Lotte Engineering & Construction completes PF financing for Home Plus Dongdaemun Branch development... 49-story mixed-use project gains speed

[Financial News] The site of Home Plus Dongdaemun Branch, one of the major commercial facilities in Seoul's northeastern area, will be developed into a residential complex.
Lotte Engineering & Construction said on the 17th that the "Home Plus Dongdaemun Branch mixed-use development project," which it is building, recently completed 350 billion won in senior project financing.
The financing was arranged by Samsung Securities, and the loan term is 72 months. As a result, the project will move beyond the bridge loan stage and enter full-scale development.
The project site is in Yongdu-dong, Dongdaemun District, Seoul, near Yongdu Station on Subway Line 2. The plan calls for a mixed-use complex with three buildings, seven basement levels and 49 floors above ground, for a total of 417 households. Of these, 340 will be for general sale, 68 for long-term private rental, and 9 for public rental, with supply scheduled for December.
The conversion to senior PF is also expected to help improve Lotte Engineering & Construction's financial structure. After successfully converting this project, following developments at Ssangnyeong Park in Gwangju, Gyeonggi, and Homeplus Bucheon Sang-dong Branch, the company has reduced its contingent PF liabilities by about 530 billion won from the end of last year. The Home Plus Dongdaemun Branch project alone resolved 86.1 billion won in contingent liabilities.
Lotte Engineering & Construction's contingent liabilities currently stand at 2.6236 trillion won. The company plans to reduce PF contingent liabilities to the 2.2 trillion won range by the end of the year and continue managing them within the scope of normal business operations.

going@fnnews.com Choi Ga-young Reporter