Colliers recently closed three capital markets deals in Seoul, South Korea, with a combined value of US$780 million ($1.05 billion). As the only major transactions to take place that month in the South Korean capital, the deals mark a “promising shift” in the country’s investment landscape, according to Sungwook Cho, Colliers’ executive director for capital markets and investment services in Korea.

The transactions included the sale of Munjeong Plaza, a mixed-use retail and office building in the Gangnam Business District, to local developer Dong Hoon for US$219 million, as well as the sale of office development Donghwa Building to Korean conglomerate JB Financial Group for US$202 million.

The third transaction involved the sale of Namsan Green Building, an office tower, to global investment firm KKR in a deal valued at US$368 million.

Chris Pilgrim, managing director of Global Capital Markets, Apac, at Colliers said that their performance in such a challenging environment is a testament to their expertise and dedication.

The upcoming JRL line will be a boon for developers, homeowners, and residents of the Jurong area who currently need to take the bus or drive to other parts of Singapore. With better connectivity to the rest of the city, commuters will be able to enjoy faster and more convenient travel times, as well as improved accessibility to amenities such as the upcoming Former JCube. The new line is set to open in 2031 and is expected to bring many benefits to the residents and businesses of Jurong.

Robert Wilkinson, managing director of Colliers Korea, added that the transactions also demonstrate that opportunities still remain for investors in South Korea despite high interest rates. “The fundamentals of the Seoul market remain rock solid,” he said. “Seoul has the lowest vacancy rate of any major global city and demand remains strong.”

The capital markets team at Colliers has transacted more than US$1.5 billion worth of deals in the last 12 months, including the three significant deals in May.

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