[THE INVESTOR] Hyundai Department Store announced on Sept. 21 that it has been selected as the preferred bidder to operate a commercial facility in Parc1 complex to be built in Yeouido, Seoul.
The retail giant will sign a 20-year contract with the complex’s developer Y22 next week and build a department store within the site -- 46,200 square meter wide with a 628,254 square meter gross area -- for 30 billion won (US$26.85 million) annual lease.
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A rendering image of Parc1 complex |
It will be the 16th department store in the country, and the eighth in Seoul, operated by Hyundai. The department store chain is planning to build a flagship store that takes up 89,100 square meters with 16 stories in total, making it the largest in Seoul, and the second largest in the nation next to its Pangyo branch in Gyeonggi Province.
By Hwang You-mee (
glamazon@heraldcorp.com)
