Koh Brothers forays into S Korea with maiden property buy
JV acquisition of freehold plot in Gangnam, Seoul, for S$119m will enable firm to build small home offices which are in demand
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Singapore
Homegrown construction and property development firm Koh Brothers on Friday announced its maiden entry into the Korean real estate market, with its first property acquisition in the Gangnam district of Seoul.
It had set up a joint venture with local developer Daeryun D & I Co (owning a 45 per cent of the JV) to acquire a freehold site for 95.8 billion Korean won (S$119 million). The existing YMCA building which sits on the site has a gross floor area of 17,798.5 square metres and sits on a land area of 4,610.9 sq m.
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