The Government of Singapore Investment Corporation (GIC) has officially launched the sale of Premier Place, a mid-sized office tower in Mugyo-dong, central Seoul — signaling continued overseas owner rotation in Korea’s prime office market.

GIC began full-scale marketing this week, sending out teaser letters to potential buyers through CBRE Korea and Deloitte Anjin.

Premier Place sits adjacent to Seoul Finance Center (SFC) in the city’s core business district, with direct frontage facing Cheonggyecheon Plaza — a rare position for redevelopment in a tightly held neighborhood.

Completed in August 1992, the building offers five basement levels and 15 floors above ground, totaling about 16,444 square meters of gross floor area on a land parcel of 1,545.7 square meters.

Market watchers compare it to The Exchange Seoul (TES), which GIC successfully sold last year to the Koramco–Citycore consortium. With an existing FAR of 689% and a building coverage ratio near 47%, Premier Place is viewed as a potential candidate for floor area expansion or full redevelopment.

Beyond its location and upside potential, Premier Place benefits from stable in-place income. The Seoul Metropolitan Government occupies nine of the thirteen office floors, accounting for about 70% of the total leasable area. The current vacancy rate is effectively 0%.

In its teaser, GIC emphasized that although the building’s weighted average lease expiry (WALE) is 2.4 years, early termination options exist in lease agreements — giving a new owner the ability to shorten the timeline for redevelopment or repositioning.

Deal Timeline

GIC plans to hold bidding next month and aims to close the transaction within 2025 — marking another test of investor appetite for aging core assets in Seoul’s CBD.

This article was published in Corebeat June 24, 2025.