City Developments Ltd (CDL) via its subsidiary wholly owned by CDL CDL Hotels (Korea) is the company that purchased the Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea, for KRW140 billion ($143.9 million). The hotel’s 408 rooms were acquired by Shinhan Nine Tree Real Estate Investment Trust. The purchase price is around $353,000 for each key.
The Myst layout is 16,630 sq ft and is in a prime location. It has a plot ratio of 2.1, is zoned residential, and is set to offer 1, 2, 3, and 4-bedroom units.
The hotel is located in the Myeondong-Euljiro district of commercialization it was inaugurated in 2017. It is located within walking distance to well-known shopping areas, such as The Myeongdong Walking Street, Lotte and Shinsegae departmental stores and street food and restaurants, as well as entertainment and business venues. It’s also a short walk from the Euljiro 3ga subway station.
Kwek Leng Beng CDL chief executive officer, claims the group is constantly looking for new ways to invest in Korea after the divestment of Millennium Hilton Seoul and the adjacent land site in February 2022. The properties were transferred by IGIS Asset Management for KRW1.1 trillion.
“This acquisition shows our commitment to invest and investing Korea one of the Asia’s most vibrant economies, with solid market fundamentals,” Kwek adds.