(MENAFN) Samsung Electronics Co. and Hyundai Motor Group bid acquiring the site of the state-run Korea Electronic Power Corp (KEPCO)'s Seoul headquarters, Yonhap reported.
The property, the last sizable piece of land available for development in Seoul's affluent Gangnam district, is estimated to be worth over USD3.22 billion, sources reported.
Hyundai Motor Group said its board of directors approved the land purchase through a consortium with two of its affiliates - Kia Motors and Hyundai Mobis.
Samsung Group has also been eyeing the 79,345 square meter site, though it has not officially unveiled its development plan, citing business confidentiality.
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