Eterno Cheongdam, New Owner Interest
If Actual Transaction Occurs, Highest Price for Domestic Apartment
An 82-pyeong unit at ‘Eterno Cheongdam’ in Cheongdam-dong, Gangnam-gu, has been listed for 32 billion KRW, drawing attention to who the new owner will be. This apartment is famous for housing celebrities such as actor Song Joong-ki and singer IU.
Completed in December last year and with move-ins starting earlier this year, Eterno Cheongdam was designed by Spanish architect Rafael Moneo, who won the Pritzker Architecture Prize, often called the Nobel Prize of architecture. The building has 20 floors, one tower, and 29 households, with a net floor area of 273㎡ (82 pyeong), featuring 4 bedrooms and 3 bathrooms. The maintenance fee is reported to be about 2 million KRW.
It is also characterized by a Han River panoramic view, a duplex structure, and a private garden. With proximity to Olympic-daero, Yeongdong Bridge, and Yeongdong-daero, it is easy to travel throughout Seoul by car. It is also close to Cheongdam Station on Seoul Subway Line 7 and Apgujeong Rodeo Station on the Suin-Bundang Line.
According to this year’s official apartment prices released by the Ministry of Land, Infrastructure and Transport in March, the official price of the 147-pyeong Eterno Cheongdam is 12.86 billion KRW. This ranks second after PH129 (The Penthouse Cheongdam) nearby, which has an official price of 16.4 billion KRW for 149 pyeong.
Previously, Song Joong-ki purchased a 74-pyeong unit at Eterno Cheongdam for 15 billion KRW, and IU acquired hers for 13 billion KRW. Other owners include Kang Min-cheol, a lecturer at Megastudy, Kim Chang-han, CEO of Krafton, and Lee Seung-geun, CEO of Viva Republica, which operates the mobile financial platform ‘Toss.’ The 147-pyeong super penthouse was purchased by Cho Young-sik, chairman of the bio-content and animal diagnostics company ‘Bionote.’
There is speculation that this listing will likely be purchased by another famous celebrity or a major figure in the business world.
If the transaction is completed at 32 billion KRW, it will set a new record for the highest apartment transaction price in South Korea, with acquisition tax alone exceeding 1 billion KRW. The current highest transaction price for multi-family housing (apartments, multi-unit, and row houses) is 22 billion KRW for a 101-pyeong unit at ‘Nine One Hannam’ in Hannam-dong, Yongsan-gu, Seoul, sold in July. This building is also home to many famous celebrities such as BTS’s Jimin, actor Bae Yong-joon, and Big Bang’s G-Dragon.
Meanwhile, the follow-up project to Eterno Cheongdam, ‘Eterno Apgujeong,’ has recently begun construction. Eterno Apgujeong is being developed on the site of the former Hyosung Villa in Cheongdam-dong. The sale price is also expected to reach hundreds of billions of KRW, with news of famous residents expected to follow.
A sales official stated, “Eterno Apgujeong boasts excellent location conditions and high future value,” adding, “It will present a new architectural trend in the Apgujeong area, which is lined with aging complexes.”
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