By Kim Tong-hyung
Hyundai Heavy Industries and Internet company Naver are among the businesses competing to acquire Seoul's Space Group building, considered a modern architectural masterpiece in a city that doesn't have enough of them.
The small, black brick building near Changdeok Palace in Gye-dong is a work of the late Kim Swoo-geun (1931-1986), who remains arguably Korea's most internationally recognized architect. The building was put on the market shortly after the Space Group, an architectural firm Kim founded in 1960, went bankrupt in January, victimized by a decaying real-estate market.
Hyundai and Naver are considered the frontrunners in the bid for the building, built in 1971 and currently valued at around 10 billion won (about $9 million), although there seems to be two or three more bidders with significant interest.
''We have been talking with several parties over the ownership of the building as the interest has been significant. Considering the progression in the talks, we could have a deal by as early as October,'' said a Space Group official.
''We are searching for a new owner that would best preserve the building and find it new functions.''
Other works of Kim in Seoul include the Jamsil Olympic Stadium, Tower Hotel (current-day Banyan Tree Club & Spa Seoul), Kyungdong Presbyterian Church and the U.S. embassy building.
Hyundai Heavy Industries and Internet company Naver are among the businesses competing to acquire Seoul's Space Group building, considered a modern architectural masterpiece in a city that doesn't have enough of them.
The small, black brick building near Changdeok Palace in Gye-dong is a work of the late Kim Swoo-geun (1931-1986), who remains arguably Korea's most internationally recognized architect. The building was put on the market shortly after the Space Group, an architectural firm Kim founded in 1960, went bankrupt in January, victimized by a decaying real-estate market.
Hyundai and Naver are considered the frontrunners in the bid for the building, built in 1971 and currently valued at around 10 billion won (about $9 million), although there seems to be two or three more bidders with significant interest.
''We have been talking with several parties over the ownership of the building as the interest has been significant. Considering the progression in the talks, we could have a deal by as early as October,'' said a Space Group official.
''We are searching for a new owner that would best preserve the building and find it new functions.''
Other works of Kim in Seoul include the Jamsil Olympic Stadium, Tower Hotel (current-day Banyan Tree Club & Spa Seoul), Kyungdong Presbyterian Church and the U.S. embassy building.
![[ANALYSIS] Why is N. Korea not allowed to launch spy satellites?](https://img.koreatimes.co.kr/upload/thumbnailV2/cc538720ced042fab4c58f91064a6b5c.jpg/dims/resize/178/optimize)
![[GOING ELECTRIC] The complex decision to buy an electric scooter in Korea](https://img.koreatimes.co.kr/upload/thumbnailV2/d8d6ba5551db4b03a4b66028de81485e.jpg/dims/resize/178/optimize)
![[INTERVIEW] Female leadership not just diversity issue, but survival necessity](https://img.koreatimes.co.kr/upload/thumbnailV2/611c91682e4b473780243e06e9555410.jpg/dims/resize/178/optimize)
