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Foreigners enter the office, housing and store construction .....
Foreign real estate investments are metamorphosing from simply purchasing buildings to developing lands or constructing buildings.
While foreign investors have, until recently, been interested only in buying office buildings, as the buying market becomes saturated, their investment patterns have been changing to either investing or participating directly in office reconstruction or housing projects.
Lately, foreign funds, which have so far mainly invested in high-rise office buildings, have started to participate in downtown redevelopment projects, joining hands with domestic developers.
For instance, an American fund recently decided to invest more than 100 billion won in the urban environment reform zone project being carried out by developer D in Dangju-dong in the Sejongno Sageori, Seoul.
Foreign funds have also started buying small and medium office buildings to reconstruct them. New City Corporation, a Japanese real estate company that entered the Korean market last month, is reconstructing a 22-story office building worth 120 billion won on a 760-pyong (2,500 m²) site next to the Korea Business Center in the Gangnam Subway Station.
Foreign investors are taking huge interest in stores and housing projects, too. Macquarie Fund of Australia, for example, recently agreed on a long-term lease of stores with Home Plus on the condition of being guaranteed the investment return on three stores. Meanwhile, the Government of Singapore Investment Corporation (GIC), late last year, agreed to invest a total of 500 billion won in '2001 Outlet' of E-Land beginning with its Bundang and Junggye stores. In addition, shopping mall G in Dongdaemun and shopping mall N near the Gangnam Station recently received investment proposals from foreign funds.
New City Corporation, as part of its planned entry into the housing development market in the Seoul metropolitan area next year, currently has more than 20 of its employees scouting
Foreign real estate investments are metamorphosing from simply purchasing buildings to developing lands or constructing buildings.
While foreign investors have, until recently, been interested only in buying office buildings, as the buying market becomes saturated, their investment patterns have been changing to either investing or participating directly in office reconstruction or housing projects.
Lately, foreign funds, which have so far mainly invested in high-rise office buildings, have started to participate in downtown redevelopment projects, joining hands with domestic developers.
For instance, an American fund recently decided to invest more than 100 billion won in the urban environment reform zone project being carried out by developer D in Dangju-dong in the Sejongno Sageori, Seoul.
Foreign funds have also started buying small and medium office buildings to reconstruct them. New City Corporation, a Japanese real estate company that entered the Korean market last month, is reconstructing a 22-story office building worth 120 billion won on a 760-pyong (2,500 m²) site next to the Korea Business Center in the Gangnam Subway Station.
Foreign investors are taking huge interest in stores and housing projects, too. Macquarie Fund of Australia, for example, recently agreed on a long-term lease of stores with Home Plus on the condition of being guaranteed the investment return on three stores. Meanwhile, the Government of Singapore Investment Corporation (GIC), late last year, agreed to invest a total of 500 billion won in '2001 Outlet' of E-Land beginning with its Bundang and Junggye stores. In addition, shopping mall G in Dongdaemun and shopping mall N near the Gangnam Station recently received investment proposals from foreign funds.
New City Corporation, as part of its planned entry into the housing development market in the Seoul metropolitan area next year, currently has more than 20 of its employees scouting
