이 기사는 2022년 05월 10일 08:13 thebell 에 표출된 기사입니다.

Jack Nicklaus Golf Club Korea in Songdo, Incheon, has been put up for sale, with attention being paid to whether it will become the priciest golf course in the country.

New Songdo International City (NSIC), the owner of Jack Nicklaus GC, completed a sale of about 168,000 square meters of land within the golf course at the end of last year, according to industry sources. The site, located in the middle of the Jack Nicklaus GC, will be used to build single-family houses.

NSIC has carried out the project under the name of Honors 117. The sale price was quite high at 3.24 million won ($2,536.2) per square meter, but it is known that the entire land was sold out in only around 10 days after the sale process started.

Industry sources said that the price of the housing site is highly likely to have an impact on the price tag of the golf course because prices of golf courses are affected by both financial performance and the value of the site itself. The sale price of Club Mow Golf in Gangwon Province, which was sold at 9.2 billion won per hole, also factored in the site’s geographical proximity to the Seoul-Yangyang Expressway.

The housing site is expected to help Jack Nicklaus GC to become the priciest golf club in the country despite its poor financial performance. The golf course has reportedly recorded more than 10 billion won in operating loss each year since it was established in 2010.

Jack Nicklaus GC has about 770,000 square meters of golf course area. The golf club could fetch 184 billion won if the golf course area is valued at 240,000 won per square meter, about 15% of the price of the single-family housing land. This will make Jack Nicklaus GC the priciest golf course in the country’s history at over 10 billion won per hole.

“Potential buyers of Jack Nicklaus GC will focus on the value of the site instead of the golf course’s operations,” an industry source said. (Reporting by Byung-keun Kam)