Koramco's First Co-Living Project Site Confirmed at Jaedong Gas Station in Front of Anguk Station

‘3-Sided Palace View’ in the Heart of the City... Co-Living House Specialized for MZ Generation
Symbolic Project to Showcase Coramco Energy REITs' ESG Commitment

Koramco Asset Trust announced on the 1st that Koramco Energy REIT will develop a co-living house on the site of ‘Hyundai Oilbank Jaedong Gas Station’ in front of Anguk Station.

The project site, Jaedong Gas Station, is located at the point where three palaces?Gyeongbokgung, Deoksugung, and Unhyeongung?are connected, and is near Bukchon Hanok Village and Hyundai Group’s Gyedong Office Building. It is a prime location directly connected to Exit 5 of Anguk Station on Seoul Subway Line 3, making transportation convenient. The main demand is expected to come from MZ generation office workers working in CBD (Central Business District) areas such as Jongno and Gwanghwamun.

Koramco Asset Trust plans to build a co-living house with approximately 3,700㎡ (1,100 pyeong) of total floor area, spanning from basement level 2 to the 12th floor above ground. Residents will be able to enjoy a refreshing panoramic ‘palace view’ from the high-rise interiors and rooftop garden. The building will feature various community facilities such as a caf?, lounge, cinema, event room, training room, and rooftop garden, aiming to create a new space where living and culture coexist.

In particular, Koramco Asset Trust intends to apply ESG principles from the development stage, planning this as an ESG-specialized facility to realize Koramco Energy REIT’s ESG orientation in the future. Environmentally friendly materials will be used during construction, and after completion, renewable energy, water resources, and waste recycling facilities will be introduced to focus technological efforts on reducing carbon emissions. Additionally, by utilizing the co-living facility, the project plans to activate community exchanges and achieve social outcomes.

Last year, Koramco Asset Trust was awarded the highest rating of ‘5 Star’ by the world’s most prestigious real estate ESG evaluation, GRESB (Global Real Estate Sustainability Benchmark), and was selected as the first ‘Asia Sector Leader’ domestically. Currently, it is building an ESG ecosystem across investment, asset management, and overall management, and is recognized as conducting the most practical ESG management in the real estate investment industry.

Koramco Asset Trust is currently discussing business directions with multiple co-living companies based on the stable operation of co-living facilities and ESG direction. The operator is expected to be selected as early as the first half of the year, with actual development procedures starting in the second half.

Lee Jeong-ju, Team Leader and Chief Operator of Koramco Energy REIT, said, “This co-living project is a symbolic project that presents the direction for Koramco Energy REIT to transform into a lifestyle-oriented REIT,” adding, “All future projects promoted by Koramco Energy REIT will be ESG value-added businesses where customers’ lives and the natural environment create a virtuous cycle.”