Lotte Construction Becomes Largest Shareholder in Gwangju's Largest Private Park Project... "Prompt Project Advancement"

Lotte Construction has become the largest shareholder of the special purpose company (SPC) for the ‘Central Park District 1 Private Park Special Project,’ which is creating the largest private park in Gwangju. Lotte Construction stated, "We will end unnecessary shareholder disputes and proceed with the project more swiftly than before."

According to the construction industry on the 1st, Lotte Construction repaid the debt it had guaranteed at the end of last month and exercised its lien on the disputed shares (49%) of ownership. Bitgoeul Central Park Development (SPC) then convened a board meeting and approved the shareholder change due to Lotte Construction’s lien execution. Thus, Lotte Construction will participate not only as the contractor but also as a shareholder of the SPC.

Following this board decision, Lotte Construction acquired the 49% stake held by Woobin Industry within the Central Park SPC and combined it with the friendly stake of Park M (21%), stabilizing management and construction rights. Until now, Woobin Industry had been in an ownership dispute with K&Steel over 24% of its 49% stake.

Lotte Construction intends to accelerate the project by ending the shareholder dispute. A Lotte Construction official explained, "The share acquisition is solely to stabilize the project and proceed with construction and sales at a faster pace," adding, "There will be no changes to any of the project details previously carried out by the existing management and Bitgoeul Central Park Development."

Meanwhile, the Central Park District 1 Private Park Special Project is a development project to build park facilities and non-park facilities on a 2,435,027㎡ area covering Geumho-dong, Hwajeong-dong, and Pungam-dong in Seo-gu, Gwangju. On the non-park facility site, a total of 2,772 apartment units will be constructed across 39 buildings ranging from three basement floors to 28 above-ground floors. The project has already received housing project approval from Gwangju City and completed the designation of the supervisor, bringing it close to groundbreaking. Sales will commence as soon as the agreement with Gwangju City is amended.

The total compensation cost is 560 billion KRW, of which 92% of the park land has either been donated or is about to be donated. Park facilities (approximately 135 billion KRW) and road facilities worth about 40 billion KRW will also be donated to the city upon completion.

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