BS Group Selected as Preferred Negotiation Partner for Majang-dong KEPCO Logistics Center Site Development

[Financial News] BS Group announced on the 23rd that it has been selected as the preferred negotiation partner for the sale of Korea Electric Power Corporation's site in Majang-dong, Seoul.
The site is a land area of 39,567㎡ located at 765-1 Majang-dong, Seongdong-gu, Seoul. BS Group participated in this open bid by forming a consortium centered on Boseong Industrial Development, which successfully promoted the Cheongnyangni Dongbu Fruit and Vegetable Market redevelopment project (currently Cheongnyangni Station Hanyang Sujain Graciel) completed in 2023. The BS Group consortium was selected as the preferred negotiation partner with a bid price of approximately 505.5 billion won.
The site is a key location within the Seongdong-gu area of Seoul, just a 2-minute walk from Majang Station on Seoul Subway Line 5. It is a double station area adjacent to Wangsimni Station on the Gyeongui-Jungang Line, Line 2, and Line 5, offering an excellent transportation environment. The Majang-dong area is evaluated as a key development candidate in the northeastern region of Seoul, and its value has recently increased due to improvements in the residential environment, such as nearby apartment reconstructions.
The Majang-dong KEPCO Logistics Center site is currently planned to change its use from a Type 2 General Residential Area to a Semi-Residential Area and is expected to be supplied as a large-scale residential complex by 2026.
With this selection as the preferred negotiation partner, BS Group will secure another prime business site in a key area of Seoul, following the Cheongnyangni Dongbu Fruit and Vegetable Market redevelopment project. From the second half of the year, the group plans to secure profits through the sale of its own projects, including the Incheon Yonghyeon-Hakik urban development project (1,199 households) and the Gimpo Pungmu Station area joint housing development project (2 blocks, 1,710 households), and based on this, it plans to stably promote future core businesses such as the energy new city Solar City, solar power, wind power, and LNG.
A company representative said, "The development project of the Majang-dong KEPCO Logistics Center site is expected to dramatically improve the residential and living environment in the northeastern region of Seoul and contribute to regional development and future value enhancement," adding, "We will create a new landmark in the Majang-dong area through close cooperation with local governments and the local community."


ming@fnnews.com Min-kyung Jeon Reporter