Sahakyeongeum Holds Groundbreaking Ceremony for Yeouido Seoul Hall Reconstruction Project

[Asia Economy Reporter Minji Lee] The Private School Teachers' Pension Service (hereinafter referred to as the Private School Pension) announced on the 8th that it held a groundbreaking ceremony at the site of the reconstruction project of the Private School Pension Seoul Hall in Yeouido, Seoul.

At the ceremony, about 30 investors and construction officials attended, including Ju Myung-hyun, Chairman of the Private School Pension, Bae Wae-sook, Standing Auditor, Hwang Jae-woon, Head of the Management Headquarters, Kim Kyung-tae, Head of the Pension Business Headquarters, Lee Kyu-hong, Director of Fund Operation Management, Jeong Jun-ho, CEO of Koramco Asset Trust, Kim Deuk-han, CEO of Geonwon Engineering in charge of architectural supervision, Yoon Se-han, CEO of Haean Architecture in charge of architectural design, and Lee Young-ho, CEO of Samsung C&T, the selected construction company.

Due to the novel coronavirus disease (COVID-19), the event was simplified and held on a small scale, and strict quarantine rules were followed to prevent the spread of COVID-19, including wearing masks, filling out health questionnaires, and temperature checks at a temporary quarantine center.

The event began with an overview of the Seoul Hall reconstruction project and a report on the progress of the project, followed by a commemorative speech by Chairman Ju Myung-hyun and congratulatory remarks by Jeong Jun-ho, CEO of Koramco Asset Trust, and concluded with a tape-cutting ceremony signaling a successful start. The costs saved through event simplification will be donated to the Private School Pension TP Hope Sharing Fund and used for regional development and social contribution activities.

Chairman Ju Myung-hyun said, "I am pleased to stand at the starting point of 'TP Tower,' which will boast the optimal location as a new landmark in Yeouido," and added, "I hope that the safety of workers, Seoul citizens, and nearby residents will be prioritized until completion, and that the project will be completed safely."

The Seoul Hall reconstruction project is being carried out through a direct investment by the corporation and an indirect development investment in the form of a REIT, which is the first case among pension funds. It is a prime-grade office building reconstruction with 6 basement floors and 42 above-ground floors, with a total floor area of 141,668.98 square meters (approximately 42,855 pyeong). The total project cost is about 480 billion KRW, and completion is targeted for the end of December 2023.