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Sunday, April 04, 2004

Investing in shopping malls

I'm not sure if the proper English term for sangga (商街) is "shopping mall"; perhaps "shopping center" is as good. Hankyoreh has on article on the rising investment on these shopping malls: "Price of one p'yông in a shopping mall equals one apartment home". Especially shopping malls withing huge apartment areas are drawing investors, and prices are skyrocketing. Last year in Hwaseong, Gyeonggi-do, a 10 pyông (33 sq.m) shop sold for 60 million won per one p'yông. (That makes 12 000 €/sq.m.) And lately in Incheon, a 20 sq.m shop on the 1st floor in an apartment area shopping mall went for 550 million won, 90 mil W per p'yông or 18000 €/sq.m.
상가114의 유영상 소장은 "단지내상가 입찰이 비공개 경쟁입찰로 이뤄지면서 지나치게 높은 가격을 적어내는 경우가 적지 않다"며 "입찰 현장의 과열된 분위기에휩쓸리지 말고 예상수익률에 대한 냉철한 분석을 바탕으로 입찰에 임해야 한다"고조언했다.
Most of the neighborhood shopkeepers I met with during my research time in Korea couldn't dream of investing in business property, but some had done that, and some were thinking (or dreaming). Owning a shopping building, a piece of real estate with a big number of shops and a guaranteed rent income is a good insurance for one's older age. This one hairdressing shop keeper told that getting yet another sangga building will bring her and her cab-driving husband enough respect and good treatment (taejôp) when old. (In Korea as well as anywhere, a wrong investment in a business property may as well draw one into a bog of debts.)

Update: Joel at About Joel left a comment about the conversion from pyeong to square meters or square feet. An older dictionary I have gives the figure 1 pyeong = 3.954 sq. yards, from which I counted the figure in square meters. One pyeong = 3.3 square meters should be about right. (For square feet, don't ask us Euros...;)

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