South Korea’s state-run power provider Korea Electric Power Corp. said Tuesday that it will wrap up the bidding process for its main office property in southern Seoul this week and announce the new owner of the prime piece of real estate estimated to be worth over 3.33 trillion won ($3.22 billion).

KEPCO said bids will be accepted until 4 p.m. Wednesday, with the winner to be announced at 10 a.m. the following day. It said the party that submits the highest bidding price will be selected.

The land, which is adjacent to the Coex convention center, spans 79,342 square meters and is viewed as one of the few remaining pieces of real estate in the capital that can be fully developed into a lucrative business center. At present, Samsung and Hyundai Motor, South Korea’s two largest conglomerates, have expressed interest in buying the land with the goal of creating new offices, international exhibition halls and other attractions such as museums.

The development of the land is also expected to tie in with government plans to transform the area around Coex into an international business and exchange center that can fuel the country’s meetings, incentives, conferences and exhibitions industry. (Yonhap)