The Penthouse Cheongdam (PH129) in Cheongdam-dong, Gangnam-gu, Seoul, Named South Korea's Most Expensive Apartment for Four Consecutive Years; Eterno Cheongdam Ranks Second.
The Penthouse Cheongdam (PH129), located in Cheongdam-dong, Gangnam-gu, Seoul, has been identified as the most expensive apartment in South Korea for the fourth consecutive year. This was followed by Eterno Cheongdam, which started occupancy earlier this year and ranked second.
According to the Ministry of Land, Infrastructure, and Transport's published data on the official property prices of joint residential properties for this year, PH129's 407㎡ units were valued at 16.4 billion KRW (approximately $12.7 million USD). This marks its fourth year as the nation’s most expensive property. The assessed value increased by 160 million KRW from last year’s 16.24 billion KRW. PH129 consists of 29 units in total, with only two of these being the 407㎡ units located on the top (20th) floor. The remaining 27 units (273㎡ each) recently recorded a transaction price of 14.5 billion KRW in April 2022.
This prestigious apartment is known to house several celebrities, including actor couple Jang Dong-gun and Ko So-young, renowned entrance exam tutor Hyun Woo-jin, and golfer Park In-bee. Since its completion in August 2020, PH129 has consistently held the top spot for the highest appraised value of any joint residential property in South Korea.
Eterno Cheongdam, also located in Cheongdam-dong, Gangnam-gu, debuted this year in second place. This luxury residential complex started occupancy earlier this year and also consists of 29 units. The decision to build such high-end apartments with only 29 units is strategic; constructing joint residential properties with fewer than 30 units in overheated speculation districts allows developers to avoid price cap regulations and public lottery requirements. As a result, many ultra-luxury apartments in areas like Cheongdam-dong are designed to have just 29 units.
The official price for the sole penthouse unit on the top (19th) floor of Eterno Cheongdam, which measures 464㎡, is set at 12.86 billion KRW (approximately $10 million USD). This complex was designed by Rafael Moneo, a Spanish architect and Pritzker Architecture Prize laureate. The building also attracts celebrities; singer IU reportedly purchased a 244㎡ unit for 13 billion KRW, while actor Song Joong-ki acquired one for 15 billion KRW.
Nine One Hannam in Hannam-dong, Yongsan-gu (244㎡), previously ranked second, dropped to third place this year with an official price of 10.67 billion KRW. Hannam The Hill (244㎡), which was third last year, fell to fourth place with an assessed value of 9.892 billion KRW. Acro Seoul Forest in Seongsu-dong 1-ga, Seongdong-gu (273㎡), maintained its position at fifth place with a valuation of 9.087 billion KRW.
Parc Hannam in Hannam-dong, Yongsan-gu (268㎡), ranked sixth with an official price of 8.946 billion KRW, while Galleria Foret in Seongsu-dong 1-ga, Seongdong-gu (271㎡), took the seventh spot at 7.769 billion KRW.
Among large complexes with over 1,500 units, Acro River Park in Banpo-dong, Seocho-gu (234㎡), is the only one in the top 10, ranking eighth with a valuation of 7.498 billion KRW. However, there is only one 234㎡ unit in the entire 1,612-unit complex, located on the 35th floor. The I-Park Samsung in Samseong-dong, Gangnam-gu (269㎡), which is in 10th place with an official price of 7.151 billion KRW, has just two units in the complex. These units, being top-floor penthouses, offer a panoramic view of the Han River.
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