Lotte Signiel Residences: So Expensive, Few People Can Afford It
A few weeks ago while walking around Central, in Hong Kong, I spotted a wrap-around advertisement for apartments for sale in the Lotte World Tower 롯데월드타워 (the tallest building in Korea, fifth tallest in the world) in Seoul. Besides the shock of seeing an advertisement for a building that is a five-minute walk from my Seoul apartment, in Hong Kong, I wondered why Lotte would even advertise in another city. Well, a few days ago, I read an article that answered my question: the apartment prices in the Lotte World Tower range from 4.2 billion Korean won (~3.72 million USD) to 38 billion Korean won (over 33.6 million USD!!), and there aren’t enough (super rich) people in Korea to buy them all. (Why Lotte chose to build such expensive apartments without the demand is beyond me!) So, Lotte turned to Chinese investors (hence the advertising in Hong Kong… although, if someone could afford a 33 million USD apartment, why not just buy one in Hong Kong, which is a more desirable location?).
Read the article here: http://mengnews.joins.com/view.aspx?aId=3030868
The observation deck (third highest in the world) actually opened today, March 22. In the three and a half years we’ve lived in Jamsil, Seoul, we’ve seen the tower slowly go up (we used to be able to count from the bottom up, to see how many floors had been completed… we stopped keeping track after 50 or 60 floors). Alex doesn’t really have a “Korea bucket list,” but going up to the observation deck was the only thing he wanted to do before leaving Korea… We’re running out of days, but who knows, maybe we’ll have a chance. 😉