Recently, the urban areas north of the Han River have emerged as preferred residential locations for the wealthy. The charm of traditional affluent neighborhoods is capturing the interest not only of established asset owners but also of young wealthy individuals often described as the "young and rich."
First, downtown areas such as Myeongdong and Jongno are lined with historical sites like Deoksugung and Gyeongbokgung Palaces, as well as numerous art galleries, and cultural streets including Bukchon, Insadong, and Samcheongdong, allowing residents to experience the essence of Korean culture. From a geomantic perspective, the value of Seoul’s downtown within the Four Great Gates is highly regarded. Recognized as the capital since the Joseon Dynasty, it is surrounded by Bukaksan, Inwangsan, and Namsan mountains, with Cheonggyecheon stream flowing through, making it an ideal location according to traditional feng shui principles.
Moreover, this area is included within the Central Business District (CBD), one of Seoul’s three major business hubs, offering excellent proximity between residence and workplace. Currently, the CBD houses over 100,000 jobs and more than 650,000 workers across various sectors including administration, business, commerce, and services. Major corporate headquarters, large law firms, and embassies are concentrated in downtown areas such as Euljiro and Gwanghwamun, leading young professionals and high-income earners to prefer residential facilities in the downtown area over Gangnam.
According to Shinhan Bank’s “2019 Ordinary People’s Financial Life Report,” the average monthly income of workers in Jung-gu, Seoul, was 4.07 million KRW, the highest among Seoul districts. This was followed by Jongno-gu (4.03 million KRW), Yeongdeungpo-gu (3.93 million KRW), and Seocho-gu (3.79 million KRW), indicating that income levels in Jung-gu and Jongno-gu within the CBD are actually higher than those in Gangnam.
As high-income groups gather here, the area is well-equipped with abundant lifestyle infrastructure. This includes luxury department stores such as the main branch of Lotte Department Store, five-star hotels like the Shilla Hotel and Four Seasons Seoul Hotel, as well as medical facilities including Seoul National University Hospital and Seoul Paik Hospital. The natural environment is also pleasant, with Namsan, Namsan Dulle-gil trail, Inwangsan, and Bukaksan nearby.
An industry insider stated, “Gangnam has a shorter history as an affluent area compared to northern Seoul and is often associated with a consumer culture-focused image. In contrast, the downtown area of northern Seoul combines culture, history, and nature with the image of a traditional affluent neighborhood, increasing its appeal as a residential area among young wealthy individuals. Especially recently, the supply of high-end residential facilities in the downtown area that attract young wealthy residents has intensified interest.”
Amid this, many asset owners are focusing their attention on high-end officetels in Namsan, which holds Seoul’s original prestige within the Four Great Gates. The spotlight is on “Vermilion Namsan.”
The special residential philosophy of “Vermilion Namsan,” described as “One space, infinite inspiration,” begins with its location in the heart of Seoul, within the Four Great Gates, where Korea’s history, culture, and people converge. Within this area, Vermilion Namsan is situated in a place that integrates Namsan’s nature, the Namsan Prestige Belt, and the CBD.
Vermilion Namsan is optimally located to enjoy both the vibrant downtown areas of Myeongdong and Euljiro and the tranquil natural atmosphere of Namsan. Residents can experience the original Seoul, unique to the Four Great Gates area, in their daily lives through proximity to Namsan and the Namsan Dulle-gil trail, as well as connections to nature, history, and the city via Yejangjarak, Cheonggyecheon, Deoksugung, Gyeongbokgung, Insadong Street, and Samcheongdong Cultural Street.
The premium of the Namsan Prestige Belt, which includes areas like Hannam-dong and Myeongdong centered around Namsan, is also expected. Additionally, being located within the CBD ensures excellent proximity to workplaces, attracting the interest of various high-income asset owners, including young leaders and young influencers.
Meanwhile, Vermilion Namsan will be constructed in the Jung-gu area of Seoul, comprising 142 units across six basement floors to 19 above-ground floors. The construction is undertaken by KCC Construction, renowned in the high-end residential market for projects such as Montreux Hannam. Interior design is handled by Kukbo Design, one of the leading companies in Korea specializing in luxury hotel and casino interiors.
The Vermilion Gallery is located in Gangnam-gu, Seoul.
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