The Defense Ministry has concluded negotiations to secure a golf course owned by Lotte in Seongju County, North Gyeongsang Province, which has been designated to house U.S. THAAD missile interceptors.
The ministry said Wednesday that the two sides agreed on a land swap deal, allowing the government to acquire the Skyhill golf course in exchange for state-owned property in Namyangju, Gyeonggi Province. The ministry said an appraisal of the value of the two sites will be carried out.
The government plans to purchase the entire golf course measuring one-point-five million square meters and provide to Lotte a plot of land out of the property in Namyangju that's equivalent in value.
In financial statements, the book value of the golf course stands at 85 billion won and its officially assessed land price stands at 45 billion won. The state property in Namyangju is 200-thousand square meters big and is estimated to be worth 140 billion won.
Earlier this month, U.S. Forces Korea(USFK) Commander Vincent Brooks said he believes that the THAAD system will be deployed in South Korea within eight to ten months.
Source: KBS World Radio