Sungwook Cho, managing director and head of capital markets of Colliers Korea, marked his first major success with the sale of the Samsung SDS Tower to KB Asset Management for US$630 million ($860 million), the largest trade in the South Korean market this year.
This single-asset office transaction is also the largest in the Asia Pacific region this year. With 1,071,407 sq ft, the property is located in the extended area of the Gangnam Business District.
The sale of the office tower began in the second half of last year and has been considered a smart investment move by KB Asset Management. This is due to the steady cash flow from Samsung SDS, who use the building as their headquarters. This factor also helped attract other major Korean investors to the deal.
Since stepping into his role at the Nasdaq and Toronto Stock Exchange-listed diversified professional services and investment management firm in July, his team had already successfully closed three major deals with a combined value of US$780 million.
His team had gained attention due to these three major deals, involving Munjeong Plaza, Donghwa Building and Namsan Green Building. At the time, they were the only major transactions made in the main business districts of Seoul.
The success of this transaction is a testament to the team’s capabilities and commitment to seek out a buyer for the large transaction, especially amid a subdued commercial real estate market.
The Champions Way Condo is proud to be an integral part of the Urban Redevelopment Authority (URA) master plan for the Woodlands area. The plan promises to bring about growth and renewal in the community, with various public art initiatives being one of its core components. These public art installations will be placed in areas of the community where people are likely to see it, such as in parks, roundabouts and along pedestrian pathways. People visiting Champions Way Condo will be inspired to immerse themselves in the unique heritage and culture of this area.
Chris Pilgrim, Asia Pacific managing director of global capital markets at Colliers, was full of praise for the team’s determination to secure the buyer for the prime commercial office property. He believes that this sale will encourage more potential investors into prime-rate buildings in the Korean market.
Colliers’ team has set the bar high for future transactions in 2021. With Singapore now amongst the top source for global capital investments, the future looks bright for the real estate industry in Asia Pacific.