Bank of Korea Sogong-dong Annex Sold to Singaporean Asset Manager for 140.9 Billion Won
The Bank of Korea's Sogong-dong annex building, located in Jung-gu, Seoul, has been sold to a foreign asset management company.
On the 12th, the Bank of Korea announced that it had signed a sales contract for the Sogong annex with a real estate investment company established by Keppel Asset Management, a Singapore-based asset management firm.
The sale includes the Sogong annex, the nearby parking building, and the parking lot site, with the sale price set at approximately 140.95 billion KRW. This is about 7 billion KRW lower than the initial minimum bid price of 147.8 billion KRW.
The Bank of Korea explained, "After two rounds of public competitive bidding through the electronic asset disposal system Onbid in February failed, we announced a private contract. We have been negotiating with Keppel Asset Management for over two months."
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The Bank of Korea's Sogong-dong annex building was originally constructed in 1965 as the old Commercial Bank headquarters and was acquired by the Bank of Korea in 2005. After completing remodeling, the Bank of Korea moved back into its Namdaemun headquarters building in Seoul last April, leaving the Sogong annex vacant.
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