Eterno Cheongdam, Majority of Owners Purchased with Cash
Including IU, Academy Instructors and Game Company CEOs
Among the 10 owners of ‘Eterno Cheongdam’ in Cheongdam-dong, Gangnam-gu, Seoul, which began occupancy earlier this year, 8 were confirmed to have purchased their homes with cash. The owners include singer IU, a famous entrance exam instructor, and a game company CEO.
IU purchased a 244㎡ exclusive area type in 2021 for 13 billion KRW without a loan. [Image source=Yonhap News]
According to the Supreme Court registry and industry sources on the 16th, out of the 27 households owning Eterno Cheongdam, 22 received ownership from the developer without any separate mortgage rights.
Eterno Cheongdam is a super-luxury apartment ranked second nationwide in official apartment prices this year. The absence of mortgage rights suggests a high likelihood that the homes were purchased entirely with cash.
IU purchased a 244㎡ exclusive area unit in 2021 for 13 billion KRW. She also bought the property without any loans.
Among the total 29 households, the only one being a 464㎡ super penthouse was purchased by Cho Young-sik, chairman of Bionote and SD Biosensor, in January of the same year for 30 billion KRW. He is also known to have paid the full amount in cash.
Additionally, the 249㎡ type, which uses the 2nd and 3rd floors together, was purchased by Kim Chang-han, CEO of Krafton. Other owners include Lee Seung-geun, CEO of Viva Republica, which operates the financial platform ‘Toss’, Kang Min-cheol, a Korean language instructor at Megastudy, and Han Sung-soo, founder of Pledis Entertainment.
Completed in December last year, Eterno Cheongdam consists of one building with 29 households from 4 basement floors to 20 above-ground floors, all offering views of the Han River. It was designed in Asia for the first time by Rafael Moneo, a Spanish architect and recipient of the Pritzker Prize, known as the ‘Nobel Prize of architecture’.
The building’s structure prevents overlapping living spaces between units to block noise between floors, and it is adjacent to prestigious school districts and various cultural facilities. The sale price ranged from 13 billion to 30 billion KRW, setting the highest pre-sale price at the time in 2020.
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