▶주메뉴 바로가기

▶본문 바로가기

The Korea Herald
검색폼

THE INVESTOR
March 29, 2024

Industrials

Lotte World Tower to be priciest property in Korea

  • PUBLISHED :December 12, 2016 - 18:06
  • UPDATED :December 12, 2016 - 18:10
  • 폰트작게
  • 폰트크게
  • facebook
  • sms
  • print

[THE INVESTOR] Some 220 apartment units in the newly built Lotte World Tower in southern Seoul are likely to become the most expensive residential spaces in South Korea, being offered for a record-breaking 80 million won ($68,500) per 3.3 square meters.

The construction arm of Lotte Group plans to hold a meeting on Dec. 13 with potential investors for the residential and office units located in the 123-story skyscraper.




Sales of the properties target the “VVIPs” and top-class businessmen in and out of the country, who are looking for high-end accommodation service, easy access to work and a “breathtaking” view, Lotte Construction officials explained.

The residential units, called Signiel Residences, will be offered for from 5 billion won to 30 billion won, according to industry sources. Some of the units are expected to exceed the appraisal value of Samsung Group Chairman Lee Kun-hee’s residence in Yongsan, central Seoul, at 17.7 billion won. The residence of the nation’s richest man has been registered as the most expensive house here since 2005, but the record is expected to be replaced by a Signiel residence, if it sells.

Lotte Construction has been seeking investors as it completed construction of the building earlier this month and requested the city government approve starting operations. The city government’s approval process is likely to take a month, but could possibly take longer, the company said.

Lotte World Tower, which cost 4 trillion won to build, is the tallest building in Korea. The project was carried out under the vision of Lotte Group founder Shin Kyuk-ho, who wanted to build a landmark skyscraper to represent the nation’s economic prosperity.

Some market analysts, however, have remained skeptical about sales of Lotte World Tower apartments and offices, saying it will be difficult to lure investors amid a slowing economy.

Lotte, however, remained confident in the properties being targeted for the superrich around the world, who are less affected by economic conditions, and businesses looking for new properties as investment.

“When compared to skyscrapers in China and those high-rise buildings beside Central Park in New York, the price of (Lotte World Tower’s Signiel) is actually lower,” a Lotte official said.

Residents of Lotte World Tower will be provided six-star hotel services ranging from housekeeping and valet service to home chefs -- a completely high-end lifestyle concept, according to Lotte’s sales agents.

By Cho Chung-un/The Korea Herald (christory@heraldcorp.com)

EDITOR'S PICKS