Lotte Property & Development announced Wednesday that it has acquired a site in Yangpyeong-dong from Lotte Chilsung Beverage and plans to develop residential apartments. The move marks the company's first major real estate development in roughly 10 years since the completion of Lotte World Tower and Mall in Jamsil.
Lotte Property & Development earlier disclosed that it purchased the Lotte Chilsung Beverage site in Yangpyeong-dong, Yeongdeungpo-gu, Seoul, for 280.5 billion won (approximately $200 million) for real estate development purposes. The acquired site spans 21,217 square meters (approximately 6,400 pyeong). Lotte Chilsung Beverage had purchased the land in 1965 and used it as a logistics center and vehicle maintenance depot.
The site is currently classified as a Type 2 General Residential Zone and was designated as a Special Planning District in June 2020 under the Seonyudo Station Area District Unit Plan. The floor area ratio for a Type 2 General Residential Zone is 200% under Seoul's urban planning ordinance, and the site is generally expected to be developed into apartment-type residential housing.
The Yangpyeong-dong site is notably located within a five-minute walk from Seonyudo Station on Subway Line 9 and is close to the Yeouido business district. It also benefits from strong transportation access, including direct proximity to Olympic Expressway. Additionally, the site can share convenient living facilities, educational infrastructure and shopping amenities with the nearby Mokdong area, further enhancing its development value.
Lotte Property & Development plans to formulate an optimal development plan for the site based on its expertise in mixed-use development and premium residential products. The company previously led the entire process from planning to sales of the Signiel Residences during the development of Lotte World Tower and Mall.
"We will leap forward as a real estate specialist focused on discovering and investing in high-value-added properties, built on a stable revenue structure," CEO Jang Jae-hun of Lotte Property & Development said. "We are reviewing the optimal development plan for this acquired site and will pursue it in a way that creates mutual benefit with all stakeholders, including the local community and licensing authorities."
