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Gemopia Invest Sells Newly Constructed Buildings Successively in Gangnam
Author.
관리자
Date.
2022-06-13 15:28
Views.
352
Original Source: The Bell | http://www.thebell.co.kr/free/content/ArticleView.asp?key=201909240100041640002603
Real estate developer Gemopia Invest (formerly Brand Khan) has successfully sold newly built buildings in Seoul’s Gangnam area one after another.
Earlier this year, it sold the "Brand Khan Tower I" in Banpo-dong, and most recently, disposed of its newly completed "Brand Khan Tower II near Samseong Station" to Korea Hokusho, a Japanese-affiliated company.
According to the real estate industry on the 24th, Gemopia Invest signed a contract with Korea Hokusho in early August to sell Brand Khan Tower II,
located at 15, Teheran-ro 88-gil, Gangnam-gu, Seoul (944-23, Daechi-dong). The transaction was completed at the end of last month. The selling price was KRW 45 billion.
Gemopia Invest is a real estate developer that changed its name from Brand Khan in May this year.
Its business model has been to secure land, construct new buildings, and primarily sell them.
It has experience with various projects, including NEMO PLUS near Seocho Station and Daeyang Building in Guro Digital Complex.
As for the land for Brand Khan Tower II, it had been owned by an individual, Mr. K, since 1975.
Gemopia Invest purchased the site for KRW 20 billion in December 2016 and began development.
After completing the building in March this year, it went up for sale and successfully recovered the investment.
In March this year, Gemopia Invest also sold Brand Khan Tower I, a newly built building located at 527, Gangnam-daero, Seocho-gu (722-20, Banpo-dong).
Gemopia Invest purchased 70% of the land from individual co-owner Mr. K for KRW 15.4 billion in 2014.
Later that year, it bought the remaining 30% from co-owner Mr. L for about KRW 2 billion and proceeded with the development.
In November 2016, it completed construction of a building with six underground and 16 above-ground floors, totaling 6,985 m².
In March this year, it signed a sale contract with YMG Co., Ltd., based in Yongin, and closed the transaction the following month.
The sale price was KRW 54.5 billion. With these two building sales in Gangnam this year, Gemopia Invest secured KRW 100 billion in funds.
Meanwhile, Woori Bank was involved in both transactions, drawing attention.
Woori Bank provided financing when YMG acquired Brand Khan Tower I, placing a mortgage on the building with a maximum secured amount of KRW 50.4 billion.
Given that maximum secured amounts are usually 120–130% of the actual loan, it is estimated that KRW 38.7–42 billion was lent.
A similar arrangement was used when Korea Hokusho acquired Brand Khan Tower II near Samseong Station.
A mortgage was placed on the property, with the maximum secured amount set at KRW 36 billion.
The actual loan amount is estimated at KRW 27.6–30 billion, accounting for over 60% of the total transaction value.
It is believed that Korea Hokusho relied on Woori Bank’s help because of its limited internal funding capacity.
Hokusho, a Japanese logistics equipment company, established its Seoul office in 1996 and founded Korea Hokusho in 2004.
Although it is a consistently profitable company, it is relatively small in scale.
Last year’s revenue and operating profit were KRW 17 billion and KRW 1.2 billion, respectively,
down 4.2% and 15.9% from the previous year. As of the end of last year, its cash and cash equivalents stood at KRW 4.4 billion,
and short-term financial instruments at KRW 4.5 billion, totaling KRW 8.9 billion—an 11.8% decrease year-over-year.
Real estate developer Gemopia Invest (formerly Brand Khan) has successfully sold newly built buildings in Seoul’s Gangnam area one after another.
Earlier this year, it sold the "Brand Khan Tower I" in Banpo-dong, and most recently, disposed of its newly completed "Brand Khan Tower II near Samseong Station" to Korea Hokusho, a Japanese-affiliated company.
According to the real estate industry on the 24th, Gemopia Invest signed a contract with Korea Hokusho in early August to sell Brand Khan Tower II,
located at 15, Teheran-ro 88-gil, Gangnam-gu, Seoul (944-23, Daechi-dong). The transaction was completed at the end of last month. The selling price was KRW 45 billion.
Gemopia Invest is a real estate developer that changed its name from Brand Khan in May this year.
Its business model has been to secure land, construct new buildings, and primarily sell them.
It has experience with various projects, including NEMO PLUS near Seocho Station and Daeyang Building in Guro Digital Complex.
As for the land for Brand Khan Tower II, it had been owned by an individual, Mr. K, since 1975.
Gemopia Invest purchased the site for KRW 20 billion in December 2016 and began development.
After completing the building in March this year, it went up for sale and successfully recovered the investment.
In March this year, Gemopia Invest also sold Brand Khan Tower I, a newly built building located at 527, Gangnam-daero, Seocho-gu (722-20, Banpo-dong).
Gemopia Invest purchased 70% of the land from individual co-owner Mr. K for KRW 15.4 billion in 2014.
Later that year, it bought the remaining 30% from co-owner Mr. L for about KRW 2 billion and proceeded with the development.
In November 2016, it completed construction of a building with six underground and 16 above-ground floors, totaling 6,985 m².
In March this year, it signed a sale contract with YMG Co., Ltd., based in Yongin, and closed the transaction the following month.
The sale price was KRW 54.5 billion. With these two building sales in Gangnam this year, Gemopia Invest secured KRW 100 billion in funds.
Meanwhile, Woori Bank was involved in both transactions, drawing attention.
Woori Bank provided financing when YMG acquired Brand Khan Tower I, placing a mortgage on the building with a maximum secured amount of KRW 50.4 billion.
Given that maximum secured amounts are usually 120–130% of the actual loan, it is estimated that KRW 38.7–42 billion was lent.
A similar arrangement was used when Korea Hokusho acquired Brand Khan Tower II near Samseong Station.
A mortgage was placed on the property, with the maximum secured amount set at KRW 36 billion.
The actual loan amount is estimated at KRW 27.6–30 billion, accounting for over 60% of the total transaction value.
It is believed that Korea Hokusho relied on Woori Bank’s help because of its limited internal funding capacity.
Hokusho, a Japanese logistics equipment company, established its Seoul office in 1996 and founded Korea Hokusho in 2004.
Although it is a consistently profitable company, it is relatively small in scale.
Last year’s revenue and operating profit were KRW 17 billion and KRW 1.2 billion, respectively,
down 4.2% and 15.9% from the previous year. As of the end of last year, its cash and cash equivalents stood at KRW 4.4 billion,
and short-term financial instruments at KRW 4.5 billion, totaling KRW 8.9 billion—an 11.8% decrease year-over-year.
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