"All the reclaimed land you see here, stretching all the way to that combined-cycle power plant in the distance, is what we won in the latest auction," explained Jung Gyu-cheol, president of Bluehole Construction.
Listening, Seok-won removed his sunglasses and surveyed the vast expanse, now overrun with weeds and reeds.
"In total, it's 3.73 million pyeong. The government designated it for farmland, but they never built the irrigation infrastructure. Not a single crop has ever been planted—it's just been left as wasteland all this time."
"There aren't many flatlands of this size near Seoul. Leaving it idle seems like such a waste."
Glancing at the map spread out over the hood of the Mercedes sedan they had arrived in, Seok-won spoke, and President Jung nodded in agreement.
"You're absolutely right. The official excuse has always been that Korea needs farmland to be self-sufficient in rice, so they've refused any requests to rezone it. But honestly, one visit here is enough to see how absurd that claim is."
"And why's that?"
At Seok-won's curious look, Jung explained in detail:
"To grow rice, you need an abundant water supply. The only natural source running through this reclaimed land is Gongchon Stream, and that could irrigate at most a million pyeong. Beyond that, you'd have to bring water all the way from the Han River. The cost of pumping alone would run into hundreds of billions of won every year. The expense would outweigh the returns."
Realizing the implications, Seok-won's expression turned intrigued.
"So that's why the Ministry of Agriculture has been dragging its feet on building irrigation facilities, even while opposing any rezoning."
"Exactly. No one understands the situation better than the Ministry. I'd say your guess is correct."
With a bitter smile, Seok-won remarked, "Yet they kept blocking it anyway, knowing full well it couldn't serve as farmland—probably because if they approved rezoning here, they'd have to open the door for other agricultural lands too."
"I think so as well. The only ones who suffered were the Asia-Pacific Group, the original developer of this reclamation project."
President Jung frowned, his tone sharp with criticism.
And indeed, if Seok-won himself had been the group's chairman, he would've been furious at seeing land that couldn't possibly be used as farmland locked down by bureaucratic stubbornness, preventing any alternative development.
"To make matters worse, there's another decisive reason this land can't be used for farming—salinity."
"Salinity?"
"Yes."
When Seok-won turned his head, President Jung Gyu-cheol raised his right arm and pointed toward a spot in the distance.
"You can see patches of white salt rising to the surface here and there."
Following the direction of Jung's finger, Seok-won indeed noticed streaks of whiteness seeping up through the soil. Looking more closely, he realized it wasn't just that area—salt deposits were scattered across the entire stretch of reclaimed land.
"It's been over ten years since reclamation ended, yet the salinity is still this high. Even if you forced rice cultivation across all 3.73 million pyeong, the crops wouldn't grow properly."
"So this land was never fit for farming in the first place."
Seok-won narrowed his brow slightly as he spoke, and Jung immediately nodded.
"That's correct."
"Caught in a stalemate, they must've finally given in to the pressure from above. Approving the rezoning might have been their way of offloading a headache."
Perhaps the bureaucrats at the Ministry of Agriculture were grinning even now, relieved to have rid themselves of a nuisance.
Casting a cautious glance at Seok-won, Jung continued carefully.
"Even with rezoning approved, the land isn't without problems."
"What do you mean?"
"As you know, the most profitable development here would be building and selling apartments."
Now and in the future, nothing promised better returns than housing.
"But to the north, the Asia-Pacific Group left behind a landfill site as part of their land donation agreement during reclamation. On the opposite side, high-voltage transmission towers and power lines cut through the area. Altogether, it's hardly suitable for residential development. And the landfill is still in use, so the environmental conditions are poor."
Even hearing that land worth more than 1.2 trillion won, acquired at great cost and finally rezoned, had limited development value, Seok-won neither flared up nor showed surprise.
The reaction was so calm that Jung, who had hesitated before voicing his concerns, was left a little taken aback.
Sliding his sunglasses back on, Seok-won replied with nonchalance.
"I never intended to build apartments here anyway, so it doesn't matter."
"Then… what do you plan to use it for?" Jung blinked in surprise.
As the reeds swayed in the fresh breeze, Seok-won's expression remained composed.
"I'm going to build large-scale warehouses and logistics centers."
"…What?"
Unlike the startled President Jung Gyu-cheol, Seok-won went on as if it were nothing.
"You've probably heard that I also acquired Korea Express along with the Gimpo reclamation site."
"Then… are you planning to use this place as a logistics hub?"
"Exactly. It's close to Seoul, and with Incheon Port nearby, cargo can be loaded directly onto ships or unloaded straight off them. You couldn't ask for a better location."
"That's true, but… you spent over one trillion won acquiring this land. Isn't it a waste to use it merely for warehouses and logistics centers?"
The look on Jung's face showed open bewilderment.
"Just now, didn't you say the surrounding environment made it unsuitable for residential development?"
"Well… yes, that's true, but—"
"Things are like this now, but once the landfill currently in use shuts down, the conditions will improve."
Jung searched his memory.
"The intake of waste into the adjacent Landfills 1 and 2 is, to my knowledge, scheduled to end no earlier than late 2018."
"So, we just need to wait twenty years."
"But the annual property tax alone is 65 billion won. How do you intend to manage that?"
"That's why, instead of letting the land sit idle, I plan to build warehouses and yards, turning it into a logistics hub."
The Asia-Pacific Group had been paying that staggering 65 billion won every year because the Gimpo reclamation site was classified as a non-business property, making it subject to heavy corporate and comprehensive real estate taxes.
"…It's true that if it's officially used for business, the taxes will be lower than they are now."
"And with the revenue generated from operating the logistics center, it's quite a solid plan, don't you think?"
Seok-won flashed a refreshing smile—the kind that could make women swoon at first sight.
It was as if he truly intended to bide his time for the day the landfill closed, much like the fable of the Foolish Old Man who moved mountains. Jung could only gape in astonishment.
Seok-won, however, remained as relaxed as ever.
He knew full well that although it was currently an eyesore plagued by vermin and stench, once reclamation was complete it would be transformed into golf courses and eco-friendly parks.
And by then, with the surrounding area developed and land prices soaring four- to fivefold, the returns would be astronomical.
Of course, unaware of what Seok-won foresaw, Jung couldn't conceal the worry etched on his face.
"I've already discussed this with Daheung Group. Coordinate with Korea Express's management and draw up concrete plans for the logistics center. And next week, three hundred million dollars will be deposited into the corporate account. Use that for construction costs and also to acquire the Shilla Securities headquarters building, which has just come up for sale."
"…What?"
Jung's eyes widened at the mention of three hundred million dollars. Swallowing hard, he hastily repeated the instruction he had just heard.
Unlike the startled President Jung Gyu-cheol, Seok-won continued as if nothing had happened.
"You've probably heard that I also acquired Korea Express along with the Gimpo reclamation site."
"Then… are you planning to use this place as a logistics hub?"
"Exactly. It's close to Seoul, and with Incheon Port nearby, cargo can be loaded directly onto ships or offloaded immediately. You couldn't ask for a better location."
"That may be true, but… you spent over one trillion won acquiring this land. Isn't it a waste to use it just for warehouses and logistics centers?"
Jung's face reflected sheer disbelief.
"Didn't you just say the surrounding environment is so poor that residential development would be difficult?"
"Well… yes, that's true, but—"
"Right now the surroundings are like this, but once the currently used landfill is closed, conditions will improve."
Jung recalled from memory.
"The waste intake at the adjacent Landfills 1 and 2, as far as I know, won't finish before the end of 2018 at the earliest."
"So, we just need to wait twenty years."
"But the annual property tax alone is 65 billion won. How do you plan to cover that?"
"That's why, instead of letting the land sit idle, we'll build warehouses and yards to use it as a logistics hub."
The Asia-Pacific Group had been paying that massive 65 billion won each year because the Gimpo reclamation site was classified as non-business property, subjecting it to heavy corporate and comprehensive real estate taxes.
"…It's true that if it's officially used for business, the taxes would be lower than they are now."
"And with the revenue generated from operating the logistics center, it's a solid plan, don't you think?"
Seok-won flashed a crisp, confident smile—the kind that could make anyone instantly impressed.
Like the old Chinese proverb "Foolish Old Man Removes the Mountains" (愚公移山), he was patiently waiting for the day the landfill would be closed and removed. Jung, witnessing this, could only gape in amazement.
Seok-won, meanwhile, remained completely relaxed.
Although currently infested with rats and reeking, he knew that once the reclamation was complete, golf courses and eco-parks would transform the area entirely.
Moreover, with surrounding development, land prices were expected to multiply four to five times, guaranteeing enormous profits.
Of course, unaware of Seok-won's foresight, Jung couldn't hide the worry etched across his face.
"I've already coordinated with Daheung Group. You, Jung, should discuss with Korea Express's management to finalize the logistics center plans. Also, three hundred million dollars will be deposited into the corporate account next week. Use that for construction costs, and also acquire the Shilla Securities headquarters, which is up for sale."
"…What?"
Jung's eyes widened at the mention of three hundred million dollars. Swallowing hard, he hurriedly repeated the instructions he had just received.
"Are you talking about the Shilla Finance Building in Yeouido—the one owned by the bankrupt Shilla Securities?"
"Yes. Also, the Riverside Hotel in Sinsa-dong is coming up for auction at the same time. Acquire that as well."
The Shilla Securities building, located in Yeouido's high-priced financial district, spanned six underground floors and 22 aboveground floors—a prime property valued at roughly 100 billion won.
The Riverside Hotel in Sinsa-dong was similarly a high-value property.
Due to the IMF crisis, the market had hit rock bottom, but once the real estate sector rebounded, these properties would skyrocket in value.
Hearing Seok-won speak as if acquiring hundreds of billions of won worth of real estate was no different than picking up items from a neighborhood store, President Jung Gyu-cheol stared at him in astonishment.
"Are you seriously planning to acquire both properties?"
"This is just the beginning. Why be so surprised by this?"
Jung's eyes widened to the point of nearly popping out.
"You mean… you're planning to purchase even more real estate?"
"Yes. Even now, because of the IMF crisis, prime properties will continue to appear on the market at bargain prices. I won't miss such a rare opportunity."
Seok-won nodded casually, as if it were obvious.
Then, noticing Jung's flustered reaction, he casually added:
"I didn't set up a separate company just to manage one or two buildings."
At that moment, Jung recalled the first time he met Seok-won, when he had said that Bluehole Construction wasn't merely a company for managing affiliated properties.
"Bluehole Construction will even manage the 63 Building, one of Seoul's landmarks."
"Wait—are you saying you plan to acquire the 63 Building as well?"
Startled, Jung exclaimed, and Seok-won tilted the corner of his mouth into a grin.
"If we acquire ManKuk Life, which is currently under court management, the 63 Building will essentially come along as a bonus."
"…!"
ManKuk Life, owner of Yeouido's 63 Building, had been trying to attract foreign investment until last month, but ultimately failed. Designated as a distressed financial institution, it entered court management.
With debts exceeding 14.7 trillion won—far surpassing its assets—public funds would inevitably be injected to prevent bankruptcy. Leaving it as is would have harmed countless insurance policyholders, so the government would first stabilize the company with funds and then seek a new owner through a sale.
Seeing Seok-won's immense financial power firsthand, Jung realized that he would certainly be capable of acquiring ManKuk Life.
Feeling that the scale of events had far exceeded his expectations, Jung's head spun in disbelief.
Meanwhile, Seok-won took one last slow look at the desolate reclamation site before heading off.
"Now that we've seen enough, let's head back."
When Seok-won got into the backseat of the car opened by his aide, Han Ji-seong, Jung hurriedly folded up the map spread on the hood and followed him into the passenger seat.
Soon, the Mercedes sedan, carrying Seok-won, kicked up a cloud of dust as it departed the Gimpo reclamation site, heading toward Seoul.