POSCO to Sell 'Jack Nicklaus Golf Club'... Eyes on Potential Record-Breaking Price

Non-Core Asset Disposal Accelerates After Jang Inhwa's Appointment as Chairman

POSCO Group has put its metropolitan membership golf course, 'Jack Nicklaus Golf Club (GC),' up for sale. Industry watchers are paying attention to whether it could set a new record for the highest price ever achieved in a golf course transaction.

According to industry sources on September 23, POSCO Group has recently officially initiated the sale process for Jack Nicklaus GC. Deloitte Anjin has been assigned as the lead sales manager. It is reported that investment memorandums (IMs) have already been provided to major prospective buyers.

Jack Nicklaus Golf Club, Songdo, Incheon.

Jack Nicklaus GC is an 18-hole membership golf course located in Incheon Songdo International City, owned by POSCO Wide, a real estate management affiliate of POSCO Group. The course was designed by world-renowned golf legend Jack Nicklaus himself and is equipped with top-tier clubhouse facilities, earning its reputation as one of the finest golf clubs in Korea. Notably, it hosted the 'Presidents Cup,' a global team competition, in 2015—the first time the event was held in Asia.

However, since Chairman Jang In-hwa took office in 2024, POSCO Group has been focusing on its core business and strengthening its financial soundness, which has resulted in the inclusion of non-core assets such as Jack Nicklaus GC as sales candidates.

According to POSCO Holdings' semiannual report and second-quarter earnings materials, POSCO Group carried out 85 restructuring initiatives from 2024 through the first half of this year, securing a cumulative 2.2 trillion won in cash. In the first half alone, the group raised roughly 480 billion won through the sale and liquidation of 12 assets and other transactions.

The industry is now watching to see if this sale will break the previous per-hole record set four years ago. POSCO Group exercised its right of first refusal and acquired Jack Nicklaus GC for over 300 billion won in 2022. At that time, the 18-hole course's per-hole price surpassed 16 billion won, setting the highest transaction amount ever for a golf course in Korea.

POSCO has indicated that the cash generated from this sale will be used as investment capital for the group’s future growth.

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