SEOUL, Feb. 13 (Korea Bizwire) – Cosmetic chain Nature Republic’s flagship store in Myeong-dong has been named the most expensive commercial property in South Korea for the 15th consecutive year, new government data has revealed.
According to data released by the Ministry of Land, Infrastructure and Transport on Monday, properties in Myeong-dong dominated the top 10 list of most expensive commercial real estate, with Nature Republic’s store in the shopping district priced at 91.3 million won per square meter per month.
The rental price is up 6.1 percent from 86 million won last year, while the estimated purchase price of the property is 15.46 billion won ($14.2 million).
Currently priced at 88 million won per square meter for rental, Woori Bank’s Myeong-dong branch was the most expensive commercial property to rent in the country between 1989 and 2003, before the Nature Republic store in Myeong-dong knocked the bank out of the top spot.
Other flagship stores in Myeong-dong from fashion and cosmetic brands also made it to the top 10 list, including Uniqlo and Tonymoly.