The redevelopment of the area will also serve to bring new employment opportunities and economic growth to the locality.
Singapore firm Capital Land Development (CLD) is set to launch J’Den Condo by the second half of 2023. This latest project will be a redevelopment of JCube, which is located in the Junjung district. Specific details such as pricing, number, and size of available units have yet to be announced.
J’Den Condo’s strategic location will act to fulfill the Singapore Government’s plans to bring more residential housing, recreational facilities, and other amenities to the Junjung district. This project is also expected to create job opportunities and foster economic development in the area.
Colliers has recently closed three major capital market deals in Seoul, South Korea with a combined value of US$780 million ($1.05 billion). These three transactions mark the only major ones to be closed in the South Korean capital during last month.
Munjeong Plaza, a mixed-use retail and office building in the Gangnam Business District, was sold to local developer Dong Hoon for US$219 million. Additionally, office development Donghwa Building was sold to Korean conglomerate JB Financial Group for US$202 million.
The third deal was concluded with global investment firm KKR in the form of Namsan Green Building, and it was valued at US$368 million. Sungwook Cho, Colliers’ executive director for capital markets and investment services in Korea, said that these transactions signify a “promising shift” in the country’s investment landscape.
Chris Pilgrim, Colliers’ managing director for global capital markets in Apac, highlighted the impressive performance of the Korean capital markets team despite the current market conditions with high interest rates and construction costs.
Robert Wilkinson, managing director of Colliers Korea noted the fundamental solidity of the Seoul market and maintained that the recent transactions demonstrate that potential opportunities are still available for investors in South Korea despite high interest rates. In the past 12 months alone, Colliers’ Korean capital markets team has transacted over US$1.5 billion worth of deals.
The May 22 press release from Colliers about their closing of three capital market deals in South Korea, valued at US$780 million, was a testament to the expertise and dedication of their Korean capital markets team. The transactions, which are the only major ones to take place in the country’s capital for the month, included the sale of Munjeong Plaza, a mixed-use retail and office building in the Gangnam Business District, to Dong Hoon for US$219 million.
Donghwa Building, an office development, was sold to Korean conglomerate JB Financial Group for US$202 million. The third transaction was with global investment firm KKR and it involved Namsan Green Building, with a value of US$368 million.
Sungwook Cho, Colliers’ executive director for capital markets and investment services in Korea, said that this shift in the country’s investment landscape was very promising. Chris Pilgrim, Colliers’ managing director, global capital markets, Apac, also commented on the difficult market conditions in which the team was nevertheless able to perform remarkably.
Robert Wilkinson, managing director of Colliers Korea, expressed his optimism for Seoul’s market fundamentals, claiming that demand remains strong and the lowest vacancy rate of any major global city.
In the past 12 months, Colliers’ Korean capital markets team has completed transactions for an amount exceeding US$1.5 billion, with the three deals closed in May being an example of this success.
