Press Releases
IGIS Asset Management Marks Significant Milestone in Seoul Station Urban Regeneration Project
Date
24. 03. 18
image
Perspective View of the Redevelopment Plan for the Seoul Station Area

IGIS Asset Management has reached a key milestone by acquiring two strategic towers for its Seoul Station urban regeneration project.

The initiative will transform the area with extensive mixed-use development, public green spaces, and innovative third-generation office solutions.

This ambitious project is set to establish a new landmark in Seoul, similar to New York’s Hudson Yards and Tokyo’s Azabudai Hills.

IGIS Asset Management has achieved a pivotal milestone in its Seoul Station urban regeneration project.

 

On March 18, 2024, IGIS Asset Management announced the completion of the acquisition of Metro Tower and Seoulro Tower, two key buildings located in Namdaemunno 5-ga, Seoul. These buildings, located just 4 kilometers from the city’s central business district, are set to be integral to the regeneration project that will connect Namsan and Baekbeom Park. The acquisition follows the approval of the Hilton Hotel site’s redevelopment plan by the Seoul City Urban Planning Committee last November and marks the beginning of the revitalization process.

 

The Metro Tower (with a total floor area of 41,139.6 sqm) and Seoulro Tower (with a total floor area of 27,897.5 sqm) are strategically positioned at the entrance of Seoul Station. They are adjacent to the Hilton Hotel site, forming a gateway to Namsan. With the completion of this acquisition, the project is expected to gain significant momentum as architectural permits and other necessary procedures are finalized later this year, with development expected to commence in 2024 and complete by 2029.

 

With the motto “Bringing Namsan to the Public,” the project aims to significantly transform the area stretching from Seoul Station to Namsan Hilton. The development will include 7,000 sqm of public green space alongside an escalator-connected pedestrian pathway from Seoul Station’s Exit 8 to Namsan, providing convenient public access.

 

Additionally, the project will feature a large-scale mixed-use complex, including office spaces, hotel, and retail facilities, spanning approximately 460,000 sqm, positioning it as a new landmark in Seoul. Upon completion in five years, IGIS Asset Management expects the development to become the next ‘trophy asset’ for the Korean commercial real estate market, following the IFC complex. Trophy assets are high-value real estate properties that retain their worth regardless of market fluctuations, drawing interest from global institutional investors.

 

A representative from IGIS Asset Management stated, “Large-scale urban regeneration projects combining green spaces and mixed-use developments, such as Hudson Yards in New York and Azabudai Hills in Tokyo, are global trends in urban revitalization. Our project aims to bring new life to the relatively underdeveloped Seoul Station area. We are introducing a new ‘area management’ model that combines Seoul’s unique natural environment, cutting-edge technologies from Korea’s top companies, and third-generation office spaces.”

 

Third-generation office spaces go beyond merely offering workspaces; they actively integrate IoT, robotics, and other modern technologies into building operations. Factorial Seongsu, completed last month, is IGIS Asset Management’s first third-generation office. The building offers innovative services, including autonomous parking robots, electric vehicle charging robots, and delivery robots powered by Hyundai Motor Group, and integrates Samsung Electronics’ IoT solutions through SmartThings.

 

Moreover, IGIS Asset Management has actively engaged with various stakeholders throughout development. During the Hilton Hotel acquisition in 2022, the company swiftly reached a mutually beneficial agreement with labor unions. Additionally, the company is working with architects to preserve key elements of the Hilton building, including the lobby, while respecting the architectural significance of the building.

 

 

- This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard.

- The above information is based on data as of February 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply.

-This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully based solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment.[IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-047 (March 6, 2025 – March 5, 2026)]