Haimo, the No. 1 corporations in Korea's wig industry, was recently found to have purchased two buildings in a row near Yangjae Station in Dogok-dong, Gangnam-gu, Seoul. The total purchase price for the two buildings is 45.5 billion won. Since Haimo already has its headquarters near Yangjae Station, the industry is raising the possibility of an integrated development or a headquarters transfer.
According to the real estate industry and the Supreme Court online registry on the 15th, Haimo recently completed the ownership transfer registration for the land and building at 957-13, Dogok-dong, Gangnam-gu, Seoul. The sale contract was signed on Apr. 1, and the purchase price is about 21 billion won.
This building is a type 1 neighborhood living facility with one basement level and three above-ground floors near exit 4 of Yangjae Station on Subway Line 3. It is built with a reinforced concrete structure, and the site area is 344.6㎡. The total floor area is 154.43㎡ for each of the first to third floors above ground, and 230.81㎡ for the basement. It was completed in 1980, and previously the basement and first floor were used as stores, and the second to third floors as offices.
Earlier, Haimo also purchased the building at 957-3, Dogok-dong, located right next to this building. The sale contract was signed on July 18 last year, and the purchase price is 24.5 billion won. This building has one basement level and four above-ground floors and was completed in 1985. The site area is 404.8㎡, the above-ground first to fourth floors are each 180.4㎡, and the basement is 272㎡.
The two buildings Haimo purchased are contiguous. The combined site area of the two parcels reaches 749.4㎡. In the industry, Haimo's back-to-back purchases of two buildings lined up in the station area of Yangjae Station have prompted analysis that the company may be considering combining the two parcels to build a new office building.
In particular, the fact that Haimo's headquarters is currently at 13-4, Yangjae-dong, Seocho-gu, Seoul, near exit 7 of Yangjae Station on the Shinbundang Line, lends weight to this view. Since the company secured adjacent parcels not far from the existing headquarters, the purchase is being interpreted as made with a long-term eye toward a headquarters transfer or the development of office and commercial facilities.
A real estate asset management expert said, "The Yangjae Station area has steady office demand linking Gangnam and Pangyo," and noted, "As a core location dense with office and commercial facilities, there is also room for asset value to rise if an old building is rebuilt due to an increase in floor area ratio." The expert added, "Although rising construction costs are a recent burden, considering the location and purchase price, this can be seen as a purchase with mid- to long-term development value."
Haimo began in 1987 as the wig export company Umin Trading. In 1999, Chairman Hong In-pyo changed the company name to Haimo and made a full-fledged entry into the custom wig market. By hiring actor Lee Deok-hwa as an advertising model, it raised its profile among middle-aged and older customers and established itself as the No. 1 company in the domestic wig market.
To confirm the purpose of the building purchases and future development plans, this newspaper contacted Haimo, but did not receive a response.