Koh Brothers buys freehold site in Gangnam district, Seoul
Currently occupied by YMCA, the property was acquired through a joint acquisition for KRW95.8 billion (approx. S$119 million). (Image: Koh Brothers)
Singapore-based developer Koh Brothers Group has embarked on its maiden expansion into South Korea, with the joint acquisition of a freehold site in the heart of the famous Gangnam district in Seoul for KRW95.8 billion (approx. S$119 million).
Located at 225-6 Nonhyeon-dong, the property is strategically located along Gangnam’s main commercial belt and is surrounded by subway stations within a 500-metre radius.
The land is currently occupied by a YMCA building with a gross floor area of 17,798.5 sqm and a land area of 4,610.9 sqm.
The property was acquired from YMCA via a 45-percent-owned joint venture (JV), which plans to redevelop the existing building into an 18-storey mixed-use project consisting of 380 luxury residential units, 2,700 sqm of retail space and five basement levels.
“Having established a strong niche in themed lifestyle developments in Singapore, we are pleased to have captured a rare opportunity to export our proven model overseas and diversify our asset portfolio,” said Francis Koh, Managing Director and Group CEO of Koh Brothers.
“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. We are excited at the prospect of creating a unique and clearly-differentiated product, like we’ve successfully done so in Singapore, for the Korean upscale market,” he added.
Construction work is expected to start in Q2 2018, with completion by 2020.
This article was edited by Denise Djong.
