Real Estate Planet Selected as Lead Manager for Sale of 'Cheongnam Building' in Bangbae-dong

443 Pyeong, 9 Floors Above Ground

Bidding to Open in June

Real Estate Planet, an AI-based commercial real estate specialist, announced on May 21 that it has been selected as the lead manager for the sale of the 'Cheongnam Building' located in Bangbae-dong, Seocho-gu.

The Cheongnam Building, completed in 1998, is an office facility located along Dongjak-daero in Seocho-gu, Seoul, consisting of two basement floors and nine above-ground floors. The site area is approximately 443 pyeong (1,467.4㎡), and the total floor area is about 2,107 pyeong (6,966.8㎡). It boasts excellent accessibility, being adjacent to subway lines 4, 7, and 9 at Dongjak, Gubanpo, and Isu Stations, as well as nearby bus stops and Olympic-daero, making it convenient to reach key areas throughout Seoul.

Cheongnam Building, Bangbae-dong, Seocho-gu. Provided by Real Estate Planet

The entire building can be vacated after September. With a standard floor area of about 120 pyeong and an exclusive usage rate of around 68.9%, the building features an efficient floor plan, making it suitable for a variety of uses such as corporate headquarters, medical facilities, or academies.

In terms of location, the 'Seripul Complex Development Project,' which aims to create a mixed-use business and cultural space in the Seocho-gu area, is underway with completion targeted for 2030. Nearby, there are large-scale, high-end residential complexes such as Banpo DH Classe and Raemian One Bailey. The asset is expected to see a long-term increase in value due to future reconstruction projects in the Banpo area.

The sale process will begin with bidding next month, with the transaction expected to be finalized by the end of September. The preferred bidder will be selected after a comprehensive review of the proposed price, transaction terms, funding plan, and likelihood of closing.

A Real Estate Planet official stated, "Cheongnam Building is a competitive asset with excellent accessibility, a rare scale, and versatile potential uses."

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