Global Sae-A Group is pushing forward its first real estate development project, participating in the redevelopment of Yongsan Electronics Market as a strategic investor (SI) and construction investor (CI) while concurrently carrying out the project.
According to the real estate development industry on the 16th, Taelim Paper, a subsidiary of Global Sae-A, has recently decided to invest 20 billion won in Yongsan Life PFV, which is redeveloping buildings 17 and 18 of the Yongsan Najin Market. Additionally, Ssangyong Construction, which Global Sae-A acquired three years ago, will participate as CI and take on the construction.
The redevelopment project of buildings 17 and 18 of the Yongsan Najin Market is a project to develop a site of 12,854 square meters located at 15-2 Hangang-ro 2-ga, Yongsan-gu, Seoul, into a business facility of seven underground floors and 26 above-ground floors.
Although the existing Neo Value acquired Yongsan Life PFV in 2022 to promote this project, due to a deterioration in financial conditions, EGIS Asset Management and Blitz Asset Management formed a consortium this year to take over the project rights. EGIS Asset Management and Blitz Asset Management plan to develop buildings 17 and 18 of Najin Market into advanced office spaces.
The equity invested by Blitz Asset Management in Yongsan Life PFV is 40 billion won, while EGIS Asset Management is set to secure 25 billion won through investor attraction. Taelim Paper will invest 20 billion won in Yongsan Life PFV as a strategic investor (SI). The remaining 5 billion won is planned to be secured by EGIS Asset Management.
Global Sae-A Group plans to secure both investment profits and construction profits as its subsidiaries, including Taelim Paper and Ssangyong Construction, participate in the redevelopment project of buildings 17 and 18 of Najin Market. This is the first time Global Sae-A Group is concurrently promoting both implementation and construction in a real estate development project.
A representative of Global Sae-A noted, "In the future, we plan to actively discover real estate development projects that can create synergies among subsidiaries of Global Sae-A Group," adding, "We hope to see an increase in high-quality projects like the redevelopment of buildings 17 and 18 of Najin Market."