"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, which was named the “largest maintenance project since Dangun” with about 12,000 new units, cost over 4 trillion won just for construction. In comparison, the new complex to be built through the reconstruction of Apgujeong District 3 will have 5,175 units—less than half the size of Dunchon Jugong—but even preliminary estimates before construction suggest the construction costs will reach 6 trillion won. This means there is a plan to spare no expense in building these high-end apartments. Apgujeong District 3 is considered to be located at the heart of Apgujeong, itself a prestigious neighborhood.

Having just selected a contractor, the association and the construction company plan to finalize alternative designs and prepare a project implementation plan as soon as possible. What drew attention at the recently established promotional center for association members was a penthouse spanning three floors. The new complex is set to include a total of 54 penthouses, with only two of them designed to occupy three floors.

Rendering of the interior of the penthouse in Apgujeong District 3. Provided by Hyundai Engineering & Construction

This residence, tentatively named the “Triplex” by the contractor (the official name has not yet been decided), features two kitchens, two bedrooms, a study, and a dressing room just on the lower level. Facilities such as a swimming pool, cabana, and rooftop garden are arranged on either side of the living space. The middle level contains three bedrooms and three bathrooms, along with a multipurpose space and terrace. It is designed with a void structure overlooking the living room on the lower level. The upper level is connected to an attic, leading to another rooftop garden.

The total supply area is 183 pyeong. The balcony measures about 36 pyeong, and the terrace about 41 pyeong—each about the size of a small apartment. The exclusive area alone amounts to 122 pyeong (405㎡). The next largest penthouse is 110 pyeong based on the supply area. When the association released its maintenance plan last year, there was no plan for a 183-pyeong super penthouse. However, as Hyundai Engineering & Construction, the contractor, has proposed it, it is highly likely to be included.

Penthouses are not uncommon in new apartment complexes, but it is rare for one to span three floors. The 32.5 billion won (based on publicly announced value) apartment in Gangnam-gu’s Eterno Cheongdam, which ranked first in official multi-unit housing prices for two consecutive years, is a three-story penthouse. Eterno Cheongdam was also built by Hyundai Engineering & Construction. The 35 billion won apartment at Nine One Hannam in Yongsan-gu, which holds the record for the highest apartment price in history, is a duplex penthouse spanning two floors.

An artist's rendering of a 183-pyeong penthouse in the newly constructed complex following the redevelopment of Apgujeong District 3. It is the largest among 54 penthouses and is planned to be located on the top floor of a 65-story building. This promotional material was originally created by Hyundai Engineering & Construction for union members and has been reprocessed using AI. Gemini-generated image.

Map and Expected Rendering of the Super Penthouse in Apgujeong 3 District

If the alternative design is implemented, it will be located on the top floor of the 65-story building, which will be positioned roughly in the middle of District 3. According to the existing apartment layout, it will be situated near Hyundai 5th Complex Buildings 72 and 74, and close to Apgujeong Elementary School. This is the very spot where the historic pavilion that gave the name “Apgujeong” was once located.

“Apgu” (狎鷗), the pen name of Han Myeonghoe, a powerful official of the Joseon Dynasty, was given by the Ming Dynasty scholar Ye Gyeom, meaning “to befriend seagulls.” The site of the Apgujeong pavilion was used as a villa even during the Goryeo Dynasty and served as a banquet venue for Chinese envoys during the Joseon Dynasty. It has long been considered a coveted retreat for the powerful throughout history.

The price at which the new Apgujeong District 3 super penthouse will be sold remains unknown. Given its rarity even in the prime areas of Gangnam, it could command any price. However, there seems to be little chance that the price cap regulation for new apartment sales in the Gangnam area will be lifted by the time of its release. If the price cap is applied, the sale price must be set according to a formula that takes into account land cost, construction cost, and a fixed premium, with approval required from the local government.

Apgujeong Hyundai Apartment. Photo by Hyunmin Kim kimhyun81@

If supplied with fewer than 30 units or operated as long-term rentals before sale, the price cap can be avoided, but this apartment is not eligible for such methods. If the units are allocated to association members for sale, or reserved as unsold units for future public auction, the price cap does not apply, and it is expected the association will consider these methods. For reference, in the maintenance plan released by the association in October last year, the member sale price for the 248㎡ penthouse was set at about 15.1 billion won.

Unlike other penthouses, the three-story super penthouse is classified as a luxury residence and is expected to incur a significant acquisition tax. For duplex penthouses, if the exclusive area exceeds 275㎡, they are classified as luxury residences and acquisition tax is imposed at a higher rate. About 12% of the purchase price must be paid as acquisition tax. Compared to non-luxury residences (where the base acquisition tax rate for original acquisition is 2.8%, and the final payment including local and agricultural/fisheries taxes is 3.16%), the tax burden is more than three times higher. To avoid the heavy tax, many penthouses are designed with exclusive areas just under 275㎡ or 245㎡. However, in the case of the Apgujeong super penthouse, it appears little consideration was given to minimizing tax.

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