Singapore-based ARA to sell 3 office buildings in Seoul

[THE INVESTOR] Singapore-based asset management firm ARA is set to sell three office buildings in Seoul, industry sources said Sept.13.

They include ING Center in downtown Seoul, CJ CheilJedang Center, also in downtown Seoul, and the YP Center located in northwestern Seoul.

ARA is seeking to invite bids in October to sign a sales contract before the year is out.

ING Center, measuring some 34,172 square meters, is expected to fetch around 23 million won (US$ 20,780) per 3.3 square meters, according to real estate industry sources. The building is fully occupied, with ING Life being one of the tenants.

ING Center

CJ CheilJedang, measuring some 8,0401 square meters, is rented out to CJ Group affiliates including CJ CheilJedang, CJ Foodville·CJ Freshway until 2020. Real estate sources expect the edifice to fetch around 20 million won per 3.3 square meters.

YP Center is smaller, spanning some 21,528 square meters,

By Kim Ji-hyun (jemmie@heraldcorp.com)