Aman has confirmed Aman Seoul—a 38-storey mixed-use tower in Gangnam's Cheongdam district—as its first South Korea property, partnering with Shinsegae Property on a development estimated at $1.2 billion. The project combines hotel keys, branded residences, and an Aman Club, scheduled to open in 2027. Shinsegae Property, the real estate arm of Korea's third-largest conglomerate, secured the site in 2021 and has since been repositioning Cheongdam as a luxury hospitality corridor to rival Apgujeong.
The hotel will occupy floors 3 through 15, with approximately 80 keys. Residences span floors 16 through 38, offering 60 to 80 units priced from $3 million to $12 million depending on floor plate and view orientation. The Aman Club—a members-only wellness and dining facility—will anchor the podium levels, targeting Korea's $2.3 trillion household wealth cohort and the city's 47,000 individuals with net worth above $10 million. Shinsegae Property has retained 15% of residential inventory for long-term hold, signaling confidence in secondary-market appreciation.
The Cheongdam site sits 800 metres from the Galleria Department Store and 1.2 kilometres from the COEX complex, placing it inside Seoul's established luxury retail and hospitality zone. Aman's entry follows Rosewood Seoul's 2022 opening in Gangnam and Four Seasons Seoul's 2023 debut in Gwanghwamun, both of which achieved $800 to $1,200 average daily rates in their first year. Korea's inbound tourism recovered to 11.2 million visitors in 2023, 89% of 2019 levels, with overnight luxury arrivals from Greater China, Japan, and the United States up 34% year-over-year. Aman's model—high ADRs, low key counts, and integrated residential sales—aligns with Seoul's tightening supply of ultra-luxury inventory and rising family-office demand for branded residence exposure in Asia's fourth-largest economy.
Shinsegae Property's selection of Aman over Bulgari, Armani, or Rosewood reflects two allocator priorities: Aman's operational track record in branded residence exits—$2.1 billion in sales across six properties since 2018—and its willingness to co-invest in ground-floor F&B and spa amenities that subsidize hotel operations. Shinsegae Group operates 14 department stores and 350 retail locations across Korea, giving Aman access to Shinsegae's 6 million loyalty members and embedded brand-partnership infrastructure. The Aman Club membership, priced at an estimated $100,000 initiation and $12,000 annual dues, will function as a Seoul gateway for Aman's 18,000 global Aman Club members, 1,800 of whom are based in Greater China and Japan.
Operators and allocators should watch for Q1 2025 pre-sales data on the residence tower, which will clarify whether Korean family offices treat Aman-branded units as primary residences or portfolio diversification. Shinsegae Property has indicated it will retain management control of commercial podium space, leaving open the possibility of flagship luxury retail tenants by mid-2025. Aman's next Asia pipeline—Aman Niseko and Aman Nara—will provide comparable data points for mixed-use models in secondary Asian cities with strong inbound tailwinds.
Aman Seoul's 2027 opening positions Shinsegae Property to capture Seoul's luxury hospitality expansion ahead of Korea's 2030 World Expo bid and the city's ongoing $8.6 billion Gangnam redevelopment program, which targets 12 new luxury towers by 2029.
The takeaway
Aman's **$1.2B** Gangnam tower with Shinsegae Property tests whether Korea's **$10M+** cohort will pay for branded residence exposure.
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