‘Magok Botanic Gate’ Next to Seoul Botanic Park to Launch Sales in May

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Knowledge industry centers with large green spaces in urban areas are emerging as blue chips. This is because they offer excellent urban infrastructure along with a comfortable working environment.

In the past, knowledge industry centers primarily served as office facilities, so proximity to subway stations and transportation conditions were prioritized. However, as the importance of eco-friendly work environments has grown recently, more tenants are seeking knowledge industry centers rich in green spaces as well as good transportation.

Industry experts say, “As the MZ generation’s interest in work environments increases, companies are paying more attention to their workplaces. Tenants looking to establish offices within knowledge industry centers are carefully considering the availability of green spaces and cultural facilities both inside and outside the complexes.”

Amid this trend, the knowledge industry center ‘Magok Botanic Gate,’ located next to the Seoul Botanic Park, which is about twice the size of Yeouido Park, will begin sales in May. It is being built at 779 Magok-dong, Gangseo-gu, Seoul, with 4 basement floors and 10 above-ground floors, covering a total floor area of 37,715㎡.

Seoul Botanic Park spans 504,000㎡ and is divided into four zones: Open Forest, Lake Garden, Wetland Garden, and Theme Garden. Among these, the Open Forest, Lake Garden, and Wetland Garden are free for public use. Being directly adjacent to Seoul Botanic Park guarantees permanent views, which is highly attractive. Additionally, cultural parks and Harmony Park are nearby, and the LG Art Center is located at the entrance of the Seoul Botanic Park, allowing tenants to enjoy both greenery and cultural arts comfortably.

Besides the pleasant environment, convenient transportation networks are another advantage. It is easy to access three subway lines: Seoul Subway Line 9’s Yangcheon Hyanggyo Station, Line 5’s Balsan Station, and the Airport Railroad’s Magoknaru Station. In particular, Yangcheon Hyanggyo Station on Line 9 is just a 5-minute walk away, enabling quick travel to the Gangnam area. Accessibility to Olympic-daero is also excellent, facilitating smooth travel within Seoul and the metropolitan area.

Magok District is an advanced research and development (R&D) focused industrial and business zone. According to the Magok Industrial Complex sales status, as of May last year, major corporations such as LG, Kolon, Lotte, and Nexen have already moved in, and by 2027, 150 companies and 170,000 residents are planned.

It is also adjacent to the Magok MICE complex development project area, where ‘COEX Magok’ will be located. The Seoul Magok MICE complex development project includes office facilities, retail spaces, convention centers, cultural assembly facilities, hotels, and residential lodging facilities, covering a total floor area of 826,520㎡, which is about twice the size of Gangnam COEX (460,000㎡).

Furthermore, there are abundant upcoming development benefits such as the Gimpo Airport complex development, Gayang-dong CJ site development, and the integrated new Gangseo District Office building, which are expected to further enhance the value of the area.

‘Magok Botanic Gate’ will be supplied at a price lower than nearby areas such as Yeongdeungpo. The sale price is around 18 million KRW per 3.3㎡, offering excellent price competitiveness compared to nearby knowledge industry centers. For example, knowledge industry centers in Yeongdeungpo were sold at 23 to 31 million KRW per 3.3㎡, and the first knowledge industry center in Magok District was supplied at 22 to 23 million KRW per 3.3㎡.

In particular, tenant companies will benefit from tax reductions such as a 35% reduction in acquisition tax, a 35% reduction in property tax for five years, and exemption from triple acquisition tax surcharges on corporate real estate under five years, reducing the tax burden for CEOs. Additionally, loans of up to 80% of the sale price are available, and if conditions are met, low-interest loans (at the base interest rate level) can be obtained from the Small and Medium Business Corporation and some city and provincial foundations.

Currently, the construction progress rate is about 90%, allowing for quick occupancy, and the sales office is located near Balsan Station on Line 5 in Naebalsan-dong, Gangseo-gu, Seoul.

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