Global comprehensive real estate service corporation CBRE Korea announced on the 23rd that it has formed a consortium with Samsung C&T Corporation's construction division to provide retail leasing advisory services for the composition of luxury commercial facilities in the redevelopment project of the Yongsan-gu Hannan 4 district in Seoul.
The 'Hannan 4 Redevelopment Promotion Zone Housing Redevelopment Maintenance Project (Hannan 4 district)' is a large-scale urban maintenance project in North Seoul with a total project cost of 1.5 trillion won. This project involves the construction of 2,331 dwellings and auxiliary facilities in 51 buildings, ranging from 7 underground floors to 22 above ground, in the area of Bogwang-dong, Yongsan-gu, based on the original design plan of the association. The area is attracting great interest as it not only has views of the Han River but is also planned to be developed into a new premium residential complex centered around Yongsan Park.
CBRE Korea said it has provided retail leasing advisory services for the redevelopment proposal of the Hannan 4 district in collaboration with Samsung C&T Corporation, preparing for the configuration of luxury commercial facilities in the area for about two years. CBRE Korea aims to make the Hannan-dong area a new hub by promoting the entry of retail businesses that can enhance residents' convenience and lifestyle, as the commercial facilities are connected to the premium residential complex.
The commercial facilities envisioned by CBRE Korea for the Hannan 4 district are differentiated from existing retail options, providing a residential-centered complex of premium food and beverage brands and living brands, along with healthcare services for wellness living and key educational services in the Gangnam area.
Brands that have submitted letters of intent for entry include domestic food and beverage brands and premium living brands, as well as 'Orpheo,' the country's first premium sound theater, Regen Medical Group, and 'Medical AI,' which provides advanced artificial intelligence-based healthcare services. In the education sector, brands capable of providing educational infrastructure covering early childhood education to studying abroad, including the MCC Education Group, Cheongdam Language Institute, CMS Mathematical Ability Academy, and Aigarten, are expected to enter.
Samsung C&T Corporation, the construction company of the consortium for this Hannan 4 district redevelopment project, plans to reflect architectural specialized elements such as terrace shopping areas, glass lobbies, and sunken spaces (parks or gardens created in open upper underground spaces), thereby maximizing the value of the complex commercial facility in this area through the design and consolidation of organic pathways.
Kim Yong-woo, executive managing director of retail at CBRE Korea, noted, 'CBRE Korea has successfully provided retail leasing advisory services for prominent flagship sites in Seoul, such as Magok One Grove and Yeouido TP Tower,' and added, 'In the push for the redevelopment of Hannan 4 district, we will provide retail leasing advisory services with Samsung C&T Corporation that can set the standard for future premium residential and commercial facilities, making it a new flagship complex space in Hannan-dong.'