Sindoh chairman sells luxury Cheongdam villa unit to eldest son for 5.2 billion won

Sindoh Group Chairman Woo Seok-hyung has sold a unit at Brunnen Cheongdam, a high-end villa complex in Cheongdam-dong, Gangnam-gu, Seoul, to his eldest son, Sindoh Executive Vice President Woo Seung-hyup, for 5.2 billion won ($3.35 million). Court registry records show no mortgage was registered against the property, indicating the transaction was completed entirely in cash without bank financing.

Court registry documents show Woo signed a contract on June 12 to sell a third-floor unit with an exclusive use area of 202 square meters at Brunnen Cheongdam to Woo Seung-hyup for 5.2 billion won. The final payment was made and ownership transferred on July 18. The deal marks the first confirmed private sale at Brunnen Cheongdam since the complex launched its pre-sale in 2019. The Korea Real Estate Board's government-assessed price for the unit as of Jan. 1 this year stood at 4.39 billion won.

The buyer, Woo Seung-hyup, is the eldest of Chairman Woo's three children. The grandson of the late founder Woo Sang-ki, who established Sindoh's predecessor Shindo Trading, he is widely regarded as the third-generation heir to the Shindo Group. Woo Seung-hyup is also the largest shareholder of Shindo Systems, holding a 50 percent stake.

Brunnen Cheongdam is a luxury villa development in Cheongdam-dong, Gangnam-gu. The single-building complex rises three floors below ground and seven above, and contains just eight units in total. Exclusive use areas range from 73 to 93 pyeong (one pyeong equals 3.3 square meters). From the outset, the development was positioned as a high-end residential product targeting a small pool of ultra-high-net-worth buyers.

The complex keeps its unit count to a minimum to preserve the privacy and spaciousness of a standalone home while incorporating the premium security systems and communal amenities typical of luxury villa developments. The design places a strong emphasis on privacy and security, catering to wealthy buyers who prefer to keep a low profile.

Specialized firms in high-end residential design and interiors were involved throughout. Participants included the global architectural design group SMDP, interior specialist Hilife — which has worked on luxury projects including PH129 and Mark Hills — and DID, a firm focused on high-end villa design.

The location is considered prime even within Cheongdam-dong. Cheongdam Elementary, Middle and High schools are all within walking distance, and Apgujeong Galleria department store and the Cheongdam-dong luxury shopping strip are nearby. The complex also offers easy access to the Han River and convenient connections to major parts of Seoul via Yeongdong Bridge, Seongsu Bridge, Cheongdam Bridge and Olympic Expressway.

Brunnen Cheongdam previously drew attention for a record-setting jeonse transaction. In 2021, a 219-square-meter unit was leased under a jeonse contract with a deposit of 7.1 billion won, making it the most expensive jeonse deal in the country at the time. It was also the first case in which the jeonse deposit per 3.3 square meters exceeded 100 million won.

The record for the most expensive luxury housing jeonse subsequently moved to Hannam-dong in Yongsan-gu. In August last year, a 244-square-meter unit at Nine One Hannam in Yongsan-gu was leased under a jeonse contract with a deposit of 10 billion won, setting a new all-time high.

Meanwhile, Brunnen Cheongdam has also appeared on the auction market recently. A 205-square-meter unit at the complex sold at auction in April for 4.93 billion won. The property first went to auction last July with an appraised value of 7.53 billion won but failed to attract a buyer in two rounds of bidding, eventually finding a new owner in the third auction at roughly 34.5 percent below the appraised value.