Nature Republic site most expensive property in S. Korea
Budget cosmetic brand Nature Republic’s flagship store in Myeongdong, central Seoul, was once again pegged as the priciest piece of real estate in the country, the South Korean Ministry of Land, Infrastructure and Transport said Thursday.
According to the authority, the price of Chungmuro 1-ga 24-2, Jung-gu, Seoul, was appraised at 80.7 million won (US$728,310) per square meter, the highest in the country. The price is about a 5-percent jump from 77 million won assessed last year, and has topped the list for 12 consecutive years.
The total price of the 169.3 square meter store site is 13.6 bil- lion won. Nature Republic is known to pay 250 million won in monthly rent on top of a 3.5 billion wondeposit for the four-story building.
Myeong-dong swept the list, with the sites of Lloyd, DEC32ND, New Balance, Etude House, Noon Square, Adidas, The Body Shop, Laneige and Espoir stores named among the top 10.
“Being one of the most popular shopping districts among Japanese and Chinese travelers, Myeongdong has always been known as a hot spot for retail brands,” Cushman & Wakefield noted in its 2014 report. The global real estate developer named Myeong-dong the eighth-priciest commercial district in the world.