Prime 'Core' Customs Intersection in Gangnam, 17 Billion KRW New Construction Site Transaction... Double Subway Station Area, 'Golden Land' on 6-Lane Main Road
Today, we will introduce a building investment case study located in Nonhyeon-dong, Gangnam, one of the most sought-after 'core' locations in Seoul, near the Customs Intersection, which is an excellent site for new construction. With the convenience of being in a double subway station area (accessible to Gangnam-gu Office Station and Hakdong Station), overwhelming visibility as a corner lot on a 6-lane main road (Hagdong-ro), and a large, rectangular land plot spanning 175 pyung, let's begin the investment analysis of this 'golden land' with the potential to generate maximum value through new construction.
According to the investment banking (IB) industry on the 7th, land in the vicinity of 115-14 Nonhyeon-dong, Gangnam-gu, Seoul, has been sold for 17 billion KRW (approximately 96.89 million KRW per pyung). This area, near the Seoul Customs Intersection, boasts exceptional visibility and transportation accessibility, attracting keen interest from prospective building owners.
Prime Location with Double Subway Access (Gangnam-gu Office Station & Hakdong Station) and a Corner Lot on Hagdong-ro, a 6-Lane Main Road
The land that was recently transacted features an existing building with one basement level and three above-ground floors, approximately 47 years old. However, the true value of this property lies in its location: it offers double subway access, being within reach of both Gangnam-gu Office Station and Hakdong Station, and it occupies a corner lot on Hagdong-ro, a 6-lane main road. The excellent road conditions, with simultaneous access to Unju-ro and Hagdong-ro, maximize vehicle accessibility, and the high visibility ensures strong advertising effects, making it an optimal location for various uses.
Proximity to Seoul Customs and the Construction Center... Abundant Office Demand, Optimal for Hospitals and Showrooms Too
Located on the main road near the Customs Intersection, this site benefits from high demand related to the presence of the Korea Customs Service headquarters, the Construction Center, and the Construction Economy Newspaper, generating significant demand from tax accountants and law firms. Additionally, it is situated near major corporations and their affiliates such as the Imperial Palace Hotel, LG Uplus, and Doosan Heavy Industries, leading to a very high demand for office space. The strong demand from white-collar workers with high purchasing power also makes it an attractive location for securing stable tenant demand, and its excellent location is highly suitable for establishing hospital facilities like plastic surgery or orthopedic clinics, as well as various exhibition spaces.
Corner Lot on 7-Lane Hagdong-ro and 7-Lane Unju-ro, 175 Pyung Rectangular Land Shape Ideal for New Construction
This land is a corner lot with a wide frontage along Hagdong-ro, a 7-lane road (referred to as 6-lane earlier in the provided text, likely a slight discrepancy), and boasts excellent transportation accessibility, allowing convenient travel to Seongsu Bridge via Unju-ro, another 7-lane road. The rectangular shape of the land provides maximum efficiency when designing a new building, and the extensive road frontage along Hagdong-ro allows for maximizing the utilization of the first floor, making it an exceptionally advantageous plot for new construction.
Existing Building with 6 First-Floor Shops and Stable Office Leases... Expect Maximized Value Through New Construction
The current building features six commercial spaces on the first floor that are currently in operation, and the offices are leased to reputable tenants such as tax accountants, law firms, construction companies, and design offices, ensuring stable rental income. This indicates the potential for diverse tenant configurations upon new construction, including offices and ground-floor commercial spaces catering to the needs of the working population, as well as mid-level hospital facilities and upper-level offices.
Reasonable Sale Price Compared to Nearby Transactions... Easy Access to Seongsu Bridge and Yeongdong Bridge, 'Top Investment Opportunity'
Analyzing nearby transaction cases reveals that the sale was conducted at a reasonable price, considering the scarcity of new construction sites of approximately 200 pyung in Nonhyeon-dong. The sale price was similar to that of a building across the street that was sold about two years prior, indicating a sound investment. Furthermore, its convenient access to Seongsu Bridge and Yeongdong Bridge facilitates travel to the Gangbuk area, and the high traffic volume in front of the building on Hagdong-ro allows for maximizing advertising effects, making it possible to selectively attract tenants with exhibition purposes when constructing a new building.
Conclusion: Customs Intersection Hagdong-ro Corner New Construction Site Transaction, Seizing the Best Investment Opportunity in Gangnam
This large-scale new construction site transaction located at the corner of Hagdong-ro on the Customs Intersection, a prime commercial area in Gangnam, offers investors the best opportunity based on its excellent location conditions and development potential.
