"COEX as Your Front Yard?"…Samseong Jungang Station's '28.9 Billion KRW' Small Building, Bought for 'This One Thing'
"'Gangnam's invincibility.' And among that, investing in 'Samseong-dong', the heart of 'development opportunities'. This would be every real estate investor's 'dream', wouldn't it?"
Recently, a 9-story building in the super-prime area of Samseong Jungang Station (Line 9) was transacted for a whopping 28.9 billion KRW. We analyzed the real reason why the new owner bet on this 'old building'.
'Samseong Jungang Station + Samseong Station + COEX'…The 'Ultimate' Location
The core of this investment is not the 'building' itself, but the value of the 'land' it sits upon.
- Transaction Date: June 2019
- Sale Price: 28.9 billion KRW (approximately 83.98 million KRW per 3.3㎡)
- Key Points:
- Double Station Area: A prime transportation hub that allows access to both Samseong Jungang Station (Line 9) and Samseong Station (Line 2).
- International Exchange Complex: You can enjoy Korea's best business and cultural infrastructure, such as COEX, Hyundai Department Store, and GBC (Global Business Center), right at your doorstep.
As such, the 'future value' guaranteed by this 'double station area' and 'international business district' is enough to make this land a 'golden goose'.
The Power of 'General Residential Area, Type 3' Calling for New Construction
The 'big picture' painted by the new owner is a 'value-up' through 'new construction'.
"It involves demolishing the old building, built in 1990, and utilizing the high floor area ratio of a 'General Residential Area, Type 3' to build a taller and grander 'new landmark' on the spacious 344 pyeong lot."
If the 'best location' gets the 'best building', its value would skyrocket beyond comparison to what it is now.
Investing in the 'Future'
This 28.9 billion KRW transaction demonstrates the classic approach to real estate investment.
"Invest in the value of the 'future', guaranteed by 'location' and 'development opportunities', rather than the old 'present' appearance."
It will be interesting to see if this site will be reborn as a new 'landmark' in Samseong-dong in the hands of the new owner.
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