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HD Hyundai Group major shareholder Chairman Chung Mong-joon purchases two units at luxury villa 'Upper House Namsan'

[비즈한국] It has been revealed through Bizhankook's coverage that Chung Mong-joon, Chairman of the Asan Foundation and a major shareholder of HD Hyundai267270 (Hyundai Heavy Industries) Group, has simultaneously purchased two units at the luxury villa Upper House Namsan in Itaewon-dong. Upper House Namsan has garnered significant attention for being purchased by high-profile figures in the business world and top celebrities, including Seo Min-jung, eldest daughter of Amorepacific090430 Chairman Seo Kyung-bae and head of the Luxury Brand Division's AP team, actor Ha Jung-woo, and singer Psy. Given that Chairman Chung listed his existing residence in Pyeongchang-dong as his home address when filing for the transfer of ownership with the court, it appears he has not yet registered a change of address or moved in.

It has been confirmed that Chung Mong-joon, Chairman of the Asan Foundation, the sixth son of the late Hyundai Group founder Honorary Chairman Chung Ju-yung and the largest shareholder of HD Hyundai, purchased two units at Upper House Namsan, a luxury villa located on Sowol-gil in Itaewon-dong, Yongsan-gu, Seoul. According to the real estate register, Chairman Chung purchased a second-floor unit (exclusive area of 144.21㎡, 44 pyeong) and a seventh-floor unit (exclusive area of 232.48㎡, 70 pyeong) in Building A on the 12th. The purchase agreements were signed on March 20 for the seventh-floor unit and April 24 for the second-floor unit, and he took ownership from the developer after completing the balance payments for both simultaneously on December 12.

The real estate register does not disclose the purchase price. However, given that one unit currently on the market at Upper House Namsan (exclusive area of 242㎡, 73 pyeong) is priced at 12 billion KRW, it is estimated that Chairman Chung invested around 20 billion KRW to purchase the two units. As no collateral security (mortgage) was registered after taking ownership from the developer, it is presumed that the full purchase price was paid in cash without any loans.

When filing for the transfer of ownership with the court on the 12th, Chairman Chung listed his residence according to his resident registration as his existing address at 'Pyeongchang-X-gil XX-X, Jongno-gu, Seoul.' This suggests that he has not yet registered a change of address following a move, or that he is conducting remodeling work before moving in. Chairman Chung built a detached house (1 basement level to 3 floors above ground, total building area 1226.24㎡, 370 pyeong) in 2009 on two plots of land (468㎡, 141 pyeong) in Pyeongchang-dong that he inherited from his father, the late Hyundai Group Honorary Chairman Chung Ju-yung, who passed away in March 2001, and has resided there for over 15 years.

Meanwhile, Upper House Namsan is a luxury villa complex consisting of 19 units across four buildings: Building A (B1–7F, 7 units), Building B (1–4F, 6 units), Building C (B1–4F, 6 units), and Building D (B1–2F, neighborhood living facilities). It was the first in Korea to introduce a 'Sky Garage' system. The Sky Garage is a system that allows residents to park their vehicles directly in front of their homes via a dedicated car elevator, and it is known that each unit can accommodate 4 vehicles, including spaces in the basement and outdoor parking areas.

In addition to Chairman Chung Mong-joon, units have been purchased by individuals including Seo Min-jung, head of the Luxury Brand Division's AP team at Amorepacific and eldest daughter of Chairman Seo Kyung-bae, actor Ha Jung-woo, singer Psy, and influencer Ha-neul, who rose to fame as an 'ulzzang' (related articles: [Exclusive] Actor Ha Jung-woo purchased '12 billion KRW' Upper House Namsan 2 years ago, [Exclusive] Psy's UN Village villa seized and then released due to unpaid fine).