49-story residential complex to rise on former Homeplus Dongdaemun site

A significant redevelopment project is set to transform the site of the former Homeplus Dongdaemun branch in Seoul into a towering 49-story mixed-use residential complex.

Lotte Engineering & Construction, the project's constructor, announced on June 17 that it has successfully secured 350 billion won (approximately $250 million USD) in project financing. The funding, arranged by Samsung Securities, will support the development located in Yongdu-dong, Dongdaemun-gu.

The complex will comprise three buildings, reaching up to 49 stories high, and will house 417 residential units. These units will include 340 for general sale, 68 for long-term private rental, and 9 for public rental housing. The pre-sale for these units is planned for December.

Strategically positioned near Yongdu Station on Subway Line 2, the development offers convenient access to Seoul's downtown areas like Jongno and Euljiro, as well as the rapidly developing Cheongnyangni district. The surrounding area is also rich in traditional markets, commercial facilities, and educational institutions, including Sindap Elementary School, Sungin Middle School, Korea University, and the University of Seoul.

This project marks another success for Lotte E&C in converting large-scale sites, following previous developments at Gwangju's Ssanggung Park and Homeplus Bucheon Sang-dong branch. The company stated that securing this project financing has helped reduce its contingent liabilities by 530 billion won compared to the end of last year, bringing the total down to 2.62 trillion won. Lotte E&C aims to further reduce this figure to approximately 2.2 trillion won by the end of the year.