- Cushman & Wakefield Korea has provided consulting services for commercial facilities in Apgujeong District 3 and other major redevelopment complexes, following projects in Yongsan District 3, Banpo District 3, and Yeouido Gongjak
- Demonstrates Capability to Support Construction Firms in Securing Contracts… Secures Landmark Projects in Yeouido, Banpo, and Other Areas
In the urban renewal market—including reconstruction and redevelopment projects - a “retail-focused strategy” designed to maximize the value of on-site commercial facilities has recently emerged as a key factor determining the success or failure of contract awards. This is due to the growing demand to simultaneously enhance the prestige of the complex and the profitability for residents, moving beyond the simple provision of neighborhood amenities, making the role of specialized consulting more critical than ever.
Cushman & Wakefield Korea, a global real estate consulting firm, announced that it is currently providing retail consulting services to the Apgujeong District 3 Redevelopment Association in Seoul and is achieving remarkable results in the ‘Bidding Strategy’ consulting sector, which assists major domestic construction companies in securing key urban renewal projects.
Cushman & Wakefield Korea previously collaborated with Samsung C&T to successfully secure contracts for the Banpo District 3 and Yongsan District 3 redevelopment projects and worked with Daewoo E&C to contribute to victories in the bidding wars for the Busan Sajik District 2 and Yeouido Gongjak Apartment reconstruction projects by presenting differentiated commercial facility blueprints. These achievements are interpreted as the result of adding substantial competitive edge to the contractors’ proposals by going beyond simple spatial layout to analyze optimal mix-of-uses (MD) tailored to the site’s characteristics and evaluate revenue structures.
As the reconstruction market becomes more upscale, housing associations, developers, and construction companies are increasingly adopting professional consulting services from the early stages to minimize the risk of commercial vacancy and enhance asset value. Particularly in ultra-high-end complexes such as Apgujeong District 3, where the success of commercial facilities is directly linked to the complex’s brand value, the development of sophisticated strategies by professional advisory firms like Cushman & Wakefield has become an essential element.
Kai Chae, Senior Director of the Consulting Group at Cushman & Wakefield Korea, stated: “In the past, residential design took priority, and commercial facilities primarily served to recoup initial investment costs. However, the specialization and revitalization of commercial facilities have now become game-changers that determine the benefits for residents and the competitive edge of construction firms in securing contracts,” he explained, adding, “Moving forward, we will provide business solutions optimized for major redevelopment sites nationwide, leveraging the high-end consulting expertise we have accumulated in areas such as Apgujeong, Yeouido, and Banpo.”
Meanwhile, Cushman & Wakefield plans to build on these proven success stories to expand its consulting scope to include not only major redevelopment complexes in the Seoul metropolitan area but also large-scale urban renewal projects across the country, thereby further solidifying its influence in the market.
