Seoul, Korea: POSCO Group has begun the sale of Jack Nicklaus Golf Club Korea, the venue for the 2015 Presidents Cup.

According to a report in the Seoul Economic Daily, a POSCO Group official said that the group has decided to pursue the sale ‘as part of a group-wide restructuring of low-return, non-core assets aimed at strengthening the competitiveness of its core businesses and improving its financial health’.

The sale will be conducted through a competitive bidding process rather than a private contract to ensure transparency and fairness in the transaction.

POSCO Group recently selected Deloitte Anjin as its sale adviser and has distributed an investment prospectus containing sale details to major potential buyers, according to sources.

Jack Nicklaus Golf Club Korea is an 18-hole membership course in Songdo International City, Incheon, owned by POSCO Wide, the group’s real estate management arm.

With a course designed by Jack Nicklaus and a top-tier clubhouse, it is regarded as the most prestigious golf course in Korea and the most expensive in the country.

POSCO Group acquired the club in 2022 for about 300 billion won (about US$223 million), assuming about 235 billion won in membership deposit liabilities and injecting about 70 billion won in cash.

At more than 16 billion won (about US$12 million) per hole, it was the highest price ever paid for a golf course in Korea.