A city is where life happens.
Space is the vessel that holds it.
SF/D plans, builds, and operates that vessel.
One-sixth of the land holds nine-tenths of the people.
The density of cities is the density of life — and of opportunity.
of Korea's land is urban area
of the population lives there
people living in cities
Source — MOLIT · LX, Urban Planning Status Statistics (2024)
The cities built by the industrial generation are reaching the end of their life. Demographics are shifting, the ways we live and work have changed, and so has what capital demands of space. Cities must be rewritten. This is the turning point.
A single building holds many lives — those who build it, own it, lease it, use it, and the city around it. Development is the design of that circulation. Nothing wasted, nothing left empty — that is how a living space is made.
SF/D is a developer that plans, builds, and operates this circulation — covering the full life of an asset, from development to investment to operations. Every judgment starts with people.
Three ways in — one set of standards.
We develop through project-specific SPCs — from land acquisition to sale and operations, bearing both the risk and the upside. This is our core business.
The land and capital are the owner's; the system is ours. We run the entire process — planning, permits, construction, tenanting — on the owner's behalf.
Build, sell, or wait? We run the numbers before anything is executed.
From reading a site to structuring the financing —
three principles and a seven-step process.
We do not rely on instinct. We collect and model demographics, foot traffic, transactions, vacancy and rent trends ourselves to price what a site is actually worth.
Analysis, planning, permits, tenanting, and financing are all done in-house. Outsourcing disperses quality and accountability — we internalize that risk.
Stress scenarios, not optimism, set the baseline. Sensitivity analysis on cap rate and DSCR builds structures that hold through vacancy, delays, and rate shifts.
Zoning, FAR and BCR, road and daylight conditions. We cross-check the legal limits of a parcel against the flow of the city to define what programs are possible.
We quantify effective demand from catchment, foot traffic, resident and workplace populations, and sales data — working with public data directly.
Building codes, permit risk, and title review — registry and encumbrances — are fully checked at the start of a project.
A pro forma covering land, construction, and financing costs verifies the deal. IRR and margins are judged on stress scenarios.
Planning begins after the numbers hold. On the highest and best use, we design program, scale, merchandising, and operating scenarios.
Tenant mix and pre-leasing commitments are secured at the design stage, not after completion. The rent roll at delivery decides asset value.
SPC design, equity raising, bridge and PF structuring. Sale or refinancing — the exit is designed at the start.
The areas we are validating and executing today.
Details are shared with partners individually.
Small and mid-scale housing through public purchase programs — built on a committed exit.
Hospitality assets where planning, design, and operations form one brand.
We make the content of the street — planning and operating the brands that fill our spaces.
Conversion and reconfiguration of aging buildings — finding the next use through data.
We document how we judge. (Articles in Korean)
Land information, joint ventures, investment — any conversation is welcome.
A first contact is perfectly fine.
Investment partners — we present investment proposals for active projects. Detailed materials are shared under NDA.
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