Cheongdam-dong is already famous for being one of the richest areas in Seoul. As much as it is home to many Korean business tycoons, a luxurious villa compound is also concentrated in the very region.
The area used to be filled with old-fashioned row houses and multi-family bungalows from the late 1990s to early 2000s ― the period when the Asian financial crisis hit the nation.
It was Daewoo Engineering & Construction, one of Korea’s leading construction companies, that pushed ahead with a total makeover plan for the neighborhood. The company rebuilt the area into a high-class villa complex, with one example being the luxury brand villa Daewoo Royal County.
It is not only home to the business tycoons, including the family of LG Group, but also to wealthy non-businessmen and famous celebrities.
The Korea Herald Investigative Team has found out those who are nesting in some of the fanciest villas in southern Seoul.
Daewoo Royal County for the LG family
Some of the majority owners of the Daewoo Royal County I and Daewoo Royal County III ― two luxurious villas situated in Cheongdam-dong ― are part of the LG family, including LG Electronics vice chairman Koo Bon-joon, the third son of LG Group honorary chairman Koo Cha-kyung.
Daewoo Royal County I, with an estimated market value of 4 billion won ($3.6 million), has been owned by vice chairman Koo since the year after the villa was completed in 2000. With a floor space of around 244.95 square meters, the villa is composed of five bedrooms and three bathrooms.
Royal County III, which faces Royal County I, has the same structure and also measures up to 244.68 square meters. Its owners are registered as two members of the Koo family: Heesung Group vice chairman Koo Bon-sik and LS Networks chairman Koo Ja-yong.
Both of them purchased this house in February 2003, according to a certified copy of the register. In January this year, the villa was priced at 2.22 billion won, an increase of more than 500 million won compared to a decade earlier.
The sale price was around 3.2 billion won, but given that the appraised value of one household at an auction last year was 3.8 billion won, the actual market value is estimated to be much higher.
There are a number of other businessmen and even non-businessmen besides the Koo family who also own homes in these two villas. Ottogi chairman Ham Young-joon is one of them. However, most of them do not actually reside here but rather provide jeonse leases to other tenants.
Celebrities eye Daewoo Royal County VI
Among the Royal County brand villas, the Royal County VI was built more recently in 2005. It is smaller in area size with four bedrooms and two bathrooms, but boasts a superb location with a beautiful view of the Hangang River. It is also close to some of the nation’s top- ranked schools.
The villa became famous when actress Jeon Do-yeon’s husband bought a home here in 2005. Their house, a duplex-type penthouse on the top floor of the villa, is estimated to be worth 1.6 billion won for 191.59 square meters.
Actor Song Seung-heon is also said to have a home here. The 166.3-square-meter house, which Song bought in 2011, was previously owned by the younger sister of LG Group chairman Koo Bon-moo, according to a certified copy of the register. The current market price is 1.82 billion won, but industry watchers expect it to go over 1.7 billion won if sold.
There are businessmen in this villa as well, such as the Daehan Steel CEO Oh Chi-hoon. As the son of the steel company’s chairman Oh Wan-soo, junior Oh purchased his house in 2005. He was promoted to CEO of the company in January.
Hyosung Villa I, traditional but glam Down the Hangang River from the Royal County VI sits the Hyosung Villa I. It is considered to be one of the oldest luxury villas in southern Seoul, having been built in 1982. It was sold for a high price because of its close location to the riverside and its fancy interior.
In 2008, when there was talk of reconstruction, the villa once again catapulted to the limelight.
Hyosung Villa has been home to wealthy businesspeople and celebrities for more than 30 years, with some of the newcomers purchasing a house there as recently as this March, according to a certified copy of the register.
One of the longtime dwellers is Sam-A Pharm Co. chairman Heo Jun. The house was bestowed to him in 2003 by his father, who purchased it when it was built. The three-story house, measuring 256.79 square meters when including the basement and a parking space, was found to be worth 1.92 billion won, with the price tripling over 20 years. The actual market value is estimated to be at least 2.5 billion won, industry watchers said. Heo also owns a house in the Daewoo Royal County III.
By Korea Herald Investigative Team (
hjlee0301@heraldcorp.com)
Kwon Nam-keun
Hong Seung-wan
Sung Yeon-jin
Bae Ji-sook
Yoon Hyun-jong
Min Sang-seek
Kim Hyun-il
Lee Hee-ju
