Chairman Lee Myung-hee's Shinsaegae Residence Publicly Valued at 28 Billion KRW... 8 Years Consecutive No.1

by Roh Kyungjo

Published 14 Dec.2022 08:30(KST)

Updated 14 Dec.2022 09:04(KST)

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Myeongdong Nature Republic Site Remains the Most Expensive Land for 20 Years

Single-family house in Hannam-dong, Yongsan-gu owned by Lee Myung-hee, Chairwoman of Shinsegae / Photo by Yonhap News

[Asia Economy Reporter Noh Kyung-jo] The residence of Lee Myung-hee, chairwoman of Shinsegae, located in Hannam-dong, Yongsan-gu, Seoul, has ranked first in the standard detached house official price for the eighth consecutive year.

According to the 2023 nationwide standard housing official price announced by the Ministry of Land, Infrastructure and Transport on the 14th, the official price of Chairwoman Lee's residence for next year is 28.03 billion KRW, down about 9.9% from this year (31.1 billion KRW).

This detached house, with a total floor area of 2,861.8㎡, has maintained the top spot in official prices since it was included as a standard detached house in 2016.

The second place goes to the detached house of Lee Hae-wook, chairman of DL, located in Samseong-dong, Gangnam-gu (total floor area 2,617.4㎡), with an official price of 18.2 billion KRW for next year. This is an 11.6% decrease from this year (20.59 billion KRW).

Following that, Seungjiwon in Itaewon-dong, Yongsan-gu, owned by the Samsung Group Hoam Foundation (total floor area 609.6㎡), ranked third with an official price of 16.8 billion KRW for next year, down 9.0% from this year. Fourth place is the residence of Seo Kyung-bae, chairman of Amorepacific, in Itaewon-dong (total floor area 1,185㎡), valued at 16.27 billion KRW.

Among the top 10 standard housing official prices, seven houses are located in Yongsan-gu. The remaining three are two in Samseong-dong and one in Bangbae-dong, Seocho-gu.

Meanwhile, the top 1 to 8 official land prices are all located in Jung-gu, Seoul. Among them, the official land price of the Nature Republic site in Chungmuro 1-ga, ranked first nationwide, has declined for two consecutive years.

The official land price per square meter of this site (169.3㎡) for next year is 174.1 million KRW, down 7.9% from this year (189 million KRW). Due to the prolonged COVID-19 pandemic causing increased vacancies and the Myeongdong commercial district being hit, the official price fell 8.5% this year, marking a decline for two consecutive years.

Nevertheless, the Nature Republic site has maintained the title of the most expensive land in Korea for 20 consecutive years since 2004. Considering the total area, the official land price for next year is 29.475 billion KRW.

The second highest official land price is the Woori Bank site in Myeongdong 2-ga (392.4㎡), with a price of 172.7 million KRW per square meter for next year, down 7.9% from this year. The former Uniqlo site in Chungmuro 2-ga (300.1㎡) saw its official land price drop from 178.5 million KRW to 165.3 million KRW per square meter, a 7.4% decrease. Similarly, the Tony Moly site (71㎡) in Chungmuro 2-ga, ranked fourth in official land price, also fell 8.0% to 156.4 million KRW per square meter for next year.