Im Young-woong bought in at W5.1b — now the asking price hits 12 billion: the 'Gangbuk Tower Palace' where celebrities live

On the main boulevard near Hapjeong Station intersection in Mapo-gu, Seoul, stands Mecenapolice — a soaring mixed-use residential tower whose sweeping curved facade and sheer height make it impossible to miss. Long dubbed the "Tower Palace of Gangbuk," the complex has held its own alongside the premier wealthy enclaves of Banpo, Cheongdam and Hannam, establishing itself as the defining landmark of northwestern Seoul. With panoramic views of the city and the Han River, and an abundance of lifestyle amenities, Mecenapolice continues to draw celebrities and high-net-worth residents.

The complex runs from seven basement levels to a maximum of 39 above-ground floors across three buildings, comprising 617 units in total, including 77 rental units. It is a large-scale mixed-use development that brings together residential space, offices, a major retail facility and cultural venues under one roof.

The name Mecenapolice combines "Mecenat" — a term for corporate patronage of the arts — with "Polis," the ancient Greek city-state. When it was built, the project took La Défense, the celebrated new-town district of Paris known as a wealthy enclave and cultural destination, as its model, positioning itself as a premium living space where culture and residence converge.

The complex is the product of a large-scale mixed-use project in which contractor GS Engineering & Construction invested roughly 500 billion won ($371 million) over four years. The design was entrusted to Jerde, the globally renowned architectural firm behind Tokyo's Roppongi Hills and LA's Lotus Park, among others. Drawing inspiration from Korea's mountain ridgelines, ravines and traditional lanterns, the firm created a development defined by a fluid, curvilinear facade and curved circulation paths that give the complex a striking three-dimensional quality.

The Hapjeong Station area where the complex now stands was designated an urban renewal zone in 1979, then left largely untouched for more than two decades as development stalled. A turning point came in 2003, when it was designated a balanced-development promotion district, finally setting redevelopment in motion. From the initial zoning designation to the complex's completion in 2012, the process took a full 33 years. When it finally opened, the development transformed the residential landscape of what had been a neglected stretch of Hapjeong almost overnight.

The project's early years were not without turbulence. High pre-sale prices — averaging 24 million to 32 million won per 3.3 square meters — led to unsold units. The complex also drew criticism after it emerged that the entrances for rental and for-sale households had been designed as separate routes, sparking a discrimination controversy.

To boost occupancy, the contractor announced it would provide 11 billion won worth of services over two years. Perks included annual yacht club memberships valued at 5 million won each, housekeeping and laundry services, valet parking, golf and yoga lessons, and moving-cost support — a hotel-style concierge package offered free of charge. The aggressive marketing push was designed to overcome the early unsold-unit problem, but it ultimately proved to be a turning point: resident satisfaction soared, cementing the complex's reputation as a premium mixed-use address.

Word spread about the complex's rigorous privacy protections and hotel-grade resident services, and a wave of prominent entertainers and entertainment industry figures moved in. Broadcaster Haha is said to have lived there since the complex first opened, and singer Kim Jeong-min, broadcaster Jeong Hyeong-don and the group Apink have also been residents. Yang Hyun-suk, the head of YG Entertainment — whose headquarters were once in Hapjeong-dong — and Big Bang members Daesung and Taeyang, who were signed to the label, also lived at Mecenapolice.

Celebrity purchases have continued into the 2020s. Singer Im Young-woong made headlines in September 2022 when he paid 5.1 billion won entirely in cash for a 244-square-meter penthouse unit — one of only four such units in the entire complex. Haha later mentioned it on the ENA program "Haha Bus" in 2023, saying, "Im Young-woong lives in our apartment building," and adding, "He's a genuinely good person. He's the pride of our Mapo-gu."

Singer Jeong Dong-won followed suit, purchasing a 148-square-meter unit for around 2 billion won in 2023, becoming another Mecenapolice owner.

Mecenapolice's appeal to celebrities and wealthy buyers stems from its ability to meet virtually every daily need within the complex itself — shopping, culture and residence all in one place — combined with unrivaled views.

One of the complex's greatest strengths is the large-scale commercial facility built into its lower floors. Spanning from the first basement level to the second above-ground floor, the shopping mall houses 243 stores, including the Homeplus hypermarket, a performance venue, a range of brand outlets and food and beverage establishments. Residents can handle shopping, cultural outings and leisure without ever leaving the complex.

The location also works strongly in its favor. The complex connects directly underground to Hapjeong Station, a transfer point for subway lines 2 and 6, placing it squarely in transit-oriented territory. Yanghwa Bridge and Seongsam Bridge provide easy access to Yeouido, Yeongdeungpo and Mokdong, while proximity to the Gangbyeon Expressway and Olympic Expressway makes it a key node in Seoul's road network.

The Han River views from the upper floors are another major draw. Upper-level units take in sweeping panoramas of the Han River, the Yeouido skyline and Seonyudo Park. A predominantly south- and southwest-facing layout ensures both views and natural light, while the fact that every unit is a large-format type ranging from 122 to 244 square meters adds to the complex's scarcity value.

Despite being part of a large commercial complex, resident privacy is strictly guarded. Trained security personnel are stationed at the residential entrances around the clock, tightly controlling outside access. The elevators operate on a floor-restriction security system that minimizes any overlap between residents and visitors — a setup that naturally appeals to entertainers and wealthy individuals who value their privacy.

One resident, identified only as A, said the complex offers the best access control of any upscale mixed-use building they had lived in. "The security is flawless — the management fees feel completely worth it," the resident said.

Hapjeong is not known as a top school-district neighborhood in the way Daechi or Mokdong are, but its proximity to international and foreign schools in nearby Yeonhui-dong draws a steady stream of high-income families with young children who prioritize education.

A real estate agent at a brokerage in Hapjeong-dong said demand from corporate executives and foreign tenants remains consistent, given the complex's closeness to major business districts such as Yeouido and Gwanghwamun. "Once people move in, listings rarely come up — satisfaction with actually living here is very high," the agent said.

According to the Ministry of Land, Infrastructure and Transport's actual transaction price system and local real estate industry sources, standard units at Mecenapolice are currently changing hands in the 2 billion to 3 billion won range, depending on size. The most recent transaction — a 142-square-meter unit — closed at 2.5 billion won in late August. The four penthouse units of 244 square meters have seen no transactions since Im Young-woong's 5.1 billion won purchase in 2022, and the asking price on listings currently on the market has reached 12 billion won.

In keeping with its luxury status, jeonse deposits run in the 1.8 billion to 2 billion won range — roughly the price of an ordinary home. One penthouse unit took in a tenant in June this year on a deposit of 3.9 billion won.

Some observers note that, as with mixed-use complexes generally, price appreciation at Mecenapolice has been more modest than at conventional apartment buildings, with values showing a degree of stagnation. Even so, wealthy buyers keep coming — drawn less by expectations of capital gains than by the value of actually living there: a private, high-end residential environment with exceptional convenience.

The Hapjeong-dong agent said price movements are nothing like those of premium Gangnam apartments, but inquiries from wealthy buyers who want to live there themselves — particularly those who value privacy and proximity to international schools — come in regularly. "Once you've lived here, satisfaction with the actual experience tends to be high," the agent said.