Yong-jin Jung, chairman of Shinsegae Group, is making a bold move in high-end space development by introducing the global luxury hospitality brand Aman to South Korea. This initiative aims to expand Shinsegae Property's business from shopping malls to global luxury real estate development.
On September 2, Shinsegae Property and Aman announced plans to develop 'Aman Seoul' in Cheongdam-dong, Gangnam-gu, Seoul. The facility will feature an eight-story underground and 38-story above-ground structure, covering approximately 70,000 square meters. It will include a hotel, 49 branded residences, and retail and cultural spaces. An exclusive 'Aman Club' will also be established, featuring a members-only swimming pool, fitness center, and lounge.
Shinsegae Property will oversee the project, handling planning, strategy, and overall development, while Aman will be involved in design, architecture, and operations. After completion, Aman will manage the hotel, residences, and community facilities through a long-term lease agreement.
Aman Seoul aims to create a high-end lifestyle space that combines hotel accommodations, residences, and a members-only community, going beyond a typical luxury hotel. It will offer spa and wellness facilities along with global dining programs, integrating Korean aesthetic principles with Aman's design philosophy to create an 'urban sanctuary.'
Aman operates urban projects that combine hotels, residences, and members-only communities in major cities like Tokyo, New York, and Bangkok. The company plans to expand into Beverly Hills, Miami Beach, Dubai, and Singapore, with Seoul included in its global expansion strategy.
This project aligns with Jung's efforts to restructure Shinsegae Property. The company, which has built its capabilities around large shopping mall developments like Starfield, is now venturing into ultra-luxury hotels and branded residences.
In June, Jung took on the role of CEO at Shinsegae Property, marking his return to management. He has since partnered with the global real estate development firm OKO Group to cultivate luxury hospitality development as a new growth driver.
In July, a joint venture agreement was signed between Shinsegae Property and Vladislav Doronin, chairman of OKO Group, to establish a partnership with an initial investment of $500 million (approximately 750 billion won) for developing Aman and Janu hotels and residences in Asia and North America. The collaboration will also expand into domestic and international commercial real estate development.
Aman Seoul is expected to be a flagship project that materializes this global high-end development strategy in South Korea. Shinsegae Property will gain valuable development experience that can be applied to future overseas projects, with a global luxury brand directly involved in design and operations.
Jung stated, "Aman Seoul will be a new milestone in Seoul's high-end lifestyle beyond hotel development. We will continue to create innovative spatial value based on our differentiated development capabilities."
Vladislav Doronin, chairman of Aman Group, remarked, "Seoul is a global city where culture, design, technology, and wellness converge. By creating a hotel, residences, and Aman Club together, we will provide customers with an urban sanctuary where they can experience both the dynamic energy of Seoul and the privacy of Aman."
* This article has been translated by AI.
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