Na­ture Repub­lic site most ex­pen­sive prop­erty in S. Korea

The China Post - - WORLD BUSINESS - BY BAE JI- SOOK

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.

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