[Edaily Marketin KIM SUNG-SOO Reporter] The Seobu Truck Terminal in Yangcheon-gu, Seoul, built in 1979, is set to be transformed into a mixed-use complex combining state-of-the-art logistics with residential and office facilities.

As the securities industry forecasts that this project will generate approximately 1.4 trillion won in pre-sale revenue, attention is focused on whether the goal of breaking ground in April of next year will be realized. The project is expected to contribute significantly to the revenue and earnings of Seobu T&D, the company leading the development.

Yangcheon District Office Aims to Complete Permitting This Month… Construction to Begin Next Year

According to the Yangcheon District Office on the 22nd

,

the Urban High-Tech Logistics Complex project—which involves developing the Seobu Truck Terminal site in Sinjeong-dong, Yangcheon-gu, Seoul—is proceeding with the goal of

completing the permitting process

this month.

This project involves developing the Seobu Truck Terminal site—located at 1315 Sinjeong-dong, Yangcheon-gu, Seoul, and built in 1979—into an urban high-tech logistics complex that combines state-of-the-art smart logistics facilities with commercial and support facilities.

The total site area is 104,244.7 square meters (approximately 31,534 pyeong). The project involves restructuring the functions of the terminal—which has long handled daily logistics for Seoul’s southwestern region—to adapt to changes in the logistics environment and address the aging of its facilities.

Once development is complete, the site—which previously housed only logistics facilities—will be transformed into a mixed-use space featuring residential, commercial, and community infrastructure. Centered around logistics facilities utilizing advanced information and communications technology (ICT), the complex will include apartment buildings, office spaces, and community and sports facilities.

According to the plan, the building will consist of 7 basement levels and 25 above-ground floors, with a total floor area of 791,902.60 square meters (approximately 239,550.54 pyeong). The residential complex will comprise a total of 990 units, of which 892 will be available for sale, excluding 98 rental units. Office facilities will also be developed on a site of approximately 16,000 square meters.

Seobu T&D previously signed a memorandum of understanding (MOU) with Samsung C&T, and the two companies are currently discussing the development process. If Samsung C&T is ultimately selected to handle construction, the residential complex will feature apartments under the “Raemian” brand.

If the process proceeds as planned, construction is scheduled to begin in April of next year and be completed in 2031.

Hana Financial Group to Facilitate Project Financing and Fundraising… Provide Financial Solutions

It has been confirmed that this project does not involve a bridge loan. This is because Seobu T&D has long used the land as a truck terminal and has already secured most of the area.

The land was reportedly acquired in 1979, when Seobu T&D was established. The land’s book value as of the end of 2025 was 639.668 billion won.

Once the project gets underway in earnest, it is expected to contribute significantly to Seobu T&D’s revenue and earnings. This is because the project goes beyond simply replacing an old logistics facility with a new building; it involves converting the site into residential and commercial facilities, which will generate substantial revenue from property sales.

However, the actual scale of revenue and the timing of its recognition may vary depending on future project progress and pre-sale conditions.

Ryu Tae-hwan, a construction and real estate analyst at Eugene Investment & Securities, projected, “Considering the location within Seoul, as well as the age and market prices of nearby residential properties, this project is expected to generate approximately 1.4 trillion won in sales from property sales,” adding, “Revenue will be recognized over a period of about 42 months.”

Hana Financial Group will serve as the financial partner. Last June, Hana Financial Group signed a memorandum of understanding (MOU) with Seobu T&D to strengthen cooperation on the development of an urban high-tech logistics complex. The agreement aims to foster collaboration across all financial operations, including project financing, corporate finance, and joint investments.

By combining Hana Bank’s corporate finance capabilities with Hana Securities’ investment banking (IB) expertise, the partnership will support △project financing (PF) arrangements △structural analysis of the development project and financial structuring. The two companies also plan to leverage their combined networks to provide comprehensive financial solutions tailored to the project’s needs.