PH129 claims most expensive apartment in S. Korea

The most expensive apartment sold this year was in The Penthouse Cheongdam, a luxurious residence also known as PH129, data from the Ministry of Land, Infrastructure and Transport showed on Monday.

One unit with an exclusive use area of 273.96 square meters on the 14th floor of the 20-floor building was sold for 11.5 billion won ($9.79 million) in March. Another unit of the same size on the sixth floor was traded at 10 billion won. The apartment, located in southern Seoul‘s Gangnam District, was completed in August last year.

With the transactions, the apartment dethroned Hannam The Hill, another luxurious residence that was home to the country’s most-expensive apartment for seven consecutive years.

According to KB Kookmin Bank, the average price of the top 20 percent apartments stood at 2.16 billion won in July.

(gypark@heraldcorp.com)