[Gangnam Urgent Sale] 7.5 Billion KRW New Construction Site Behind Dosan-daero! Sin-sa~Wirye Line Benefits, 'Super-Prime Location' Near Eulji Hospital Intersection Imminent
Today, we are excited to introduce an urgent sale of a prime piece of land located behind Dosan-daero in Gangnam, one of Seoul's most sought-after areas! This site is poised to benefit immensely from the upcoming Sin-sa~Wirye Line and will soon be a 'super-prime location' near the Eulji Hospital Intersection, making it an unmissable opportunity for investors looking to build company headquarters or income-generating rental properties.
This attractive plot of land, located at 589-20 Sinsa-dong, Gangnam-gu, Seoul, was sold urgently for 7.5 billion KRW (approximately 66.7 million KRW per pyung) in September 2019. With a generous land area of 112.44 pyung, this site is ideal for constructing a new building suitable for both company use and rental income.
Prime Location in Gangnam's Dosan-daero Area, Close to Apgujeong and Garosu-gil – A Top-Tier Choice
The land at 589-20 Sinsa-dong, also known as the location of the former Hanulnari Building, is situated on Dosan-daero, a highly desirable area for investors in Gangnam. The Dosan-daero area, encompassing Apgujeong-dong, Sinsa-dong, and Cheongdam-dong administratively, is renowned for its concentration of hospitals and clinics specializing in plastic surgery and dermatology, as well as numerous company headquarters and galleries. With a reputation for attracting sophisticated and stable tenants, this area is a favorite among Gangnam investors. The investment site is also conveniently located near the Apgujeong Station plastic surgery district, the trendy Garosu-gil and Serosu-gil, and within easy reach of the Apgujeong Rodeo area. The upcoming opening of the Eulji Hospital Intersection Station on the Sin-sa~Wirye Line is expected to transform this area into a super-prime location, further enhancing its investment value.
Wide 2-Lane Road, Soon to Become a Super-Prime Location with the Opening of the Sin-sa~Wirye Line – A Promising Investment Area
While the land shape has a slightly narrow frontage, it is situated along a wide 2-lane road with direct access from Dosan-daero, ensuring excellent accessibility for vehicles. Furthermore, with the anticipated opening of the Sin-sa~Wirye Line, the area is set to become a super-prime location with significantly improved transportation convenience. This prime location, offering diverse possibilities for tenant composition upon new construction, makes it highly recommended for prospective building owners looking to invest in Gangnam.
Sale Proceeding with Seller Vacating, New Construction Possible Immediately – A Prime Opportunity
One of the most critical aspects of building construction is the eviction of existing tenants. For building owners looking to construct quickly, any delays in this process can lead to prolonged construction periods, incurring significant financial and opportunity costs, thus acting as a major risk in building construction. The investment case at 589-20 Sinsa-dong offers a highly attractive condition for investors planning to build, as the seller is responsible for ensuring the property is vacant. This allows for immediate commencement of new construction after purchasing the land.
Sold at a Lower Price Compared to Nearby Sales, Easy to Secure Capital Gains and Rental Income After New Construction
Despite the slightly narrow frontage, the most compelling aspect of this investment case is that this urgent sale building is being offered at a significantly lower price compared to nearby sales. Even with the risks associated with building construction, the selling price per pyung is approximately 30 million KRW lower than nearby transactions. Considering that a new building can be resold for over 100 million KRW per pyung in this area, this presents a highly advantageous investment opportunity with numerous factors for success.
[Currently Under Construction After Purchase and Proceeding with Leasing]
We hope that many prospective building owners will be introduced to excellent properties like this and become successful real estate investors. We understand that the inability to predict the future can lead to anxiety and worry. We believe that having the insight to recognize A-grade properties is the only way to pursue long-term value investing. Investing not only in current value but also in future potential is, in our opinion, the cornerstone of real estate investment. We believe that small differences can lead to significant changes in the future.
