Conglomerates hold almost 31 tln won of Gangnam real estate

South Korea's top 10 business groups held real estate worth nearly 31 trillion won (US$30.4 billion) in the three Gangnam districts of southern Seoul, data showed Tuesday, with Samsung Group listed as the richest property holder there.

Samsung held property worth 12.68 trillion won in the area to take up more than a third of the assets held by the top players, the data compiled by market tracker Chaebul.com showed. It held 44 plots of land and 20 buildings, including its headquarters located near Gangnam Subway Station.

The three Gangnam districts refer to Gangnam, Songpa and Seocho, which are located south of the Han River that runs across Seoul. The lavish lifestyle associated with the districts was portrayed in rapper Psy's global mega-hit "Gangnam Style."

Retail giant Lotte Group was the second-richest property holder with assets worth 9.5 trillion won, including its 123-story skyscraper project underway in Songpa. The building will be the tallest in South Korea when completed in late 2016.

Shinsegae Group, one of the major department store operators here, came in third with assets worth 3.57 trillion won, trailed by Hyundai Motor Group with property valued at 1.63 trillion won. GS Group held property worth 1.29 trillion won.

Industry watchers said the conglomerates are likely to continue real estate purchases in the three areas. One of the largest anticipated deals is for the sale of a 7,9342-square-meter site owned by Korea Electric Power Corp. in Gangnam. Both Samsung and Hyundai have expressed an interest in acquiring the property. (Yonhap)