832-21 Yeoksam-dong, Gangnam-gu, Seoul and 4 lots. The land recently put up for public auction has an interesting history. Initially, SK D&D purchased it for KRW 59.2 billion to develop rental housing in 2020, but judged it to be unprofitable, then selling it to real estate developer Aster Development (currently Shinyu C&D) for KRW 120 billion in 2021. After acquiring the site, Aster Development had plans for a high-end residential development, but with that market deteriorating and an environment with high interest rates, the plan underwent revision to build an office building with a total floor area of more than 30,000 square meters. However, in the second half of 2022, […]