SEOUL, South Korea — Shinsegae Property and global real estate developer OKO Group announced on the 21st the establishment of a US$500 million joint venture to develop luxury hotels and branded residences under Aman Group while pursuing mixed-use commercial real estate projects across Asia and North America.
The partnership was formalized during a signing ceremony at the Josun Palace hotel in Seoul attended by Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Vladislav Doronin. The agreement marks Shinsegae Property's expansion into overseas real estate development following Chung's appointment as chief executive officer of Shinsegae Property last month.
The joint venture will begin with an initial investment of US$500 million, equivalent to approximately 750 billion won. The companies will initially focus on developing hotels and branded residences under Aman Group's luxury brands, Aman and Janu. They also agreed to cooperate on mixed-use commercial real estate developments in domestic and international markets, expanding the partnership beyond hospitality projects.
The venture combines Shinsegae Property's mixed-use development experience with OKO Group's expertise in luxury hospitality and residential real estate. OKO Group has overseen the development of hotels and residences under the Aman Group brand, while both OKO Group and Aman Group are owned by Chairman Vladislav Doronin.
For Shinsegae Property, the partnership represents a new phase in its development business as it expands into overseas markets. The international collaboration follows the appointment of Chung Yong-jin as chief executive officer of Shinsegae Property and supports the company's strategy to extend its real estate development business beyond South Korea.
The agreement also reflects OKO Group's interest in collaborating with Shinsegae Property based on the Korean company's experience in mixed-use developments. Shinsegae Property introduced the Starfield concept, creating a new form of mixed-use shopping mall in South Korea. That experience formed the basis for the collaboration between the two companies.
The initial US$500 million investment establishes the financial platform for future hospitality developments under the Aman and Janu brands while providing opportunities to pursue additional mixed-use commercial real estate projects in domestic and overseas markets.
Aman was founded in 1988 with a vision of creating warm and welcoming retreats designed to resemble elegant private residences. Its first property, Amanpuri in Phuket, Thailand, became the first resort to embody that concept and established the foundation of the brand's hospitality philosophy.
Today, Aman operates 36 hotels, resorts and residences across 21 destinations worldwide, including both city locations and remote destinations. Those properties form the existing global portfolio supporting the Aman and Janu developments planned under the joint venture.
Alongside hospitality developments, the partnership includes cooperation on mixed-use commercial real estate projects. The agreement enables both companies to pursue projects combining hospitality with broader commercial developments across Asia, North America and other domestic and international markets identified through the joint venture.
Chairman Chung Yong-jin said the strategic partnership demonstrates confidence that Shinsegae Property's development capabilities can be applied successfully in international hospitality markets.
"This strategic partnership reflects our conviction that Shinsegae Property's development model, proven in Korea, can be effectively applied in the global hospitality market."
Chung added that close cooperation and complementary strengths would enable both companies to establish a new standard in the global luxury hospitality market.
Chairman Vladislav Doronin said the partnership brings together organizations with expertise in real estate development and financial markets while supporting a shared long-term vision for future projects.
"It is a great honor to form a partnership with Shinsegae Group, led by Chairman Chung Yong-jin, who possesses deep expertise in real estate development and financial markets."
Doronin said he shares Chung's long-term vision of creating original developments serving travelers, residents and communities around the world. He added that both companies will continue exploring outstanding development opportunities together by combining their expertise.
The collaboration also brings together complementary development portfolios. Shinsegae Property contributes experience in integrated commercial developments through projects such as Starfield, while OKO Group provides experience in luxury residential, hospitality and commercial real estate developments.
Chairman Doronin has built a global portfolio comprising 84 buildings totaling more than 7.4 million square meters. Those developments include residential, commercial and hospitality projects created in collaboration with internationally recognized architects.
The newly established joint venture provides the framework for identifying, financing and developing hospitality and mixed-use real estate projects across Asia and North America. The companies will initially prioritize Aman and Janu-branded hotels and residences before pursuing broader mixed-use commercial developments in domestic and overseas markets.
By combining Shinsegae Property's experience in mixed-use developments with OKO Group's expertise in luxury hospitality projects, the joint venture establishes a platform for future hotel, residence and commercial real estate developments supported by an initial investment of US$500 million.