This article was published on June 26, 2025, at 4:38 p.m. on the ChosunBiz MoneyMove website.
The fashion platform Musinsa is actively investing in real estate in Seongsu-dong, Seongdong-gu, Seoul. It is particularly noteworthy that Musinsa often collaborates with Mastern Investment Management, a specialist in alternative investments. Musinsa, which started as a community known for 'a place with a lot of shoe photos,' is noted for its unique affection for Seongsu-dong.
According to investment banking (IB) industry sources on the 26th, Mastern Investment Management plans to develop the 'Musinsa Seongsu E4 Office' within a two-minute walk from Seongsu Station, aiming for completion in 2028. The site is located in Seongsu-dong 2-ga, at 273-18 and 273-35, and was acquired by Musinsa from the real estate developer Neovalue in 2023.
Mastern Investment Management is raising funds to purchase the land, and Musinsa will participate from the early stages of the development project to build a building that will be five stories underground and twelve stories above ground. Subsequently, Musinsa plans to lease the entire building for use as an offline fashion store (floors 1-4) and as its headquarters.
The relationship between Musinsa and Mastern Investment Management began in 2019 when Musinsa started purchasing real estate in Seongsu-dong. Musinsa acquired the former Dongbu Automobile Service site (Seongsu-dong 2-ga 271-22) for 22 billion won and developed 'Musinsa Campus E1,' which it currently uses as its headquarters. After completing the construction in September 2023 and obtaining ownership under the corporate name, Musinsa sold it to Mastern Investment Management and then leased it back. At that time, it was reported that Musinsa earned almost 9 billion won in capital gains by selling the building for 111.5 billion won.
Mastern Investment Management also owns 'Musinsa Campus N1,' which is currently used as another headquarters by Musinsa. This site was acquired through a value-add fund financed by the National Pension Service in 2021, and Musinsa signed a long-term lease contract for over ten years, occupying all floors. Recently, Mastern has sent requests for proposals (RFPs) to real estate acquisition and sales advisory firms to select an underwriter for the sale. Considering that the nearby Musinsa Campus E1 was traded at around 35 million won per pyong (3.3㎡), the sale price is expected to reach at least the 200 billion won range.
Musinsa is serious about investing in Seongsu-dong real estate, as evidenced by its establishment of an in-house real estate dedicated team. It has sold two buildings to Mastern and plans to sell one more, yet Musinsa still holds a significant amount of land in Seongsu-dong.
Under its corporate name, it owns ▲'Musinsa Campus E2' (275-89 Seongsu-dong 2-ga), which was completed in 2023, ▲ the Musinsa MFTY store (315-108 Seongsu-dong 2-ga), and ▲ the site of the former CJ Logistics warehouse (324-2 Seongsu-dong 2-ga), where 'Musinsa Store Seongsu' is being developed. Founder Jo Man-ho also personally purchased the former JDX site (656-294 Seongsu-dong 2-ga) for about 33 billion won in 2020.
Additionally, Musinsa has pre-purchased offices being developed by AM Plus Asset Development at 279 Seongsu-dong 2-ga in November 2023 and at 278-52 Seongsu-dong 2-ga in June 2024. Of course, it also sells properties. Recently, it has begun the sale of Center Point Seongsu (280-11 Seongsu-dong 2-ga), which is scheduled for completion in July.
An industry source noted, 'These days, it is said that you can't walk around Seongsu-dong without stepping on Musinsa land,' adding that 'Seongsu has a large floating population and is close to Gangnam, making it 'hot.' Therefore, investment opportunities are being sought by Mastern Investment Management's managers, and I understand they continue to develop together in harmony with the longstanding Musinsa.'
Another industry source stated, 'Jo Jang-hee, executive director and head of domestic investment management at Mastern Investment Management, who leads the Musinsa Seongsu E4 Office development project, was also responsible for the development of Musinsa Campus E1.' He added, 'Given that Mastern Investment Management has undertaken various projects in Seongsu-dong, it appears to be competitive in bidding.'