>

>

Colliers closes three Korean real estate deals worth US$780 mil in May

By Atiqah Mokhtar

/ EdgeProp Singapore |

May 25, 2023 9:15 AM SGT

Namsan Green Building, one of three buildings transacted in deals brokered by Colliers in May (Picture: Colliers)

SINGAPORE (EDGEPROP) - In the last month, Colliers has closed three capital markets deals in Seoul, South Korea, with a combined value of US$780 million ($1.05 billion). The deals are the only major transactions that took place in the South Korean capital in that month, the real estate services company states in a May 22 press release.

The transactions include the sale of Munjeong Plaza, a mixed-use retail and office building in the Gangnam Business District, to local developer Dong Hoon for US$219 million, as well as the sale of office development Donghwa Building to Korean conglomerate JB Financial Group for US$202 million. The third transaction involved Namsan Green Building, with the office tower sold to global investment firm KKR in a deal valued at US$368 million.

Sungwook Cho, Colliers’ executive director for capital markets and investment services in Korea, says the deals mark a “promising shift” in the country’s investment landscape. “In the current market conditions with high interest rates and construction costs, we have seen the potential to overcome these challenges, and hold an optimistic outlook for investment in the region,” he says. Colliers’ Korean capital markets team has transacted over US$1.5 billion worth of deals in the last 12 months, including the three recent deals in May.

Chris Pilgrim, managing director, global capital markets, Apac, at Colliers, adds that the performance of the team in such a challenging environment is a testament to their expertise and dedication.

Meanwhile, Robert Wilkinson, managing director of Colliers Korea, notes that the transactions show that opportunities remain for investors in South Korea despite high interest rates. “The fundamentals of the Seoul market remain rock solid. Seoul has the lowest vacancy rate of any major global city and demand remains strong,” he observes.

Tags:

colliers capital markets

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Perennial Holdings and Far East Organization unveil Golden Mile Singapore, and will launch the strata commercial units this month

2

Novo Place hits 88.1% as 137 units snapped up in second balloting

3

Project Spotlight: This condo in Ang Mo Kio has 241 profitable and no unprofitable transactions

4

Is it a Good Deal?: A duplex penthouse in Sentosa sold for a loss of $1.93 million

5

What’s next for Bayshore

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00