Yeongdeungpo's 'Handok Tower' Finds a New OwnerJoo Eun-young, CEO of Bestpin, purchases, transaction size 12 billion Reporter Jeon Ki-ryongPublished 2024-06-10 07:47:26 This article was last updated on June 5, 2024 at 07:31 thebell This is an article that appeared in . 'Handok Tower', which Handok Cosmetics uses as its Seoul office, has found a new owner. It is an office building adjacent to Singil Station on subway lines 1 and 5, providing easy access to major business districts in Seoul. The buyer is known to be Joo Eun-young, CEO of Bestpin, which operates the housing loan platform 'Dambi'. It is interpreted that the purpose of the building is to be used as a company building.
According to the relevant industry on the 5th, HanDok Tower has completed the sale process. It is an office building located at 50-2, Singil-dong, Yeongdeungpo-gu, Seoul. It is constructed with a land area of 368㎡, a total floor area of 3,217㎡, and 2 underground floors and 15 above-ground floors. It is a general commercial area in terms of use. The building-to-land ratio and the use ratio are set at 54.93% and 794.09%, respectively.
The transaction size is 12.9 billion won. The CEO purchased all of the shared shares of HanDok Tower that were shared between him and HanDok Cosmetics at once. The purchase funds were raised from Shinhan Bank. According to the registration copy, the maximum amount of debt with Shinhan Bank as the collateral holder is 13.2 billion won. The sale and purchase advisory was handled by Remax Korea Team Realty.
The location played a part in the smooth acquisition of HanDok Tower. The office building is located in a prime location, just a two-minute walk from Singil Station on Subway Lines 1 and 5. Thanks to this, it is easy to get to the major business districts of YBD (Yeouido Business District), GBD (Gangnam Business District), Seongsu, and Jamsil.
The rental situation is also good. In addition to Handok Cosmetics, which is using Handok Tower as its Seoul office, major tenants include Daebang Gosi and the Korean Dental Health Insurance Claims Association. The size of the deposit for the 3,210㎡ rental area is approximately 900 million won. Approximately 35 million won and 8.5 million won can be received as monthly rent and management fees, respectively.
It is evaluated that there is considerable positive news as changes are being detected in the office rental market recently. According to Alsquare's '2024 Q1 Office Market Report', the preference for leasing in areas outside of business districts such as CBD (Central Business District) and YBD, GBD, and BBD (Bundang Business District) is increasing.
For example, Korea Seven moved its headquarters from the ‘Signature Tower’ in the CBD to the ‘East Central Tower’ in Gangdong-gu to reduce fixed costs. FreshG, a meal kit startup, also moved its headquarters from the ‘Samsung Life Daechi Tower’ in the GBD to the ‘Rosedale Building’ in Suseo-dong, where the rent is relatively low, in the first quarter.
Due to the increased demand, the cost per exclusive area (NOC) is also on the rise. As of the first quarter, the NOC in areas outside of Seoul’s main business districts was KRW 194,763. It is up 7.4% from the same period last year (KRW 181,404). Although the vacancy rate rose by 0.8% points from 2.1% to 2.9% during the same period, it is interpreted as a stable level considering that 669,326㎡ of new supply was made in one year.
A market official said, "Handok Tower is an office building located in the prime location within walking distance of Singil Station," and "the sale was completed at this early stage thanks to the advantage of securing stable rental demand." He added, "Bestfin is planning to move into the 9th and 10th floors, which were the only vacant spaces."
Original link: The Bell - Korea's top capital market media (thebell.co.kr) |
