|▲ CS Development / CS Networks, CEO Im Rak-kyeon|
CS Development is a real estate developer and seller that has built and parceled out chopping malls, multi-purpose buildings and apartments alongside street tree maintenance and small house improvements since 2002. It is famous for carrying out Ctlex in Geumcheon District Seoul, Co-Op Residence in Seocho District Seoul, Hillstate in Geumjeong District Busan and The Hue Hanshin in Dobong District Seoul.
The company currently is remodeling a high-rise apartment on a disused traditional market in Gangbuk District Seoul through its affiliate CS Networks. The apartment will be 15 story high and 3 story underground and set to complete by 2022. This 110 billion won (100 million USD) project is carried out by a joint partnership between CS Networks and Asiatrust. When completed, the apartment is expected to be the zero maintenance cost apartment for the first time in South Korea.
The maintenance cost is covered by joint enterprise and the profits generated from solar panels, parking lots, outdoor advertising, cafeteria and partnership cards are shared between them. The ownership of the cooperative apartment (Cantavil Suyu Palace) is shared by 216 households and CS Development. Apart from real estate business, CS Development is eyeing on distribution of agricultural products and is working on big data systems with a goal to push forward the business in earnest from May 2022.
"Cooperative project is complicated as many stakeholders are involved. It takes longer in procedure and in generating profits as well as obtaining consent and licence. So it is very important when we choose partners who must have professionalism in each respective field" says Im Rak-kyeon, CEO of CS Development.
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