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한상넷 로고한상넷

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Hyundai Heavy Industries sells foreign residence building site in Ulsan
Collected
2018.02.23
Distributed
2018.02.26
Source
Go Direct
South Korea’s shipbuilding conglomerate Hyundai Heavy Industries has signed a contract to sell its land for foreign residence buildings in the southern port city of Ulsan as part of its enterprise-wide restructuring, the company said on Thursday.

An upfront fee was already paid to an unidentified real estate developer for the 150,000 square meter land which is estimated to be valued at 280 billion won ($260 million).

The foreign employee residence was built in September 1982. It houses 59 red-brick detached and terraced houses over up to five floors. A total of 451 households reside in the area and the deal affects 389 households.

The residence site also has a club house, a swimming pool, a golf practicing range and a school with 12 classes for children. When it flourished in the past, as many as 1,100 employees and supervisors of ship owners from 45 countries stayed at the facility, but the number of residing foreigners plummeted due to a sharp fall in shipbuilding orders.

The sold land will be home to new apartments for some 2,000 households, according to a source. The land is registered as a general residence area where residence buildings with up to 15 floors can be built.

By Seo Dae-hyun and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]