Nature Republic on Tuesday renewed its lease of Korea's most expensive plot of land in Myeong-dong, Seoul.

The cosmetics store occupies two stories of the building -- 146.32 sq.m on the first floor and 101.58 sq.m on the second.

It previously rented the space for W145 million a month with a W3.5 billion deposit (US$1=W1,139) but that has risen to W250 million and W5 billion. According to government data, the site is worth W214.5 million per 3.3 sq.m.