[Alpha Biz= Kim Jisun] Daesung Industrial Co., Ltd. (Daesung Industrial) is gaining significant market attention as its stock price continues to surge, mirroring the sharp increases seen across companies linked to the planned redevelopment of the 49-year-old Gangnam Express Bus Terminal. This heightened interest stems from the confirmation that Daesung Industrial owns a substantial plot of land, approximately 1,000 pyeong (around 3,300 square meters), immediately adjacent to the terminal site.
The Seoul Metropolitan Government recently announced its plan to redevelop the terminal, stating its intention to subterraneanize the terminal to alleviate traffic congestion and expand housing supply through the construction of mixed-use residential and commercial buildings. The city also confirmed its plan to finalize the project after reviewing the detailed redevelopment proposal from the Shinsegae Group and establishing a district unit plan.
Daesung Industrial currently operates a gas station on the adjacent site, which directly borders the express bus terminal property where the Seoul City government announced its redevelopment plans. The size of this adjacent plot is approximately 1,000 pyeong.
Given that the officially assessed land value (Gongsi-Jiga) for the express bus terminal site is estimated to be around 1 trillion KRW, the redevelopment is expected to trigger a substantial increase in the value of the land held by Daesung Industrial, as well as significant anticipated profits from the prospective development.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
