The International Finance Center in Seoul (IFC Seoul) had drawn interest from only six bidders at the end of last year, and Singapore-based ARA Korea was the only foreign bidder.
Mirae Asset Management Co. bought the complex for 4.1 trillion won ($3.3 billion) last month, which would be the largest real estate deal in South Korea this year.
Last month, ARA Korea completed the sale of Alpharium Tower I and II in Pangyo to Mastern Asset Management for 1.02 trillion won ($800 million).
The sale price was 30 million won ($23,970) per 3.3 square meters, the highest-ever office price per unit area in Pangyo, the so-called Silicon Valley of South Korea.
ARA Korea is the Korean branch of Singaporean investment firm ARA Asset Management Ltd.
Domestic real estate investment firms have been rapidly expanding their presence in South Korea’s commercial real estate market during the pandemic.
Foreign investors accounted for 2.5 percent of South Korea’s commercial real estate transactions, including office buildings, as of the end of May of this year, down from 22.3 percent in 2018, according to Colliers, a real estate consulting firm.
During the same period, domestic asset management firms increased their share after buying the properties from global investors and domestic institutions.