000 m²).
The Ori Station commercial zone, once a bustling hub, has experienced sharp ups and downs over the past few years. At its peak, the building housed major tenants such as Homeplus, Youngpoong Bookstore, and the CGV multiplex cinema, anchoring the area’s retail and entertainment appeal.
However, the COVID-19 pandemic and broader retail downturn dealt a heavy blow. In March 2022, Youngpoong Bookstore relocated its operations to nearby Bundang Seohyeon and Starfield Dongcheon stores, and most franchise restaurants within the property have since closed or relocated.
Despite this, analysts note that Ori Station’s growing importance as a southern Bundang transportation hub could bolster the site’s long-term value. The Seongnam city government is actively pursuing a transit-oriented redevelopment plan around the station, including the long-discussed proposal to add a new SRT (Super Rapid Train) stop at Ori or Dongcheon.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
