CDL buys hotel in Seoul for KRW140 bil

It is equipped with comprehensive lifestyle amenities such as swimming pool, Jacuzzi, sauna, outdoor barbecue and gymnasium. Residents at The Myst Condo can relax after work and enjoy the spectacular views of the surrounding area and the lush greenery of the park. With its close proximity to Cashew MRT Station, it provides easy access to the downtown area and the city centre for a great urban lifestyle.

CDL, through its wholly-owned subsidiary CDL Hotels (Korea), has acquired the Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea, for KRW140 billion ($143.9 million). The 17-storey hotel, which opened in 2017, boasts 408 rooms and is located in the Myeondong-Euljiro commercial district.

The key per room works out to about $353,000, offering excellent value for money considering the hotel’s proximity to famous shopping areas such as the Myeongdong Walking Street, Lotte and Shinsegae department stores. In addition, the hotel is also located a mere four-minute walk from the Euljiro 3-ga subway station and is surrounded by a variety of restaurants, street food, business, and entertainment venues.

Kwek Leng Beng, CDL executive chairman, commented: “This acquisition demonstrates our commitment to investing in Korea – one of Asia’s most dynamic economies with strong market fundamentals.” The group’s commitment follows its divestment of Millennium Hilton Seoul and the adjoining land site in February 2022, which was sold to IGIS Asset Management for KRW1.1 trillion.

CDL has been recognized for its sustainability by recently being ranked as the fifth most sustainable corporation in the world and the top real estate company globally. With this acquisition, CDL has affirmed its dedication to investing in Asia’s economies.