[비즈한국] It has been confirmed that 'MNQ Investment Partners,' a private company owned by HDC Group Chairman Chung Mong-gyu, is operating a multi-living facility (gosiwon) in Songpa-gu, Seoul. This marks a shift for the chairman's private company, which previously focused primarily on investing in affiliate stocks, into direct residential rental business. As MNQ Investment Partners has even registered a trademark for the facility, interest is growing as to whether it plans to expand the business further.
According to Bizhankook's coverage, MNQ Investment Partners has been operating a women-only multi-living facility called 'comfi' in Seokchon-dong, Songpa-gu, Seoul, since around 2020. The facility occupies the 4th and 5th floors (219㎡ each) of a building south of Seokchon Lake, featuring a total of 24 rooms—12 per floor—with a shared kitchen, laundry room, and community lounge on the 3rd floor. It follows a co-living format where tenants use private spaces like bedrooms individually while sharing common facilities such as the kitchen, living room, and laundry area.
MNQ Investment Partners is also the owner of the building where the facility is located. The company purchased the land and the original structure for 6 billion won in 2018, demolished the old building the following year, and completed the current building in November 2020. The building is classified as a Category 2 neighborhood living facility; part of the 3rd floor and the 4th and 5th floors are designated as multi-living facilities, while the rest are used for general restaurants. Rental shops, such as eateries, currently occupy the lower floors not used for the gosiwon.
The company filed for a trademark prior to entering the co-living business. In October 2020, just before the building's completion, MNQ Investment Partners applied for the 'comfi' trademark, sharing the same name as the facility. The services designated for the trademark include residential property leasing, residential building management, commercial property leasing and management, housing management, and coworking office rentals. The trademark was registered in October of the following year.
The annual rental income MNQ Investment Partners can expect from the 'comfi' business in Seokchon-dong is in the 200 million won range. According to information provided by comfi, lease contracts are available in 3-month, 6-month, and 1-year terms, with deposits ranging from 3 million to 5 million won depending on the duration. Monthly rent is 770,000 won for standard rooms and 880,000 won for corner rooms. Assuming all 24 standard rooms are occupied, the annual rental revenue is estimated at 221.76 million won.
MNQ Investment Partners is Chairman Chung Mong-gyu's private company. It was established in October 2017 with the purpose of holding company business and real estate leasing. As of the end of last year, it is the largest shareholder of HDC Asset Management with a 54.25% stake, and also holds shares in the group's holding company HDC (6.34%) and affiliates HDC Labs (3.88%) and HDC I-Cons (4.79%). All shares of MNQ Investment Partners are owned by Chairman Chung, and his spouse, Kim Julianne, serves as the CEO.
MNQ Investment Partners is showing strong business performance. Last year's consolidated revenue was 17.469 billion won, a 98% increase compared to the previous year, while operating profit rose by 275% to 10.982 billion won. Fee income accounts for the largest portion of revenue at 12.1 billion won, followed by valuation and disposal gains from financial instruments at 2.8 billion won, and dividend income at 1.8 billion won. Revenue generated from transactions with related parties is approximately 3.4 billion won.
Real estate rental income, such as from the multi-living facility business, is also consistently recorded. Last year, rental income was 662.63 million won, up 7% from the previous year. In addition to the Seokchon-dong building where 'comfi' is located, MNQ Investment Partners also owns a neighborhood living facility in Songpa-dong, Songpa-gu, Seoul. The company purchased this land and building for 4.7 billion won in April 2018 and relocated its headquarters there in May of the same year.
Regarding the 'comfi' rental business, an official from HDC Group stated, "It is being operated as part of real estate investment as an investment company," adding, "No plans for future business expansion have been decided."