Shinsegae is making bold moves in Cheongdam.

The Korean retail and real estate giant has secured Aman—one of the most exclusive names in global hospitality—to operate both a luxury hotel and a branded residence tower on the site of the former Prima Hotel in Seoul’s Cheongdam-dong.

The project, managed by Shinsegae Cheongdam PFV (a joint venture between Shinsegae Property and developer Mirae In), will rise 49 stories above ground with 8 basement levels and total floor area of 60,188 square meters. Completion is slated for June 2030.

Industry insiders believe Shinsegae is taking cues from Aman Residences Tokyo, a project that stunned Asia’s high-end market when it launched atop the 330-meter Mori JP Tower in Azabudai Hills in late 2023.

That building’s top 11 floors (54F–64F) were carved into 91 residences averaging JPY 2 billion (USD 13–15 million) per unit, making them the priciest homes in Tokyo. The three penthouses reportedly traded for as much as JPY 30 billion (USD 220 million).

“The Tokyo model gave Shinsegae a clear blueprint,” said one luxury asset strategist. “Secure a brand with global cult status. Create an ultra-private, full-service lifestyle. Price it like art.”

Headquartered in Switzerland, Aman operates 35 hotels and resorts in 20 countries, and 20 branded residences in 14 markets. Its residences are often co-located with hotels, though some operate independently.

At the Tokyo property, residents enjoy amenities like a 1,400-square-meter Aman Spa, 25-meter indoor pool, sauna, treatment rooms, private dining with a full-time chef, and concierge and housekeeping—all delivered with Aman’s signature discretion and detail.

The company typically charges developers a royalty of about 5% of the sale price for use of its brand and services.

Aman is not just a hotel brand—it’s a global status symbol. Its devotees include Microsoft’s Bill Gates, Meta’s Mark Zuckerberg, and actor Leonardo DiCaprio. In Korea, awareness surged after BLACKPINK’s Jennie was spotted at Amangiri in Utah, and actors Lee Jong-suk and IU were seen vacationing at Amanemu in Japan.

Room rates at Aman properties start in the thousands of dollars per night. Flagship suites regularly exceed USD 10,000 per night.

Shinsegae appears determined to replicate this ultra-luxury experience in Seoul. Market watchers say the Cheongdam residences will likely be priced at the top end of Korea’s residential market.

“Think Tokyo or New York pricing—but in Seoul,” said a senior figure at a global asset management firm. “With Aman services embedded into both the hotel and residences, buyers aren’t just paying for location or design. They’re buying access to a lifestyle few can touch.”

This article was originally published by Corebeat on May 13, 2025.