[THE INVESTOR]  Ministry of Defense and Korea Land & Housing are finalizing their negotiations over former United Nations Command’s site in Yongsan, Seoul, according to the Herald Business on Sept. 7.

After five months of negotiation they have reached an agreement on the evaluation amount of the prime real estate, estimated to be over 800 billion won (US$731.60 million). 





The state-owned real estate firm will put up the site for sale this year for a private company to develop the site that has been approved as a commercial district.

The 51,753 square meter site was formerly occupied by United Nations Command until it relocated to Yongsan base in 2006 and returned to the Defense Ministry the following year. The funds from the sale will contribute to the relocation of US military from Yongsan to Pyeongtaek, Gyeonggi Province.

By Hwang You-mee (glamazon@heraldcorp.com)