Ansan Citizen Market Site Finds New Owner... Sold for 383.6 Billion Won, Large-Scale Apartment Development Planned

Ansan City Selects Successful Bidder for Citizen Market Site
Large-Scale Apartment Development Procedures Begin in Earnest
Over 900 Units Planned for Choji Station Area Transit-Oriented Site

Ansan City in Gyeonggi Province announced on May 29 that a new successful bidder has been selected for the Ansan Citizen Market site, located at 604-4 and 604-7, Choji-dong, Danwon-gu, which the city has been seeking to sell.

Ansan City Hall exterior. Provided by Ansan City

The Ansan Citizen Market, which had been in operation for 28 years since its opening in 1997, closed on December 31 of last year. Afterward, the city held consultations with merchants regarding relocation and proceeded with administrative procedures for the sale of the site. The sale was announced through "Onbid," the Korea Asset Management Corporation's electronic asset disposal system, from April 13 to May 26.

During the 45-day public notice period, multiple companies expressed interest. As a result of the highest-bid competitive auction held on May 27, the site was awarded for 383.6 billion won, which is 206.1 billion won higher than the appraised reserve price of 177.5 billion won. This represents approximately 216% of the reserve price.

Ansan City plans to sign a sales contract with the successful bidder within a few days. Once the remaining balance is paid and ownership is transferred within 60 days of contract signing, development of a large-scale apartment complex with over 900 units on the approximately 23,100-square-meter site is expected to proceed, following related approvals such as building permits.

The relocation support procedures agreed with the merchants will also be carried out. The city included a relocation support payment of 12.1 billion won, in addition to the sale price, as a contractual condition in the sale notice.

The relocation support payment was determined through consultations between the city and merchants during the closure process of Ansan Citizen Market. The successful bidder is required to pay this amount to all 189 existing merchants within 30 days from the date of contract with Ansan City.

Do Wonjung, policy chief, stated, "I am pleased that we have established the foundation to fulfill our promise to the merchants who trusted the city and cooperated with the relocation process," adding, "A portion of the sale proceeds will be deposited into the fiscal stabilization fund, and the remainder will be used as core resources for public projects aimed at expanding urban infrastructure and improving citizens' quality of life."

The Ansan Citizen Market site is a station-area property adjacent to Choji Station. Should the regional rail network be expanded in the future—including the Songdo-bound KTX, the West Sea Line KTX, and the Shinansan Line—the Choji Station area is expected to be further strengthened as a major transportation hub in the southwestern region, connecting Subway Line 4, the Suin-Bundang Line, and the West Sea Line.

Ansan City expects that the development of the apartment complex and improvements to the transportation environment around Choji Station will have a positive impact, including attracting a younger consumer population, revitalizing surrounding commercial districts, and boosting the local economy.

This content was produced with the assistance of AI translation services.