[Edaily Marketin KIM SUNG-SOO Reporter] As Homeplus stores are being successively transformed into residential and mixed-use development projects, the “Suwon Yeongtong Store” is emerging as Lotte Construction’s next development site.

As development of the Homeplus Bucheon Sangdong and Seoul Dongdaemun stores gains momentum, the Suwon Yeongtong store—where the project has not yet begun in earnest—is being cited as a strong candidate for the next project. Consequently, Homeplus stores are now being reevaluated not merely as sites for large supermarkets, but as prime locations suitable for large-scale mixed-use developments.

Homeplus Sangdong and Dongdaemun Stores See Successive PF Projects

According to the real estate industry on the 30th

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Lotte Construction is currently pushing forward with large-scale mixed-use development projects centered on the Homeplus Bucheon Sangdong and Dongdaemun stores. Industry observers believe that if these projects are successfully sold, development of the remaining Homeplus assets—including the Suwon Yeongtong store—will also gain momentum.

The first site Lotte Construction began developing was the Bucheon Sangdong branch. This project involves the construction of “Sangdong Station Lotte Castle,” a large-scale mixed-use residential and commercial complex comprising seven buildings ranging from 8 stories underground to 49 stories above ground, totaling 1,859 units, located at 540-1 Sangdong, Wonmi-gu, Bucheon-si, Gyeonggi-do.

In June, a project financing (PF) agreement totaling 1.5 trillion won was finalized. Led by Kiwoom Securities and involving major domestic securities firms such as Woori Investment & Securities, Daishin Securities, Samsung Securities, Korea Investment & Securities, and Kyobo Securities, the company successfully secured this large-scale funding. Pre-sales are scheduled to begin shortly.

The next project is the Homeplus Dongdaemun branch. Lotte Construction is participating as the general contractor for this project and recently completed the main PF financing of 350 billion won. The financing was led by Samsung Securities, and the loan term is 72 months.

A mixed-use complex comprising three towers—ranging from 7 stories underground to 49 stories above ground—will be built on the Homeplus Dongdaemun site located at 33-1 Yongdu-dong, Dongdaemun-gu, Seoul. The development will include 417 residential units and mixed-use facilities; the residential units will consist of 340 units for general sale, 68 units for long-term private rental housing, and 9 units for public rental housing. Sales are scheduled to begin this December.

Industry observers believe that the Sang-dong and Dongdaemun stores will serve as “guidelines” for Homeplus’s future asset development. This is because factors such as project profitability, financing, and sales performance are likely to become key criteria for assessing the viability of subsequent projects.

Homeplus “Yeongtong Store” Gains Attention as a Candidate for Follow-up Development

Amid this, the Homeplus Suwon Yeongtong Store is being cited as the most likely candidate for the next development project. Although no specific development plans have been announced yet, the Homeplus Yeongtong Store is highly regarded for its competitive location and significant development potential.

Located at 994-2 Yeongtong-dong, Suwon, Gyeonggi Province, the Homeplus Yeongtong Store occupies a large site adjacent to Yeongtong Station on the Suin–Bundang Line. Combined with its location advantages—which allow it to tap into demand from the semiconductor industry, including Samsung Electronics—it is considered an ideal site for a mixed-use development combining residential and commercial facilities.

However, it appears that it will take time for the development project to take shape. The lease agreement for the Homeplus Yeongtong branch is reportedly set to expire in 2028. The Homeplus Yeongtong branch suspended operations at its hypermarket starting on the 13th as part of a nationwide temporary closure due to the depletion of operating funds.

An industry official stated, “Since the Homeplus Yeongtong branch still has a lease in effect and there are issues regarding the handover of the property, it will take time for the development project to materialize,” adding, “Now that Homeplus has avoided bankruptcy, it must continue operations while proceeding with development permits, and it will take time before construction actually begins and units are sold.”

Market analysts note that Homeplus’s key stores are being reevaluated not merely as large supermarkets, but as prime sites suitable for large-scale mixed-use development. Indeed, with the Sangdong and Dongdaemun branches having successfully undergone development one after another, interest is growing in the development potential of the remaining branches, such as Yeongtong, Jakjeon, and Chilgok.

A real estate industry official said, “The Sangdong and Dongdaemun stores serve as precedent cases confirming the commercial viability of Homeplus’s assets,” adding, “Given the Yeongtong store’s outstanding locational competitiveness, it is highly likely to attract significant market attention once follow-up development begins in earnest.”