News
Korean Air moves closer to Seoul CBD land sale
March 8th 2021
Korean Air (KAL) is reported to have reached a deal to sell its land holding in Seoul’s CBD. Read More » Located in Jongno district, the site has been on the market since February 2020 as part of KAL’s strategy to rid the company of unprofitable assets and also bolster its balance sheet. The contract terms could be finalised as early as this week, The Korea Herald said. KAL has held the property since 2009 and had planned to develop it into a cultural complex. However, the project has faced multiple development challenges including building height restrictions and demands to preserve the site’s cultural history because of its close proximity to Songhyeon-dong and Gyeongbok Palace.
