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[Alpha Biz=(Chicago) Reporter Kim Jisun] The Korean Racing Authority has begun the process of selling the site in Seocho-gu, Seoul, which it had long held to sell assets unrelated to its own business.
"At the board meeting held on the 20th, we decided to sell the Seocho-gu site as soon as possible through general competitive bidding," the Korean Racing Authority said on the 25th. As a result, the Korea Racing Authority will announce the sale and accept the sale through the Korea Asset Management Corporation's electronic asset disposal system "Onbid" from Aug. 7-16.
The Seocho site, owned by the Korean Racing Authority, is located at 1672-4 and 1672-6 Seocho-dong, Seocho-gu, Seoul, and is a general commercial area of 1400.4㎡ (about 423.6 pyeong).
The market value is estimated to be very high as a number of development plans are planned near the site, including the lifting of the designation of the altitude zone around the Seocho Court Complex, which was recently announced by the Seoul Metropolitan Government, as well as the underground of the Gyeongbu Expressway and the development of Lotte Chilsung Site, which is included in the Seocho-ro District Unit Plan.
"Through the appraisal, we see the estimated sale price at about 170 billion won, which reflects the recent sale case of 400 million won per pyeong," said a contract official at the Korea Racing Authority.
Details of the site can be found on the Onbid Internet site when the sale is announced to the Korea Racing Authority's contract department.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
