South Korea’s state-run power company announced Thursday it will sell the land of its Seoul headquarters, expected to fetch up to 4 trillion won ($3.8 billion), through open bidding within this year.

The plot is one of the most expensive and coveted real estate properties, measures 79,342 square meters, and sits in a spot in the southern part of the capital that can be turned into a composite business center. Hyundai Motor has officially expressed its intent to buy the land to build a new corporate headquarters along with a hotel, a convention center and an automobile theme park. China’s property developer Greenland Group and U.S. casino operator Las Vegas Sands Corp. are also said to have shown interest.

The Seoul city government plans to use part of the land to build a sports-culture-entertainment complex.

The Korea Electric Power Corp. is scheduled to relocate its headquarters to Naju, 355 kilometers southwest of Seoul, in November. (Yonhap)