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Presale Opportunity for Offices in Namsan Platinum Complex
2010-05-06
Offices in Hoehyeon sageori (four-way junction) are now on presale: A densely populated area where headquarters and main offices of large companies and state-run organizations reside.
This is the optimal location that connects Gangnam and Gangbuk with Toegye-ro and Banpo-ro intersection, offering profitable leasing opportunities as it is adjacent to Myeongdong station and Hoehyeon station area.
Small offices of 10 to 30 pyong (1 pyong equals 3.3. square meters) are on presale whose presale price is set at 11 million to 15 million Korean won per pyong
There will be a surplus of small offices on pre-sale in the downtown area where the supply has been tight for quite a while.
On April 29th, Ssangyong E&C Co. (CEO Byung-Ho Kim) announced its presale plan on offices in the Namsan Platinum Complex located in the address of 18-1, Hoehyeon-dong, Jung-gu, Seoul. The offices on pre-sale are 340 pyong in size with a total of 19 rooms in 10 to 30 pyong. The price for presale is set at 11 million to 15 million Korean won per pyong, which accounts only for 10% of the down payment to help reduce the financial burden.
The most distinctive feature of this office is that it will be situated in downtown Myeongdong and Hoehyeon that have been struggling to meet rising demands for available office spaces.
Along with Euljiro and Jongno in Seoul, Myeongdong and Hoehyeon areas are where the headquarters and main offices of large companies, state-run organizations and global corporations are based. Obviously, this is where businesses happen, but the supply has constantly failed to meet demands for enough office spaces. This attributes to costly land prices that have caused developmental expenditure to surge as well. Worse yet, it has been far more difficult to find smaller office spaces.
What is noteworthy about the presale is that these offices are expected to be in high demand for office relocations and leases since more than 65% of the buildings in this downtown area that cover Hoehyeon, Myeongdong, Chungmuro, Toegyero and Euljiro are well over 15 years.
Hoehyeon sageori, where the Namsan Platinum Complex is scheduled to be built, holds a raft of headquarters and main offices of large companies and state-run organizations. To be more specific, LG CNS, Woori Bank, State Tower (its establishment currently under way), and Seoul Central Post Office are all here. This explains the area’s strong popularity with business owners and entrepreneurs who pursue successful business.
In the meanwhile, this area is adjacent to the district that stretches between Hoehyeon station and Myeongdong station (subway line no. 4). Furthermore, it is connected to Gangnam and Gangbuk area via Toegye-ro, Banpo-ro and Namsan Tunnel 3. The location is thus deemed highly optimal for any business owners seeking to add vibrancy to their business.
According to the urban renewal plan, skyscrapers and mixed-use buildings are to be built in Hoehyeon-dong area, and Mt. Nam will be revamped as an environment-friendly area to enjoy nature as part of the project ‘Make Mt. Nam More Accessible’. This project aims to transform the area into a space of commerce and residence where convenient amenities and nature form a symbiotic coexistence. The moving-in starts from this coming July.