23 May '17, 5am

Koh Brothers buys freehold site in Gangnam district, Seoul - PropertyGuru Singapore

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 ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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