Koramco Embarks on Large-Scale Office Development in Seongsu-dong

Koramco Asset Management announced on the 27th that it will acquire the Seongsu-dong 2-ga office development project (rendering), which had driven Taeyoung Construction into a workout, and embark on normalizing the project.

This project involves constructing offices and neighborhood living facilities with a total floor area of approximately 29,400㎡, spanning from 6 underground floors to 10 above-ground floors, in the area around 269 Seongsu-dong 2-ga, Seongdong-gu, Seoul. For this development, Koramco has established the 'Koramco Seongsu General Private Investment Limited Company No. 158' fund and will play the role of project executor, overseeing the entire process from land acquisition to project planning, construction management, and asset management. KCC Construction has been selected as the preferred negotiation partner for the responsible construction contractor, and discussions on the construction contract are underway.

Originally, this site was a project pursued by Taeyoung Construction through a special purpose company (PFV) called Seongsu TS PFV. Taeyoung Construction was to be the largest shareholder, contributing to the project cost and handling land acquisition and construction. However, before construction began, Taeyoung Construction declared a workout due to its inability to withstand the sharp rise in interest rates and raw material costs during the bridge loan phase, causing the project to drift.


ming@fnnews.com Jeon Min-kyung Reporter