Korea Land & Housing Corp plans to sell apartment buildings and land in Hanam-dong, Seoul.

The state-run LH housing developer will put out a notice on March 30 for the auction of Niblo Barracks, which consists of more than 500 apartments, and 60,677 square-meters of land in the area owned by Korea’s Ministry of National Defense. 


Potential bidders will need to submit their bids from May 3-4.

A preferred bidder will then have to pay in full for the real estate in five months or by installments with interest over two years.

The market value of the real estate is estimated at around 613 billion won ($525 million).

The barracks, nicknamed “The Little American Town in Seoul,” were built in 1980 and has been leased to U.S. soldiers stationed in the Yongsan Army Garrison over the past 34 years.

The Korean government’s contract with the U.S. Army ended in 2014, following the U.S. Forces Korea’s decision to relocate its main base -- the Yongsan Army Garrison -- to Pyeongtaek, Gyeonggi Province.

By Park Han-na (hnpark@heraldcorp.com)