Sindoh Wins Seongsu-dong Land and Building for 220 Billion Won... Highest Auction Price Ever in Korea [Real Estate AtoZ]

Land and Building Near Seongsu Station Sold Above Appraised Value in First Round
Record-Setting Auction Price in Korea; Sindoh Expected to Expand Headquarters and R&D into a "Sindoh Town"
Potential Gross Floor Area of 17,000 Square Meters... Lik

Sindoh, a leading South Korean company specializing in business multifunction devices and printers, has set a new record in the country's real estate auction history. The company won a bid for land and buildings in Seongsu-dong, Seongdong-gu, Seoul, located in a prime area near a major subway station, for more than 220 billion won, establishing the highest-ever winning bid for a single property in South Korea.

Seongsu-dong site sets record for highest price in real estate auction history. Gigi Auction.

According to Gigi Auction, a real estate auction and public sale platform, on September 4, a court auction held at the Seoul Eastern District Court on August 25 resulted in the sale of 4,274 square meters (1,293 pyeong) of quasi-industrial land and a 2,503 square meter (757 pyeong) building in Seongsu-dong 2-ga for 220.21 billion won. The successful bidder was Sindoh.

The property was sold in the first round of bidding at a price slightly above the appraised value of 220.16 billion won. This marks the highest winning bid in the history of the domestic auction market, surpassing the previous record of 105.5 billion won for a building in Nonhyeon-dong, Gangnam, set in 2021.

This real estate is located at a prime corner site directly adjacent to Exit 2 of Seongsu Station on Subway Line 2. Sindoh already has its headquarters and technology research center nearby, and industry analysts believe this acquisition significantly increases the possibility of establishing a "Sindoh Town."

With a legal floor area ratio of 400%, the potential gross floor area could reach 17,000 square meters (approximately 5,170 pyeong). Industry experts suggest that Sindoh could secure long-term profits worth hundreds of billions of won by constructing a new office building or redeveloping the site.

Sindoh's large-scale real estate investments are not limited to South Korea. Immediately after winning the Seongsu-dong auction, on August 26, the company resolved at a board meeting to purchase land and a building in Shibuya, Tokyo, Japan, through its subsidiary "Sindoh Property Japan," for 84.3 billion won. To finance this, Sindoh had previously provided 121.8 billion won to the subsidiary through a paid-in capital increase.