Key Takeaways
- • Kings Rock CC (formerly Hildesheim CC) in Jecheon, North Chungcheong, is back on the market roughly five years after changing hands for about 160 billion won during the COVID-19 boom, according to ChosunBiz.
- • The sell-side has begun approaching potential buyers without a set asking price, seeking only the ownership interest and excluding the golf course operating rights.
- • The course's average revenue over the past four years is about 17.7 billion won, with EBITDA of about 12 billion won, per the sell-side.
- • Domestic golf course visitors peaked at 50.58 million in 2022 and fell to 46.41 million last year, down 8.2%, according to the Korea Golf Course Business Association.
- • IB sources report a valuation gap between sellers and buyers, and the existing owner-operator contract with Smart Score will be a key diligence item.
Summary
Kings Rock CC (formerly Hildesheim CC), a 27-hole public golf course in Cheonnam-dong, Jecheon, has been put back on the market about five years after it was sold in 2021 for roughly 160 billion won. According to the investment banking industry, as reported by ChosunBiz on October 28, 2026, the sell-side has begun reaching out to prospective buyers. No specific desired sale price has been set; the seller intends to determine value through negotiations. The process has moved into active marketing roughly six months after the sell-side began reviewing a sale. The offering covers the ownership interest in the property, excluding the golf course operating rights.
The asset has a total site area of about 379,000 pyeong and opened in 2010 as Hildesheim CC. It hosted the Volvik-Hildesheim Open in 2012, co-organized by the Korea Golf Tour and the Asian Tour, and was ranked among Asia's top 100 golf courses. The property includes about 48,000 pyeong of idle land that could support additional development such as a golf-tel. According to the sell-side, average revenue over the past four years was about 17.7 billion won, with EBITDA of about 12 billion won.
The 2021 transaction was executed by Cheongpung Development, an affiliate of Won Construction. Ownership now sits in a real estate investment fund managed by Pine & Partners Asset Management, with Smart Score and Striker Capital reported as investors at the time. Smart Score contributed capital to the fund and operates the course, separating real estate ownership from operations. Because owner and operator are distinct, operating performance does not flow directly to the owner, and buyers will need to review the operating contract with Smart Score.
The sale comes as the domestic golf market's growth has stalled. According to the Korea Golf Course Business Association, visitors peaked at 50.58 million in 2022 before declining for three consecutive years to 46.41 million last year, a drop of 4.17 million or 8.2%. IB market participants report a widening gap between seller expectations, anchored to pandemic-era acquisition prices, and buyer valuations reflecting current demand, making a deal difficult to conclude.
The asset has a total site area of about 379,000 pyeong and opened in 2010 as Hildesheim CC. It hosted the Volvik-Hildesheim Open in 2012, co-organized by the Korea Golf Tour and the Asian Tour, and was ranked among Asia's top 100 golf courses. The property includes about 48,000 pyeong of idle land that could support additional development such as a golf-tel. According to the sell-side, average revenue over the past four years was about 17.7 billion won, with EBITDA of about 12 billion won.
The 2021 transaction was executed by Cheongpung Development, an affiliate of Won Construction. Ownership now sits in a real estate investment fund managed by Pine & Partners Asset Management, with Smart Score and Striker Capital reported as investors at the time. Smart Score contributed capital to the fund and operates the course, separating real estate ownership from operations. Because owner and operator are distinct, operating performance does not flow directly to the owner, and buyers will need to review the operating contract with Smart Score.
The sale comes as the domestic golf market's growth has stalled. According to the Korea Golf Course Business Association, visitors peaked at 50.58 million in 2022 before declining for three consecutive years to 46.41 million last year, a drop of 4.17 million or 8.2%. IB market participants report a widening gap between seller expectations, anchored to pandemic-era acquisition prices, and buyer valuations reflecting current demand, making a deal difficult to conclude.
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