Chestertons gains new partner in South Korea
As promised, we’re announcing our latest international acquisition today! This is the launch of Chestertons Korea made possible through our successful partnership with PAC.
Chestertons has signed an agreement with the South Korean real estate giant, PAC, to launch Chestertons Korea, cementing a foothold in new East Asian markets.
PAC runs 11 offices across various locations including Seoul, Busan, and Gyeongbuk and currently employs 160 employees, ranging from valuation specialists, estate agents, and property managers. Its core services mainly focus on the commercial and professional services sectors in South Korea.
This new alliance paves the way to a massive network for the company, particularly in Korea, and its neighbouring East Asian markets.
“PAC has built a reputation for professionalism and gained the respect of the industry. Through this partnership, we look forward to leveraging the expertise and reach of PAC to bring all of our clients the best opportunities in East Asia,” our Chairman, Salah Mussa, stated.
He added, “Our combined experience in the international market and PAC’s local commercial expertise will, undoubtedly, provide us with a competitive edge in this new market.”
Over the past five years, South Korea has gained a reputation among investors predominantly in the commercial sector resulting in foreign investors populating half of the commercial property transactions in 2016.
With one of our main offices based in Dubai, UAE, we are poised to tap into this opportunity to benefit this partnership as Arab investors have been keen in investing on prime real estate in cities including London, New York, Paris, Lisbon, and Madrid.
Our Director of International, Neville Page, said “Korea seemingly offers some of the highest yields in the region, mostly in comparison to other favoured Asian economies such as Hong Kong, Tokyo, Singapore, and China. The market is also bolstered by a comprehensive ownership system that appeals to both private and institutional investors alike.”
Current PAC Chairman, Jong-Woong Shin, will head Chestertons Korea and its further expansion in the country.