JLL Completes Sale of 1 Trillion KRW Pangyo Alpharium Tower to Maston Investment Management

Transaction price about 30 million KRW per pyeong... Pangyo office sets new highest price record

[Asia Economy Reporter Park Jihwan] Global integrated real estate service companies Jones Lang LaSalle (JLL) and CBRE announced on the 7th that they successfully completed the sale of Alpharium Tower 1&2 in Pangyo, owned by Singapore real estate investment firm ARA Korea, on the 24th.

ARA Korea put Alpharium Tower up for sale five years after purchasing it in 2017. This quarter, it was sold to Mastern Investment Management for about 1 trillion KRW. The sale price set a new record for Pangyo office space at approximately 30 million KRW per pyeong.

Alpharium Tower 1&2 is located in Pangyo, Bundang-gu, Seongnam-si, Gyeonggi-do. It is an office landmark building with a total floor area of 112,254 m2 (33,957 pyeong), consisting of three basement floors and 13 above-ground floors, completed in November 2015.

Since ARA acquired the asset, continuous asset management efforts have maintained a stable tenant composition through new and renewed leases. 80% of the total leased area is occupied by top domestic conglomerates NCSoft and Samsung SDS. It has been reborn as a prime asset generating stable rental income with a 95% occupancy rate, located in the commercial area of the Pangyo district.

Jang Jaehoon, CEO of JLL Korea, stated, "In a situation where competition among investors for core prime assets with good locations and solid tenant compositions is fierce due to economic uncertainties, Alpharium Tower was a rare prime office asset investment opportunity located in the commercial area of Pangyo." He added, "With continuous interest from domestic and international institutional investors in the Pangyo area, the top cluster for IT companies, and the ongoing growth of the IT industry, future rental demand and asset value appreciation in the Pangyo district are expected."

This content was produced with the assistance of AI translation services.