Hyundai Outpaces Samsung to Win KEPCO's Property Auction Placing over $10 billion | Be Korea-savvy

Hyundai Outpaces Samsung to Win KEPCO’s Property Auction Placing over $10 billion

KEPCO’s property is located in Samsung-dong, Seoul’s wealthy Gangnam district.(image:KEPCO)

SEOUL, Sep. 18 (Korea Bizwire) – Hyundai Motor Group has won one of the most high-profile real estate auctions in South Korea’s history. Korea Electric Power Corp said today the winner for the site of KEPCO’s headquarters, which is estimated to be worth over 3.33 trillion won (US$3.22 billion), is Hyundai Motor Group, which, according to local reports and sources, had placed more than 10.55 trillion won — three times as much as the appraisal price for the auctioned property.

In this bidding for KEPCO’s property, which is located in Samsung-dong, Seoul’s wealthy Gangnam district, Samsung Electronics also submitted bid yesterday but the technology powerhouse has turned out to be outpaced by Hyundai Group, which even already paid security money for the tender, underscoring the latter’s determined mind to secure the deal.

Hyundai’s successful bidding this time is likely to boost the automotive brand’s renewed branding strategy: Hyundai Motor Group, reportedly, plans to take advantage of huge potential of the KEPCO’s site by building a gigantic landmark which accommodates Global Business Center(GBC), Hyundai Museum, brand exhibition hall, along with big entertainment facilities at the site — key assets to serve as Hyundai’s plan to enhance its brand image in the market.


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