"183 Pyeong with Swimming Pool, Cabanas, and Two Gardens: Three-Story 'Super Penthouse' Tempts Wealthy Investors [Real Estate AtoZ]"

Hyundai Engineering & Construction Unveils Super Penthouse in Apgujeong District 3 Alternative Plan
Two Units on 65-Story Tower, 183 Pyeong Each... Located Near Buildings 72 and 74

The reconstruction project of the former Dunchon Jugong Apartment Complex, which was dubbed the "largest redevelopment project since Dangun" and involved the construction of approximately 12,000 new units, required more than 4 trillion won in construction costs alone. In contrast, the new complex to be built through the reconstruction of Apgujeong District 3 will consist of 5,175 units—less than half the size of Dunchon Jugong—yet the estimated construction costs are already approaching 6 trillion won even before groundbreaking. This suggests an intention to spare no expense in building luxury apartments. Apgujeong District 3 is considered to be located in the most prime area even within the affluent Apgujeong neighborhood.

As the construction company has just been selected, the association and the builder plan to finalize alternative designs and establish the project implementation plan as soon as possible. One of the highlights at the recently opened promotional center for association members is the penthouse spanning three floors. The new complex will include a total of 54 penthouses, but only two of them will span three floors.

Interior rendering of the penthouse in Apgujeong District 3. Provided by Hyundai Engineering & Construction

This unit, provisionally named "Triplex" (a tentative name given by the builder and not yet official), features two kitchens, two bedrooms, a study, and a dressing room on the lower level alone. Swimming pool and cabana facilities, as well as a rooftop garden, are positioned on either side of the living spaces. The mezzanine level includes three bedrooms, three bathrooms, a multipurpose room, and a terrace. There is a void structure overlooking the living room on the lower level. The uppermost level is connected to an attic, which leads to another rooftop garden.

The total supply area is 183 pyeong. The balcony alone is about 36 pyeong, and the terrace is about 41 pyeong—each roughly the size of a small apartment. The exclusive use area is as large as 122 pyeong (405 square meters). The penthouse type just below this in size offers a supply area of 110 pyeong. When the association released its redevelopment plan last year, there was no separate 183-pyeong super penthouse. Since Hyundai Engineering & Construction proposed it, it is highly likely to be officially included.

While penthouses are not uncommon in new apartment complexes, it is rare to find units spanning three floors. The 32.5 billion won (based on official appraisal) apartment at Eterno Cheongdam in Gangnam-gu, which topped the official apartment price list for two consecutive years, is a three-story penthouse. Hyundai Engineering & Construction was also responsible for building Eterno Cheongdam. In comparison, the 35 billion won apartment at Nine One Hannam in Yongsan-gu, which holds the record for the highest sales price ever, is a duplex penthouse spanning two floors.

An artist's rendering of the 183-pyeong penthouse to be built in the newly constructed complex after the reconstruction of Apgujeong District 3. It is the largest among the 54 penthouses and will be located on the top floor of the 65-story building. Hyundai Construction created this promotional material for the association members, which was reprocessed with AI. Gemini generated image.

If the alternative design is implemented, the penthouse will be located on the top floor of the 65-story building to be erected near the center of District 3. Based on the current apartment layout, it is positioned near Hyundai Phase 5 Buildings 72 and 74 and near Apgujeong Elementary School. This is the very site where the pavilion that gave Apgujeong its name once stood.

The name "Apgu" (狎鷗), the pen name of Joseon's powerful official Han Myeonghoe, is said to have been bestowed by Ming Dynasty scholar Ye Gyeom and encourages closeness with seagulls. The Apgujeong pavilion site was used for villas even before Han Myeonghoe in the Goryeo era, and records show that it served as a banquet hall for Chinese envoys during the Joseon period. It has long been considered a coveted retreat for the powerful and influential.

It remains uncertain how much the new super penthouse in Apgujeong District 3 will be priced at. Given its rarity even in Gangnam's prime area, the price will likely be determined by demand. However, it seems unlikely that the price ceiling system for new apartment sales in the Gangnam area will be lifted by the time sales begin. If the price ceiling system is applied, the sale price must be set according to a formula based on land and construction costs plus a certain premium, and must be approved by the local government.

Apgujeong Hyundai Apartment. Photo by Hyunmin Kim kimhyun81@

It is possible to avoid the price ceiling by supplying fewer than 30 units or operating the units as long-term rentals before selling them, but this will not be applicable to this apartment. If the units are allocated to association members or held as reserved units to be auctioned later, the price ceiling does not apply, so the association is expected to consider such options. For reference, in the redevelopment plan published by the association in October of last year, the exclusive 248-square-meter penthouse was priced at around 15.1 billion won for association members.

Unlike other penthouses, the three-story super penthouse will be classified as a luxury residence, so the acquisition tax is expected to be substantial. In the case of duplex penthouses, if the exclusive use area exceeds 275 square meters, the unit is classified as a luxury residence and subject to a higher acquisition tax. About 12% of the home price must be paid as acquisition tax. In comparison, for non-luxury residences, the basic tax rate is 2.8% (with local and rural development taxes included, the total comes to 3.16%), so the tax burden is more than three times higher. To avoid the higher acquisition tax, many penthouses are designed with an exclusive area just below 275 or 245 square meters. However, the Apgujeong super penthouse appears to be unconcerned about the tax burden.

This content was produced with the assistance of AI translation services.