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Old February 24th, 2016, 03:58 PM   #481
inno4321
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Today news paper title

Parc1 resume?
samsung withdraw from project ....First obstacle to resume construction and PF $ 3 billions financing passed.
POSCO considering whether participated on Parc1 or not.

later i gonna translation above news article..



Quote:
Originally Posted by aquaticko View Post
That is surprising, that they didn't have an HQ. I had always assumed that they were entirely located in an office building somewhere in Jongno, but I know that Yeouido is more specialized in the finance industry.

Inno, any idea why they chose to be involved in building Parc1 instead of taking up space in the IFC building? I'd think they'd rather just be able to move right into that already-completed building. I've also wondered about the IFC complex's occupancy rate; is it still mostly unoccupied, or have other companies moved in?
same here.
KB deserved have HQ.
Right now they have HQ in Jongno i.e CBD of seoul.

as far as I know actually KB try to make IFC tower as group's HQ. But according to "agreement with AIG insurance of england they can't buying whole tower before 2016. So give up

But surprisingly according to the recent report World 3 largest fund(국민연금 korea national fund) try to buying IFC seoul tower as $2~3billions!
If 국민연금 decided to buying IFC SEOUL then they managed all estate.
they think IFC as trophy estate. Now some "unoccupied in IFC" but they think it is natural phenomenon on the way to stable tower.

p.s YBD unoccupied rate 7.5% TWO IFC 5% rate whichmean 95% occupied. three IFC(unoccupied rate 70~75%) continue drop unoccupied rate due to foreign company's moved to...
GBD unoccupied rate 6.4%
CBD unoccupied rate 9.5%

in short KB need HQ in seoul somewhere.
KB is best chanced to built HQ through Parc1 project.
Now world economy is recession but KB is good chanced to to make money and simultaneously get HQ too.
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Old April 7th, 2016, 11:30 AM   #482
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Official breaking news
-Now Y22 prepare resume U/C and try to looking for another construction company
-They begin negotiation to dismiss U/C agreement with SAMSUNG C&T
-Originally SAMSUNG make agreement with Y22 package 1&2 : 1 is underground, 2 is over ground tower's U/C
-BUT U/C STOP behind with 15~20% PROGRESS
-So Y22 is going to pay $100 millions for work in parc1 to SAMSUNG C&T
-After Y22 finish pay then they will be recruit other big company who to built Parc1

P.S POSCO company possible
KB bank interesting make parc1 as HEAD OFFICE
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Old April 7th, 2016, 08:03 PM   #483
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This is taking too long!
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Old April 14th, 2016, 02:29 AM   #484
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The financials are a mess for this project. The fact that they're also planning to change the contractor has me worried about the quality of future construction.
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Old April 14th, 2016, 08:57 AM   #485
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Quote:
Originally Posted by D Green View Post
The financials are a mess for this project. The fact that they're also planning to change the contractor has me worried about the quality of future construction.

I guess you are the one who concern this project isn't it?
Right Already korea journal press that Y22 changed the contractor from samsung c&t to other one.
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Old May 16th, 2016, 10:56 PM   #486
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Any news inno?
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Old May 17th, 2016, 06:19 PM   #487
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Quote:
Originally Posted by spidey7312 View Post
Any news inno?
Not yet.
Probably they negotiation PF financing process with banks.
Too huge PF to handle during short time.
So Not yet official news inform

However summary reliable information
-KB bank will be make PF for project resume.(Korea No1 bank)
-KB bank will be buying main tower as HQ(my guess)
-Y22 win supreme court against religion company
-Y22 divorce with SAMSUNG C&T
-POSCO will be U/C
-Commercial design will be modified
-Most korea bank positive attitude concern this project's resume.
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Old May 18th, 2016, 11:08 AM   #488
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Great pic!
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Old May 27th, 2016, 05:36 AM   #489
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BREAKING NEWS

Recently TWO TIMES meeting held between Y22(PARC1) and GIC : Government of Singapore investment corporation in Seoul.
GIC considering investment in Parc1's resume.
This meeting introduce by KB BANK of skorea.

Y22 admit meeting held but deny investment possibility
Meanwhile concern who work in GIC positively expect that GIC will be investment in Parc1
In short no one sure whether GIC invest or Not.

http://www.gic.com.sg/
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Old May 27th, 2016, 07:39 PM   #490
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I want this to restart more than any other building.
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Old May 28th, 2016, 11:47 PM   #491
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Yeouido by Jinho Kim, Flickr에서

Actually This project's cost $ 1.2 billions
U/C stalled when 20% cost spent in this project.
But if project resume the it need over $ 2 billions except previous lost(20%+legal process cost etc)
Now a lot of structure erosion. Y22 concern say we will check structure by expert and if dangerous then we will "SHAVE AWAY" them all and rebuilt part.
Also concern say "All in all, it take some long period when office building full occupy. PARC1 many part of inside contents similar with IFC seoul tower nearby. So we will relocated and renovation inside content.


BTW
Let's compare with IFC tower which are located next Parc1
originally AIG invest $1.2 billions in IFC project
Now this tower will be re-sale as $ 2~3 billions. GIC is one of candidate buyer.
In short AIG get over $1 billions net profit in IFC.
tremendous money!

So Parc1 project very deserved to invest money.
Hopefully GIC invest in Parc1
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Old May 30th, 2016, 08:45 AM   #492
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the shape reminds me cenu, sao paulo

https://pt.wikipedia.org/wiki/Centro...C3%B5es_Unidas
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Old June 6th, 2016, 05:57 AM   #493
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Are there any new images of the current Parc 1 Site construction?
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Old June 6th, 2016, 10:01 AM   #494
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Quote:
Originally Posted by Mokette View Post
Are there any new images of the current Parc 1 Site construction?
no
3 weeks ago i go there but everything was same.
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Old July 11th, 2016, 07:13 AM   #495
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Breaking NEWS!!

277m height tower
NH투자증권(STOCK COMPANY) decided to pre-buying one of tower of Parc1(56fl tower=277m)!
NH PRE-buying 56fl as about $600 millions USD price!
NH confirm to invest $600 millions USD in Parc1 project
So Parc1 project resume!
Y22 and NH stock is going to assignment soon.
also POSCO will be built this landmark instead of SAMSUNG C&T
Meanwhile KB bank&singafore national fund suggested investment in parc1.

In short NH VS KB bank will be competition for STATUS of MAIN management company of Project Financing of Parc1.
Either way It is really Good for Parc1!!!
they wanting this great landmark


http://news.mk.co.kr/newsRead.php?no=494772&year=2016


BTW Now I'm made my private blog when blog open then I gonna uploaded all seoul project photos instead of here(hacking weak site. I can't trust! I'm gonna made in NAVER blog : best portal korea. Very safety! never ever hacked at all). Included PARC1
Parc1 very closed from my home town!
Now it take 40 minute by bus but when Shinansansun new subways U/C then it only take 13 minute by train!!!
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Old July 11th, 2016, 12:25 PM   #496
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Article in English about today's news:

Quote:
NH Investment & Securities to invest in Yeouido’s Parc One complex

NH Investment & Securities is set to invest 700 billion won (US$599.5 billion) in Yeouido’s Parc One multiple complex, according to sources familiar with the issue on July 11.

The firm recently reached an agreement with property developer Y22 Development Co. to buy a 56-story office building -- one of the four buildings to be built within the complex.



A bird's eye view of Parc One multiple complex

NH Investment & Securities will dip into its own coffers for 200 billion won of the amount, while the rest will be funded by pension funds, asset managers and its own affiliates.

NH said that instead of moving in, it would resell the building for bigger gains.

Once construction is completed in 2020, the 277-meter building will stand as the third tallest in Yeouido. Currently, the tallest is Office Tower I, followed by International Finance Center Seoul. These two buildings were financed by AIG Group, which put IFC on the selling block this year.

The Parc One development project -- estimated to cost around 2.5 trillion won -- was initiated in 2007. But it was stalled since 2010 due to a lawsuit between the property-owner, Unification Church and Y22 Development.

The suit was settled in 2014, with the court ruling in favor of the developer. Y22 had sought to sell the buildings prior to its completion, but the Unification Church had rejected the idea, saying it was a violation of their contract.
http://www.koreaherald.com/view.php?ud=20160711000915
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Old July 11th, 2016, 07:00 PM   #497
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Hopefully this will kick start the project
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Old July 11th, 2016, 07:50 PM   #498
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The name NH can be deceiving. NH is the agricultural bank of Korea.

https://en.wikipedia.org/wiki/Nation...ive_Federation
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Old July 12th, 2016, 05:05 AM   #499
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Quote:
Originally Posted by cydevil View Post
The name NH can be deceiving. NH is the agricultural bank of Korea.

https://en.wikipedia.org/wiki/Nation...ive_Federation
To be more precise, NH (which stands for Nonghyup - 농협) is the umbrella term for the entire group. The "official" name of the group being NH농협금융, or NH Financial Group

The most famous entity for consumers is NH Nonghyup Bank (NH농협은행). While the entity involved in the deal is a different one: NH Investment & Securities (NH투자증권).

So saying "NH", although not precise, is not completely deceiving, as it still pertains to the same Financial group.
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Old July 12th, 2016, 08:01 AM   #500
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crown hotel will be in parc1 30fl
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