▶ RSQUARE-AcreTree consortium leads sale advisory for 'FastFive Tower' in the core CBD submarket
▶ Opens the door to multiple investment strategies, including stable cash-flow generation, expansion/renovation value-add, and new hotel development
▶ Expected to draw strong interest from developers and value-add investors amid rising Seoul tourism demand and RevPAR growth
RSQUARE (CEO: Lee Yong-gyun), a full-service commercial real estate firm, announced on the 20th that it has launched sale advisory services for 'FastFive Tower,' located in Da-dong, Jung-gu, Seoul, in partnership with AcreTree.
FastFive Tower — formerly the Hana SK Card Building — is an office property with 6 basement levels and 12 floors above ground, sitting on a site area of 1,589.10㎡ (288.71 pyeong) with a gross floor area (GFA) of 15,000.32㎡ (4,537.60 pyeong). Located in the heart of the CBD, one of Seoul's three major business districts, the property is a 2-minute walk from Euljiro 1-ga Station on Subway Line 2. It is currently owned by Shinhan REITs Management.
With the office space fully leased to FastFive, the asset offers a stable income stream. The property's current floor area ratio (FAR) of 479.37% and building coverage ratio (BCR) of 40.08% leave room for value-add opportunities through both vertical and horizontal expansion. Acquiring adjacent parcels could further enable integrated development beyond the current site.
Hotel redevelopment potential adds another layer of competitive advantage. Driven by a sharp rise in inbound foreign tourism since last year, occupancy rates and average daily rates (ADR) for Seoul's 4- and 5-star hotels have shown a clear upward trend. As operating fundamentals continue to improve, a growing number of office and commercial assets are being converted into hospitality use or redeveloped as new hotels. This is especially true in the Jongno-gu and Jung-gu areas — home to major tourist destinations such as Bukchon Hanok Village, Insadong, and Myeongdong — which recorded an international visitor share of 91.5% last year, underscoring strong hotel development potential in the downtown core.
"The CBD submarket calls for investment strategies tailored to each asset's individual characteristics, so shaping multiple strategies to match buyer needs is essential," said Ho-jun Lee, Head of the Investment Advisory Division at RSQUARE. "By closely examining the property's physical attributes, value-enhancement potential, and risk factors from multiple angles, we will provide both seller and buyer with a practical basis for evaluation."
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▶ RSQUARE-AcreTree consortium leads sale advisory for 'FastFive Tower' in the core CBD submarket
▶ Opens the door to multiple investment strategies, including stable cash-flow generation, expansion/renovation value-add, and new hotel development
▶ Expected to draw strong interest from developers and value-add investors amid rising Seoul tourism demand and RevPAR growth
RSQUARE (CEO: Lee Yong-gyun), a full-service commercial real estate firm, announced on the 20th that it has launched sale advisory services for 'FastFive Tower,' located in Da-dong, Jung-gu, Seoul, in partnership with AcreTree.
FastFive Tower — formerly the Hana SK Card Building — is an office property with 6 basement levels and 12 floors above ground, sitting on a site area of 1,589.10㎡ (288.71 pyeong) with a gross floor area (GFA) of 15,000.32㎡ (4,537.60 pyeong). Located in the heart of the CBD, one of Seoul's three major business districts, the property is a 2-minute walk from Euljiro 1-ga Station on Subway Line 2. It is currently owned by Shinhan REITs Management.
With the office space fully leased to FastFive, the asset offers a stable income stream. The property's current floor area ratio (FAR) of 479.37% and building coverage ratio (BCR) of 40.08% leave room for value-add opportunities through both vertical and horizontal expansion. Acquiring adjacent parcels could further enable integrated development beyond the current site.
Hotel redevelopment potential adds another layer of competitive advantage. Driven by a sharp rise in inbound foreign tourism since last year, occupancy rates and average daily rates (ADR) for Seoul's 4- and 5-star hotels have shown a clear upward trend. As operating fundamentals continue to improve, a growing number of office and commercial assets are being converted into hospitality use or redeveloped as new hotels. This is especially true in the Jongno-gu and Jung-gu areas — home to major tourist destinations such as Bukchon Hanok Village, Insadong, and Myeongdong — which recorded an international visitor share of 91.5% last year, underscoring strong hotel development potential in the downtown core.
"The CBD submarket calls for investment strategies tailored to each asset's individual characteristics, so shaping multiple strategies to match buyer needs is essential," said Ho-jun Lee, Head of the Investment Advisory Division at RSQUARE. "By closely examining the property's physical attributes, value-enhancement potential, and risk factors from multiple angles, we will provide both seller and buyer with a practical basis for evaluation."