Singapore-listed construction, property development and engineering firm Koh Brothers Group, announced that its first freehold development project in South Korea is 96% sold.
According to Francis Koh, group CEO and managing director of Koh Brothers, the project which has a mix of apartments and retail units, was 75% sold within seven days of launch.
Located in the prime Gangnam district, Seoul, Koh Brothers’ 45%-owned property, Nonhyeon I’PARK, comprises 99 apartment units, 194 OfficeTel SoHo units and 53 retail units within a land area of 4,611 sqm (49,633 sq ft) and gross floor area of 30,816 sqm (331,703 sq ft).
Koh Brothers’ 45%-owned property, Nonhyeon I’PARK is located in prime Gangnam district, Seoul (Credit: Koh Brothers Group)
Apartments range from 70 sqm (753 sq ft) for a one-bedroom to 125 sqm (1,346 sq ft) for a three-bedroom unit. There are “OfficeTel” units which are a mix of one- and two-bedroom units of 67 sqm and 85 sqm as well as lofts with 4.2m ceiling height. Retail units range from 50 sqm to 150 sqm.
Koh says compact apartments in desirable addresses like Gangnam are “hard to come by”. He adds: “Considering the current market upcycle and favourable response received so far, we are confident to sell the remaining 14 units by 3Q2018 and we will continue to push sales until we are sold out.”
Koh: Considering the current market upcycle and favourable response received so far, we are confident to sell the remaining 14 units by 3Q2018 (The Edge Singapore)
Redevelopment commenced in 2Q2018, and is expected to be completed in 2020. The project is expected to contribute positively to the group’s financial performance from the financial year ending Dec 31.
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