Korea’s priciest golf club may change hands
Poongsan Group is exploring the potential acquisition of Jack Nicklaus Golf Club Korea, according to an exclusive report by Herald Business on Thursday, as competition heats up for premium golf courses in the Seoul metropolitan area.
Citing investment banking industry sources, the report said Poongsan Group recently selected an adviser to review deal structures and pricing for a possible acquisition of the golf club.
Jack Nicklaus Golf Club Korea, widely considered one of South Korea’s most luxurious and prestigious golf clubs, opened in Songdo, Incheon, in 2010 as an 18-hole members-only course designed by golf legend Jack Nicklaus.
The golf course has been owned by Posco Wide, formerly Posco O&M, since 2022.
At the time, Posco exercised its right of first refusal during a competitive bidding process to acquire the property at what became the highest golf course transaction price in Korean history, exceeding 16 billion won ($10.8 million) per hole.
Industry officials said a sale, if pursued, could break that record again.
Market estimates currently value the golf club at more than 350 billion won, despite slowing growth in Korea’s golf industry, reflecting the property’s location in Songdo and its strong brand value.
Comparable transactions have continued to underscore investor appetite for premium golf assets in the capital region. Jungbu Country Club, sold last year by Aekyung Group to The Siena Group, reportedly traded at around 11 billion won per hole.
Sources said multiple potential buyers have expressed interest in Jack Nicklaus Golf Club Korea and approached Posco Group regarding a possible deal.
Both companies denied the reports.
A Posco Group official said the company “has never reviewed a sale” of Jack Nicklaus Golf Club Korea.
A Poongsan Group official also denied the acquisition review, calling the report “groundless.”
This article was produced with the assistance of AI. — Ed.
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