Koh Brothers acquires prime site in Gangnam district, Seoul
Singapore-listed property construction and development company Koh Brothers Group Ltd announced its maiden foray into the Korean real estate market with the purchase of a prime freehold site in the heart of the famed Gangnam-gu district in Seoul, South Korea. The purchase was made jointly with Korean developer Daeryun D&I Co. Ltd, with Koh Brothers’ 45% stake in the joint venture amounting to KRW 95.8 billion (appox. S$119 million).
The freehold site of 4,610.9 sq m was purchased from YMCA, and the existing building has a gross floor area of 17,798.5 sq m. The joint venture partners intend to redevelop the YMCA building into a new 18-storey mixed-use project (including a five-storey basement), which will comprise 380 high-end residential units and 2,700 sqm retail space. The property is said to be strategically located along the main commercial belt in Gangnam, surrounded by MTR stations within a 500m radius.
Redevelopment is expected to commence in 2Q2018 and scheduled for completion two years later in 2Q2020. “We have identified, and seek to address a demand gap for centrally-located and compact residential units for single professionals, double-income families without kids, and real estate investors,” says Francis Koh, managing director and group CEO of Koh Brothers. “We see a great opportunity to enhance the yield of a prime asset in Seoul’s central business district, with the commercial units to provide a stable source of recurring income.”
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