[Asia Economy Reporter Dongwoo Lee] Seoul Housing and Communities Corporation (SH Corporation) announced on the 17th that it has collectively sold the 5th-floor office facilities of the Tool Building in the Garden Five distribution complex in southeastern Seoul.
The facilities sold this time consist of a total of 273 units, with a total area of 22,327.39㎡. The sale amount is approximately 32.1 billion KRW. Upon completion of the sale, the vacancy rate of the Garden Five Tool Building will decrease from 30.2% to 18.1%.
Initially, the 5th floor of the Garden Five Tool Building was planned to be sold for retail use. However, due to lack of demand, it remained unsold and was considered the biggest obstacle to revitalizing Garden Five.
Through related services and market analysis, it was identified that there was demand for office facilities, and the usage of the facilities was changed to office use, with the sale being promoted accordingly.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
