Koh Brothers’ first South Korean development sells 75% of units in first week of launch

/ EdgeProp
June 29, 2018 4:58 PM SGT
Singapore-listed construction and property development company Koh Brothers Group announced that its maiden development in South Korea, the 99-unit mixed-use project Nonhyeon I’PARK, is 96% sold to date. The developer has “achieved an overall 75% sale of all units in the first seven days of our launch”, says Francis Koh, group CEO of Koh Brothers. “This is testament of our foresight, sharp project selection acumen and ability to position and differentiate our products beyond the shores of Singapore”, he adds.
The freehold development is located in the prime Gangnam district in Seoul. It is 45% owned by Koh Brothers, and the remainder joint-venture partner Daeryun D&I Co. The project launched in March and comprises 99 apartment units, 194 ‘OfficeTel’ SoHo units, and 53 retail units. It sits on a 49,632 sq ft site and has a gross floor area of 331,701 sq ft.
Mixed-used development Nonhyeon I'PARK, in Gangnam Seoul, is Koh Brothers Group first project in South Korea (Picture: Koh Brothers)
Units range from 753 sq ft for a 1-bedroom unit to 1346 sq ft for a 3-bedroom unit. The OfficeTel units consists of 1- and 2-bedroom units and loft units from 721 sq ft and 915 sq ft, while retail units range from 538 sq ft to 1615 sq ft.
Nonhyeon I’Park is centrally-located and offers compact residential units for single professionals, double-income families without kids, and real estate investors. It is near transport connections like MTR stations, and is close to the core business districts of COEX and Teheran-ro. The project is expected to be complete by 2020. “We see promising prospects for us as lifestyle-themed developers in South Korea and are excited to explore further opportunities in this market”, says Koh.