The Penthouse Cheongdam '11.5 Billion Won' Highest Priced Apartment Transaction This Year

On the 15th, a panoramic view of 'The Penthouse Cheongdam' in Gangnam-gu, Seoul, which was recorded as the most expensive apartment nationwide. According to the Ministry of Land, Infrastructure and Transport on the same day, The Penthouse Cheongdam (407.71㎡) was evaluated at 16.32 billion KRW for this year's official price, making it the most expensive residential housing among apartment complexes nationwide. Calculated per pyeong, the price is 132 million KRW. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Hye-min] The apartment ‘PH129’ (The Penthouse Cheongdam), where celebrities such as actor Jang Dong-gun and Go So-young live, has become the most expensive apartment sold this year, with a sale price exceeding 11.5 billion KRW. ‘Hannam The Hill,’ which had held the record for the highest sale price nationwide for the past seven years, lost its top spot for the first time in eight years.

According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system on the 23rd, the most expensive apartment sold nationwide this year is ‘PH129’ (The Penthouse Cheongdam) in Cheongdam-dong, Gangnam-gu, Seoul, with a net floor area of 273.96㎡. On March 4th, two units were sold for 11.5 billion KRW (14th floor).

The Penthouse Cheongdam is a luxury apartment consisting of a single building located on the site of the former Ellui Hotel in Cheongdam-dong. It is a newly built apartment that began occupancy in August last year, with a duplex structure comprising 29 units from basement level 6 to the 20th floor. It is known that residents include the couple Jang Dong-gun and Go So-young, golf queen Park In-bi, MegaStudy’s top instructor Hyun Woo-jin, and former CEO of Aekyung Development Chae Seung-seok.

This complex was also selected as the most expensive multi-family housing in the ‘2021 Officially Announced Price of Apartment Complexes’ announced by the Ministry of Land, Infrastructure and Transport in April. The largest unit, with a net floor area of 407㎡, was assessed at 16.32 billion KRW. Since the introduction of the real transaction price reporting system for real estate sales in 2006, it recorded the highest price ever for an apartment. It is reported that the property tax alone exceeds 400 million KRW annually.

The next highest-priced apartment sold was ‘Park Hannam’ in Hannam-dong, Yongsan-gu. Like PH129, this complex began occupancy last year and was sold this month for 10 billion KRW (3rd floor), marking the highest sale price among apartments north of the Han River this year. Completed in June last year, the apartment consists of 17 units from basement level 3 to the 6th floor.

Other apartments sold at high prices this year include ‘Sangji Ritzville Kyleum 3rd’ in Cheongdam-dong, Gangnam-gu, with a net floor area of 265.47㎡ (8.5 billion KRW, 19th floor) sold in May; ‘Hannam The Hill’ in Hannam-dong, Yongsan-gu, with a net floor area of 243.201㎡ (8 billion KRW, 1st floor) sold in February; and ‘Hyundai 7th’ in Apgujeong-dong, Gangnam-gu, with a net floor area of 245.2㎡ (8 billion KRW, 11th floor) sold in April. Hannam The Hill had been the highest-priced apartment sold nationwide for seven consecutive years, but newly completed apartments last year surpassed 10 billion KRW this year, pushing it down the rankings.