[Asia Economy Reporter Yoo Hyun-seok] GammaNu, which recently completed the first shipment of duty-free goods and is accelerating its overseas duty-free product supply business, is starting its domestic post-duty-free shop business.
GammaNu announced on the 16th that it has completed the acquisition of real estate worth 8.2 billion KRW to promote the post-duty-free shop business for foreign tourists. The real estate registration for a land area of 2,444㎡ (approximately 740 pyeong) and a building area of 4,837㎡ (approximately 1,464 pyeong) has been completed. The company plans to finalize the succession of existing post-duty-free shop permits and obtain the duty-free shop operator license as soon as possible.
The acquired real estate for the post-duty-free shop is a neighborhood living facility and cultural assembly facility located in Deogeun-dong, Deogyang-gu, Goyang-si, Gyeonggi-do, consisting of one basement floor and three above-ground floors. In particular, it has ample parking facilities and is adjacent to tourist attractions such as a mural village and a Korean food experience center, providing favorable conditions for promoting the duty-free shop business.
A company official stated, “With COVID-19 vaccinations being actively administered worldwide, some analyses cautiously suggest that overseas travel may be possible as early as this summer.” He added, “As already reported, some countries including the EU (European Union) are planning to enact legislation for a ‘digital vaccine passport’ that can prove COVID-19 vaccination status, and recently China has unveiled its vaccine passport.”
He continued, “The vaccine passport is a system that allows vaccinated individuals to travel and move across borders without quarantine, authorized by governments, which could accelerate the recovery of the travel industry alongside vaccine distribution. GammaNu will speed up the promotion of the post-duty-free shop business to proactively respond to the rapid recovery of the travel industry,” he added.
GammaNu’s asset value is also expected to increase. The post-duty-free shop acquired by GammaNu for a total of 8.2 billion KRW had an appraised value of approximately 9.5 billion KRW as of last year. The previous operator had fully completed interior facilities worth about 2 billion KRW for the purpose of operating the post-duty-free shop, bringing the appraised value including the interior to 11.5 billion KRW. Additionally, it is adjacent to Changneung New Town in Goyang-si, designated last year as one of the 3rd phase new towns, which the company explains adds value as an investment property in the future.
A company official said, “Due to the COVID-19 impact and the downturn in the duty-free business, we were able to purchase the property, which was on the market at a price lower than the market value, under favorable conditions.” He added, “Issues such as auctions and seizures due to arrears that existed at the time of contract were resolved before the final payment, and now all problems have been completely settled and the real estate registration has been completed. Along with the overseas duty-free business, we plan to create synergy among travel, tourism, and distribution businesses by fully launching the domestic post-duty-free shop business.”
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