Koramco REITs Management and Trust said on the 24th that it signed a strategic memorandum of understanding (MOU) for cooperation on luxury housing development projects with Xi S&D.
The signing ceremony was held in the main conference room at Xi S&D's headquarters on Toegye-ro in Jung District, Seoul, with Koramco CEO Lee Chung-seong and Xi S&D CEO Koo Bon-sam in attendance, along with key executives from both companies.
Through this agreement, the two companies plan to build a practical cooperative relationship in a range of areas, including: ▲ mutual sharing of information on luxury housing business sites ▲ participation in construction and trust for redevelopment projects and general development projects ▲ joint review of business structure and financing structure ▲ discussions on marketability studies and construction cost appropriateness.
Koramco, a private REITs operator and real estate trust company, has recently been expanding its network within the industry as it focuses on trust-based development projects targeting high-end residential facilities, alongside increasing orders for redevelopment projects centered on the greater Seoul area. Xi S&D is a comprehensive real estate services company that is expanding its business across various real estate development fields—such as urban luxury housing, residential facilities, and office and retail remodeling—based on its construction and design capabilities.
With this agreement, both sides expect that by having Xi S&D participate as a practical construction partner in Koramco's trust-based development projects, a "premium redevelopment project model" that addresses premium residential demand in city centers will be established.
Lee Chung-seong, CEO of Koramco REITs Management and Trust, said, "Koramco is evolving into a developer that not only participates financially but also leads the strategic planning of redevelopment projects and sophisticated development models," adding, "Through collaboration with Xi S&D, we will set a new standard for premium residential projects in city centers."