Seoul: South Korean retail conglomerate Shinsegae Group announced plans to establish a US$500 million joint venture with global real estate developer OKO Group to develop luxury hotels and other properties.
According to Yonhap News Agency, Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Vlad Doronin signed a memorandum of understanding in Seoul for the joint venture. OKO Group owns luxury hospitality brands Aman and Janu and has developed hotels and branded residences under both brands.
The collaboration will focus on developing luxury hotels and branded residences across Asia and North America. Additionally, the partnership aims to pursue commercial and mixed-use real estate projects in South Korea.