IGIS Asset Management to redevelop former Lotte department store in Bundang as mixed-use complex

IGIS Asset Management announced Thursday that it will redevelop the former Lotte Department Store Bundang branch into a mixed-use commercial complex called Timework Bundang, with major renovation work scheduled for completion in October 2028.

Timework Bundang will have a total floor area of 77,020 square meters. Office space will account for 51,483 square meters, or 66.2 percent of the total, with the remaining 26,237 square meters designated for retail.

The project introduces what IGIS calls a "mega-floor office" concept, repurposing the existing department store structure for office use. The design takes advantage of the building's wide floor plates and high ceilings, yielding a standard-floor exclusive use area of approximately 5,251 square meters.

Line Plus, which oversees the global operations of mobile messenger Line, has committed to leasing all floors of the mega-floor office space.

IGIS Asset Management said the mega-floor office concept at Timework Bundang aligns with trends in the US commercial real estate market, where a growing number of large shopping malls shuttered by the decline of brick-and-mortar retail are being converted into offices for global technology companies.

The firm said the approach also offers significant advantages for investors in terms of cost efficiency and risk management. Retaining the existing structural frame through major renovation rather than full demolition and reconstruction reduces complex permitting requirements and cuts both construction time and building costs.

Floors from the second basement level through part of the second above-ground floor will be redeveloped as mixed retail space. IGIS Asset Management said it plans to draw on retail management and tenant-recruitment expertise built up at projects including Magok One Grove and Yeouido One Sentinel.

"Line Plus's lease commitment reflects our success in meeting the needs of global companies that prefer open, horizontally expansive workspaces," an IGIS Asset Management official said. "Starting with Timework Bundang, we will continue to roll out tenant-tailored space concepts through projects such as Iota Seoul and the Sindorim D-Cube City conversion."

The former Lotte Department Store Bundang branch is located at 14 Sunae-dong, Seongnam, Gyeonggi Province. IGIS Asset Management acquired the asset in 2020 through a consortium with Woomi Construction for 230 billion won ($161 million).