Archive for category: Misc

Sungwook Cho, the managing director and head of capital markets of Colliers Korea, has achieved a major milestone with the sale of the Samsung SDS Tower for US$630 million ($860 million), the largest single-asset office transaction in the Asia Pacific region this year.

The 1,071,407 sq ft property located in the extended area of the Gangnam Business District originally began the sale process in the second half of last year. It marks the largest trade in the South Korean market this year and Cho’s first transaction since taking on the role at the Nasdaq and Toronto Stock Exchange-listed diversified professional services and investment management firm in July.

By doing so, the URA is looking to create a vibrant and liveable community.

The URA is also looking to make Jurong a more liveable and vibrant community through the provision of better housing options near to Tengah Plantation EC. Besides initiatives to build more affordable housing, the URA is also looking into building new public housing projects. This will allow for more options for people who are looking to purchase property in the area. With this in mind, Jurong can become a desirable place to live, as well as a sustainable community.

In May, he and his team claimed attention for successfully closing three major deals that had a combined value of US$780 million, including the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, the only major transactions made in the main business districts of Seoul at the time.

These distinctions are not to be overlooked and Cho expresses his pride in the team’s capabilities and commitment to seek out an appropriate buyer.

“This transaction has been considered a smart investment move by the KB Asset Management, as it secures a steady cash flow from Samsung SDS using the building as its headquarters,” he said. He added that this factor also helped attract major Korean investors to the deal.

Colliers’ Asia Pacific managing director of global capital markets Chris Pilgrim has praised the team’s determination and commitment, saying it helped secure a suitable buyer for the prime commercial office property.

“The significance of the sale of the Samsung SDS Tower to KB Asset Management lies not only in the largest transaction value of the year, but also in the potential for further investment in prime-rate buildings in the Korean market,” he says.

With the success of this high-value transaction, Sungwook Cho and his team have opened the door for further investment in the South Korean real estate market. It also bodes well for the potential of the Asia Pacific region’s commercial real estate market, despite the effects of the pandemic on activity.