The sale process for Premier Place, a mid-sized office building located in Mugyo-dong, central Seoul, has officially begun.

The Government of Singapore Investment Corporation (GIC), the building's owner, began full-fledged sale marketing by distributing teaser letters to potential investors through its advisors CBRE Korea and Deloitte Anjin.

Adjacent to the Seoul Finance Center (SFC), Premier Place consists of five basement levels and 15 above-ground floors, with a land area of 1,545.7 square meters and a total floor area of 16,444.2 square meters. The building was completed in August 1992.

Industry experts view Premier Place as a valuable redevelopment opportunity due to its prime location in front of Cheonggyecheon Plaza and its age—over 30 years since completion. Like The Exchange Seoul (TES), which GIC sold last year to the Koramco Asset Management–Citycore consortium, Premier Place could potentially undergo expansion or redevelopment through increased floor area ratio (FAR). The building currently has an FAR of 689.34% and a building coverage ratio of 46.63%.

In its teaser letter, the seller emphasized that although the weighted average lease expiry (WALE) is 2.4 years, there are early termination clauses in the lease agreements, allowing for a faster handover process if exercised.

Another strength of Premier Place is its strong tenant base, supported by its competitive location. The Seoul Metropolitan Government occupies 9 of the 13 office floors (excluding retail on B1–2F), using approximately 70% of the leasable area. The current vacancy rate stands at 0%.

The seller plans to conduct a bidding process next month and complete the transaction within the year.