Complex in Gangnam Fetches Highest Lease Deposit

      October 21, 2014 12:55

      A high-rise residential-commercial complex in the upscale Gangnam district of Seoul called Tower Palace fetches the most expensive "jeonse" or Korean-style deposit lease.

      Government data show that the jeonse on a 244.7 sq.m Tower Palace apartment costs a whopping W2.3 billion (US$1=W1,061).

      The average jeonse on an apartment in Seoul is about W330 million. But at Tower Palace, it is equivalent to 51 to 60 percent of the actual sale price of the units, which ranged between W3.8 and W4.5 billion earlier this year.

      Tower Palace

      Next was I-Park apartments in Samseong-dong, Sangji Ritzville Caelum 2nd Complex in Cheongdam-dong and Ville Polaris in Jamwon-dong. All three fetched payments of W2 billion earlier this year.

      The only apartment block north of the Han River to rank among the top 10 was Galleria Foret in Seongsu-dong.

      Outside of Seoul, I-Park on Busan's Haeundae Beach was the most expensive at W800 million.

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