The results of the Eulji Finance Center (EFC) in which Mirae Asset Global Investments was selected as the preferred bidder drew quite a bit of attention from the market. Mirae Asset offered a price of KRW 41.5 million per 3.3 square meters. This bidding was a barometer the Seoul office market, and the results were a sigh of relief to many investors and managers. This is all due to replacement cost. Replacement cost is the cost of replacing an existing asset with a similar asset in the current market. As construction prices and financing woes increase, replacement costs have skyrocketed, and the value of existing high-quality assets is being re-examined. […]