To Koreans, land is more than just money, especially when you own property in highly sought-after areas.

This is because owning a plot of land is not just about making money, but also about power and status.

For example, Cheongdam-dong in southern Seoul is one of the city’s most affluent neighborhoods. In 1967, it was still part of Gyeonggi Province, and was full of pear orchards, but it began its transformation from about 1975 into a home for the emerging superrich as high-rises and expensive apartment complexes sprang up in the area.

Over the next 20 years, the area went through vast changes, attracting high-earners with luxury boutiques and high-class villas that look out onto the Hangang River.

It would therefore be hard to talk about the superrich without mentioning this neighborhood. The Korea Herald Special Investigative Team has looked into the lives of some of the richest tycoons in Cheongdam-dong. 


The Shinsegae block

One plot was not enough for the Shinsegae Group family. Company chairwoman Lee Myung-hee owns five plots of land in Cheongdam-dong, worth more than 10 million won ($9,100) per square meter.

The whole area across from the Galleria Department Store ― at the heart of Cheongdam-dong’s luxury retail district ― belongs to the chairwoman.

With the five lots measuring a total of 2,051.5 square meters, Lee’s Cheongdam-dong real estate has an estimated value of 48.7 billion won. Given that the area is a commercial zone, it would likely sell for even more, industry watchers said.

There are a number of high-class designer shops in this area, such as Dolce and Gabbana, an import luxury brand whose Korean operations are run by Shinsegae International, Boon The Shop and a string of well-known wedding shops. Rents for these shops are said to be astronomical, mainly due to their location.

Like his mother Lee, Shinsegae vice chairman Chung Yong-jin also owns a couple of lots in this area that measure 985.8 square meters. The market value of Chung’s real estate is thought to be at least 22.8 billion won.

Chung Yu-kyung, vice president of the group and the vice chairman’s sister, also cannot be left out when talking of pricey real estate. She owns lots measuring a total of 651.3 square meters, worth about 15.1 billion won.

Shinsegae Group also owns land in Cheongdam-dong. Its affiliates such as Shinsegae, Shinsegae International and Shinsegae Department Store own 14 lots in the neighborhood, with the total market value estimated at more than 187.8 billion won.

In total, the aggregate market price of the land owned by Shinsegae and Lee’s family is 275 billion won, making the family the richest landowners in Cheongdam-dong.


Lots owned by Korea’s richest man

Samsung Electronics chairman Lee Kun-hee, the wealthiest businessperson in Korea, unsurprisingly owns some expensive real estate.

He has owned two lots measuring 1,555.2 square meters since the mid 2000s. Their market value is estimated to be at least 64.2 billion won.

There are a number of stores on the land Lee owns, including Tory Burch, a prestige brand that has partnered with Samsung affiliate Cheil Industries. There are also high-end hair salons and the flagship store of Beaker, a shop operated by Cheil Industries selling select brands.

Relatives of the chairman are not known to own property in Cheongdam-dong, but Samsung Life Insurance owns nine lots worth at least 162 billion won.

Industry watchers suggest that the company purchased the property as a long-term investment. 


Property of the LG Family

Koo Ji-eun, the executive director of Ourhome ― a catering service provider ― and the youngest daughter of company chairman Koo Ja-hak, has joint ownership of an 859 square-meter lot with her sister Myung-jin. The property is located directly across from Cheongdam Catholic Church where the Bodam Building is located. The building houses shops run by to LG affiliates. The property is estimated to be worth over 20 billion won.


Other tycoons

GS Caltex chairman Hur Dong-soo also owns a part of Cheongdam-dong. He purchased two lots in 2012 that are estimated to be worth at least 9.2 billion won.

AmorePacific chairman Suh Kyung-bae has a relative who owns two lots in this area: his fourth sister Suh Mi-sook. The property, home to a large Audi exhibition center, is thought to be worth more than 37.2 billion won.

By Korea Herald Special 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