Seohae Jonghap Geon, Secures 100 Billion KRW Mid-Payment for 'Onsu Station Area Development' Land Purchase

[Asia Economy Reporter Lim Jeong-su] Seohae General Construction has raised funds amounting to 100 billion KRW to pay the interim payment for land acquisition for the Onsu Station area revitalization project.

According to the investment banking (IB) industry on the 16th, Seohae General Construction recently secured a loan of 100 billion KRW, part of the funds for land acquisition, under the management of Hi Investment & Securities. The loan has a maturity of 3 months with a lump-sum repayment condition at maturity. It is known that even after the maturity date, the loan will be continuously refinanced until the start of construction.

Seohae General Construction will use the raised funds to pay the interim payment for the land acquisition of the Onsu Station area revitalization project at 50 Onsu-dong, Guro-gu, Seoul. Recently, for the development project, it purchased a super-station area land of 53,761㎡ (16,263 pyeong) around Seoul Onsu Station for a total of 547.5 billion KRW.

Seohae General Construction plans to develop the acquired land into a complex district including large-scale apartment complexes, office facilities, and officetels. They plan to complete the relocation work by securing alternative sites for a large rugby stadium within the site and start full-scale construction around 2023.

Well known for the apartment brand ‘Seohae Grandble,’ Seohae General Construction is a mid-sized construction company ranked 76th in the Ministry of Land, Infrastructure and Transport’s construction capability evaluation. Chairman Kim Young-chun holds 76.80% of the shares, and his son Kim Heon-seong, CEO of St. John's Hotel (LK Management), holds 12.90%. The Ministry of Strategy and Finance also holds 10.30% of the shares.

This content was produced with the assistance of AI translation services.