GIC, Singapore’s sovereign wealth fund, is making notable progress with its prime office asset, One Sentinel (formerly Shinhani Financial Investment Tower) in Seoul’s Yeouido business district.

After acquiring the building in 2022 through IGIS Asset Management and implementing a value-add strategy — involving targeted refurbishment and active leasing efforts — the property has now secured tenants for approximately 70% of its leasable area, marking a significant milestone.

The latest boost came as NH Nonghyup Capital signed a lease to relocate its headquarters to One Sentinel.

The company, which sold its current headquarters building to Koramco Asset Management last year, plans to move into roughly 4,200 pyeong (approx. 13,900 sqm) by July 2026, accounting for around 20% of the building’s leasable space.

This follows successful leases with other key tenants including Mirae Asset Life, Woori Investment & Securities, and Hyundai Motor Securities’ IT task force. With NH Nonghyup Capital on board, One Sentinel now has a strong anchor tenant — a critical step for repositioning the asset in Seoul’s competitive office market.

One Sentinel spans ~70,000 sqm (approx. 21,000 pyeong) across 30 floors and underwent a refurbishment led by IGIS Asset Management, funded by GIC’s capital. The building was fully vacant after Shinhani Financial Investment vacated in 2022, prompting GIC to launch an aggressive leasing campaign alongside the renovation.

The strategy is paying off: 70% of the space is now committed, and market sources indicate that the Korea Fire Insurance Association — currently planning to redevelop its own headquarters — is in talks to lease additional space. Should that deal close, One Sentinel’s occupancy would surge further, leaving only minimal vacancies.

GIC’s playbook with One Sentinel mirrors a broader trend in global institutional real estate: acquiring well-located but underperforming assets, upgrading them through refurbishment or amenity enhancements, and filling them with quality tenants.

Market insiders note that such strategies are increasingly crucial in Seoul, where tenant demand is shifting toward premium buildings with modern specs and strong transport connectivity.