Bastian Asset Management wins bid for Songpa innovation district site at 83.5 billion won

Bastian Asset Management has secured a land parcel in the Songpa Creative Innovation District in Songpa-gu, Seoul, winning the bid at 83.5 billion won ($54.4 million) and establishing a base for senior housing development.

According to industry sources Tuesday, the site is an office-use plot within the redevelopment zone of the former Seongdong Detention Center, situated in the immediate transit-oriented area near Ogeum Station.

The site covers 4,682.6 square meters and was listed at an asking price of approximately 80.5 billion won. The designated use under the public notice is office facilities, with the ground floor recommended for type-2 neighborhood commercial uses such as general restaurants and snack bars.

Located within 150 meters of Ogeum Station, the site offers direct access to subway lines 3 and 5. Its proximity to Ogeum Neighborhood Park, the Police Hospital, Songpa Post Office and Asan Medical Center, along with a range of everyday amenities, makes it a rare developable asset in southeastern Seoul.

Industry observers say the site's combination of urban accessibility, lifestyle convenience and long-term demand potential could raise Bastian Asset Management's brand profile and market presence.

The firm plans to develop the site into a senior housing complex with a total floor area of roughly 10,000 pyeong (1 pyeong equals 3.3 square meters). It will finalize a detailed development plan after reviewing market demand, regulatory conditions and permitting prospects, subject to the current office-use designation. Interest in urban senior housing and life-care assets is growing as South Korea's population ages rapidly and demand for integrated residential and care services expands.

Bastian Asset Management said it intends to use the winning bid as an opportunity to demonstrate its asset planning and management capabilities at a prime urban location. The firm currently operates across investment banking, alternative investments and securities management, handling the full cycle from asset sourcing and structuring to management and exit.

"This bid reflects a strategic investment that comprehensively weighs the site's superior location and medium- to long-term market demand," a company official said. "We will develop it into a competitive senior housing-centered project, drawing on the site's locational strengths and asset value."

The official added, "Going forward, we will go beyond simple financial investment and deliver differentiated results in the alternative investment market through our structuring capabilities grounded in fundamental asset value and market dynamics."