In 2024, despite complex external challenges such as prolonged high interest rates and declining asset prices that led to a contraction in transactions, SK D&D was able to generate tangible results by leveraging the funding capabilities and strategic partnerships we have steadily strengthened in investment management. These synergies played a crucial role in driving our performance throughout the year. In particular, we contributed to enhancing shareholder value by spinning off our energy business, and we are continuously pursuing management initiatives to expand future revenue and advance our business model by building differentiated competitiveness across the entire value chain — from development and asset management to operations and solutions.

In the office space business, we successfully completed and sold office assets in Chungmuro and Myeongdong. To mitigate the risk of oversupply in the knowledge industry center market, we converted the Yeongdeungpo Knowledge Industry Center development into an office project and secured pre-demand. Furthermore, we entered into a mixed-use development project in Songpa and Bokjeong with a major corporate partner, recording our first performance in the public offering market, and identifying new business opportunities even in a sluggish market.

In the residential space business, we successfully launched 'Episode Yongsan 241' and made progress with the Gongdeok Station mixed-use complex and the Episode Namsan project. We also established a strategy to enter the senior housing market — our future growth engine — and signed a co-investment agreement with Warburg Pincus, one of the world's top ten private equity firms, to expand our presence in this area. Through these efforts, we are diversifying our residential portfolio and exploring various new opportunities.

In the operations and solutions business, we aim to secure a portfolio of approximately 10,000 managed units by the end of 2025, positioning ourselves as a market leader. In July 2025, we will open 'Episode Sinchon Campus,' the eighth branch of the 'Episode' brand, to introduce a new residential concept for young adults where they can share space, tastes, and knowledge and grow together. Furthermore, through the mergers and acquisitions of D&D Property Solutions — our specialized real estate management subsidiary — and Local Stitch, South Korea’s leading co-living company, we plan to achieve both quantitative and qualitative growth by strengthening our brand, expanding our operating assets, and internalizing operational capabilities. From a solutions perspective, we are also enhancing residential convenience and accessibility by developing digitally tailored products, expanding online and offline residential services, and introducing simple payment systems. We plan to launch an integrated online/offline platform to firmly establish ourselves as a living solution partner.

We also made meaningful progress in ESG management. SK D&D received external recognition for its sustainability management system and execution by earning an overall A rating and an A+ in the social category from the Korea Corporate Governance Service (KCGS). We are also committed to workplace safety and health, pursuing RE100 to achieve Net Zero, and have created the Uljin Jigwanseoga (Geumgang Pine Forest Cultural Archive), a multi-functional cultural and ecological space, to promote environmental protection and humanities engagement. Additionally, we continue to fulfill our social responsibility through a variety of stakeholder-focused social contribution programs.

2024 marked the 20th anniversary of SK D&D — a meaningful milestone. As a next-generation developer redefining and realizing the value of cities, we are embarking on a new decade of challenges. We regard real estate not merely as an asset, but as a “space” that holds people’s lives and values, and we aim to create sustainable cities through this perspective. These achievements were made possible thanks to the unwavering trust and support of our customers, investors, partners, and employees.

In 2025, SK D&D will turn changes — such as the government’s expansion policy for enterprise-type rental housing, the structural imbalance in housing supply in the Seoul metropolitan area, and the entry of global investors into the Korean market — into opportunities. Through proactive responses and strategic execution, we will secure new growth engines. We will further strengthen the organic integration of the full real estate value chain — development, asset management, operations, and solutions — and solidify our foundation for sustainable growth, even in uncertain market conditions.

We will continue to grow together with our stakeholders as a development partner that builds sustainable cities and a living solution partner that delivers better urban living, advancing toward a more sustainable future. We sincerely appreciate your continued interest and support.

Do-hyun Kim
CEO, SK D&D