SEOUL, KOREA - The bidding for "Pi-City," a planned shopping district to be built on the site of the now-defunct Yangjae cargo terminal in Seoul's Gangnam, has officially begun and three bidders, Lotte, Hyundai, and Shinsegae Department Store, are expected to compete fiercely to acquire the coveted real estate. Pi-City and Pi-Land, the developers of the construction project, put out a public notice for sale on May 27 and will begin receiving applications from May 28 to July 2.
Pi-City is a project to build a 35-story shopping center on a 85,800-square-meter site with a total cost of 3.4 trillion won. Yangjae is one of the most lucrative commercial zones located in the mid-point between Gangnam and Bundang, the two districts where the largest number of high-income families reside. Shinsegae Group has been expanding southward after taking over the Seoul Express Bus Terminal while Lotte Group moving westward from its turf in Jamshil. The two retail titans are expected to clash in Yangjae over the ownership of Pi-City.
Not to be outdone, Hyundai Department Store will do its best to acquire the new shopping center as it will nicely complement its already-established stores in Apgujung and COEX locations. Of the three players, Shinsegae teamed up with STS Construction while Lotte formed a consortium with Lotte Asset Development.
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