SEOUL, July 17 Hyundai Motor Group on Thursday
expressed interest in buying the site of Korea Electric Power's
Seoul headquarters, which real estate analysts said
could fetch at least 3 trillion won ($2.91 billion).
The Korea Economic Daily also said Samsung Group
could be interested in the site, the last large piece of land
available for development in Seoul's wealthy Gangnam district.
A Samsung Group spokesman declined comment. A spokesman for
state-run utility Korea Electric Power (KEPCO) said no potential
bidder other than Hyundai Motor Group had publicly announced
KEPCO said on Thursday it plans to kick off a competitive
bidding process in August for the 79,342 square metres site.
The plot was appraised at 1.48 trillion won ($1.44 billion)
in 2013, but the actual sale value could be at least double due
to its development potential, real estate analysts said.
Hyundai Motor Group, which includes Hyundai Motor Co
and sister company Kia Motors, said in a
statement it was interested in the site because its current
headquarters had become too small for its growing business.
The group also said it wants to build a "global business
center" that will incorporate its own team as well as a hotel, a
convention center and an auto theme park.
The Korea Economic Daily previously said Samsung Group may
also be interested in the KEPCO site because its unit, Samsung
Life Insurance, bought in 2011 an adjacent property.
The site is to be put up for sale as KEPCO moves to Gwangju
in the southwestern part of Korea this year as part of a
government bill to move state-run enterprises around the country
to ensure a balance between the economic development of various
($1 = 1031.0000 Korean Won)
(Reporting by Joyce Lee; Editing by Miral Fahmy)