Shinhan REITs Management has begun the sale of the Fastfive Tower located in Dae-dong, Jung District, Seoul.
According to the investment banking (IB) industry and the real estate industry on the 22nd, Shinhan REITs Management recently selected Acertree and Rsquare as joint lead managers for the sale of Fastfive Tower (formerly Hana SK Card Building).
Fastfive Tower, located at 24 Namdaemun-ro 9-gil, Jung District, Seoul, is an office facility with a site area of 1,589.10 square meters and a total floor area of 15,098.38 square meters. The building has six basement levels and 12 above-ground floors; it was completed in Dec. 1994 and underwent remodeling in 2018.
Situated in a prime transit location a three-minute walk from Euljiro 1(il)-ga Station on Seoul Subway Line 2, it offers excellent transportation access and business infrastructure even within the city's core business district (CBD).
As a key tenant, the shared office corporation Fastfive occupies all floors (office basis), allowing for stable cash flow over the remaining lease term.
The building sits in a general commercial zone within the Mugyo–Dae-dong urban renewal redevelopment district. Under the 2030 Seoul Metropolitan Government's Urban and Residential Environment Improvement Master Plan, applying incentives could secure a maximum floor area ratio of about 880%.
It could be expanded to an office total floor area of about 21,398 square meters (20 above-ground floors), or repurposed into a hotel with about 250–300 rooms in line with the rising number of foreign tourists.
Shinhan REITs Management bought the building for about 120 billion won through a public auction in July 2024. It is now moving to sell the building about two years later.