Mirae Asset Ja운용, 'Seongsu-dong K-Project' Groundbreaking Ceremony... "Landmark Expected"

Mirae Asset Global Investments announced on the 29th that it held a groundbreaking ceremony for the 'K-PROJECT' mixed-use development project.

Mirae Asset Global Investments held a groundbreaking ceremony for the 'Seongsu-dong K-PROJECT' complex development project on the 29th in Seongdong-gu, Seoul, attended by consortium members including Krafton, the Teachers' Pension, the National Agricultural Cooperative Federation, and Mirae Asset Global Investments. Photo by Mirae Asset Global Investments

The consortium, consisting of Krafton, the Teachers' Pension, the National Agricultural Cooperative Federation, and Mirae Asset Global Investments, held the groundbreaking ceremony at 333-16, Seongsu-dong 2-ga, Seongdong-gu, Seoul, with about 100 attendees including consortium executives and employees, as well as public and private project stakeholders.

'K-PROJECT' is a business and cultural complex facility being developed by the consortium of global game company Krafton and Mirae Asset Global Investments through the establishment of the 'Mirae Asset MAPS No. 66 Private Real Estate Investment Trust.' The new building will be constructed on the site of Emart’s Seongsu-dong headquarters, with a total floor area of 218,093 square meters, comprising 8 basement levels and 17 above-ground floors. The expected completion date is the end of 2027, after which it will be used as Krafton’s headquarters building.

Previously, 'K-PROJECT' was selected for the 2023 Seoul City Urban and Architectural Creative Innovation Design Pilot Project. Currently in its second phase, this pilot project is a Seoul city policy initiative aimed at reforming unnecessary regulations and encouraging public interest and innovative design in private development projects by applying high-quality landmark architectural designs.

Mirae Asset Global Investments applied innovative design to 'K-PROJECT' to enhance the dignity of the area by reflecting the characteristics of Seongsu-dong while fostering interaction with the local community and embracing nature. To this end, British architect David Chipperfield and the domestic firm Samoo Architects & Engineers were selected as lead designers. David Chipperfield, the 2023 Pritzker Prize laureate?often called the Nobel Prize of architecture?is renowned for designing the Amorepacific headquarters located in Yongsan, Seoul.

Accordingly, 'K-PROJECT' is expected to significantly contribute to the creation of an innovative industrial ecosystem in the Seongsu-dong area. Recently, Seongsu-dong has emerged as a new hub for innovation industries in Seoul due to the influx of various startups and IT companies. Mirae Asset Global Investments plans to develop 'K-PROJECT' not only as office facilities for these companies but also to harmonize with rest and cultural facilities for local residents. The project will incorporate eco-friendly heating and cooling systems to ensure compliance with ESG principles throughout both the development and post-completion operational phases.

In addition to 'K-PROJECT,' Mirae Asset Global Investments is gaining attention for sustainable real estate development projects. The Pangyo Alpha Dome City development project in Seongnam, completed in 2021, is a large-scale mixed-use building combining office and commercial facilities, establishing itself as a new landmark representing Pangyo. Recently, the company has launched the 'Pangyo 641 Project,' another large-scale development expected to become a landmark in Pangyo.

Jang Byung-gyu, Chairman of Krafton, stated, “Krafton believes that the Seongsu area will become a landmark in Seoul visited by people from various countries around the world. We will also continue to contribute to the advancement of Korea’s cutting-edge manufacturing and global service industries in the impressive and safe building to be constructed here.”

Choi Chang-hoon, Vice Chairman of Mirae Asset Global Investments, said, “We are focusing Mirae Asset’s core capabilities to successfully complete 'K-PROJECT,' which will become a new landmark in Seongsu-dong. We expect this project to serve as a leading example of sustainable real estate development.”