Chungdam Residential | Seoul, South Korea
Development site for a 29-unit (225,000 sq. ft.) residential condo building, currently encumbered by an underperforming hotel
Investment Opportunity at Acquisition
- Acquired an underperforming hotel located in the Chungdam submarket of Seoul, a highly desirable and affluent residential and retail neighborhood.
- Opportunity to demolish the current structure and build a new residential tower with 29 high-end residential condo units.
- Prior to investment, significantly reduced pre-sale risk by selling 12 units with non-refundable deposits and transferring 2 units to seller as form of purchase price.
Strategy
- Ground-up Development
