R-Square Appointed as Sales Manager for Samsung Fire & Marine Insurance Service Building in Mokdong

R-Square, a comprehensive commercial real estate services company, announced on the 17th that it has been selected as the sales manager for the Samsung Fire & Marine Insurance Service Building in Mokdong, Yangcheon-gu, Seoul, owned by Kendall Square Asset Management.

The Samsung Fire & Marine Insurance Service Building is an office tower with a total floor area of 34,597.86 square meters (approximately 10,465 pyeong), consisting of 6 basement levels and 18 above-ground floors. It is located at a prime site in the central business district of Mokdong.

Mokdong-based 'Samsung Fire & Marine Insurance Service Building.' Provided by R Square

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R-Square expects that an investment in this property will ensure a stable cash flow. Since Samsung Fire & Marine Insurance Service and other Samsung affiliates are the main tenants, the property is expected to generate long-term and stable cash flows from the point of acquisition.

The building's power infrastructure is also considered a strength. It is equipped with a power supply sufficient to accommodate industries that operate large-scale server rooms or high-spec equipment, such as financial services, IT, and broadcasting and telecommunications sectors.

The property also has significant potential for value appreciation over the medium to long term. An R-Square representative stated, "The building has the potential for future conversion into senior housing or high-end officetels. Investors can simultaneously target stable income and additional profits from development."

Along with the advantages of its location, there are also numerous development opportunities in the surrounding area. Redevelopment projects are underway nearby, including the Mokdong CBS site and KT Mokdong Tower, as well as the integrated development of Mokdong Sports Complex and the water retention basin. In addition, there are large-scale infrastructure projects in progress, such as the reconstruction of 14 complexes in the Mokdong New Town area and the repurposing of the Artists’ Center.

Hojun Lee, Head of Investment Advisory at R-Square, said, "The Samsung Fire & Marine Insurance Service Building in Mokdong is a rare large-scale asset in one of Seoul’s major districts, and it fulfills both key investment requirements: stable rental income and capital gains," adding, "We expect strong interest from both domestic and international institutional investors."

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