S. Korea's tallest new tower invites super-rich residents

By Park Sae-jin Posted : December 13, 2016, 13:43 Updated : December 13, 2016, 13:58

[Courtesy of Lotte Corporation]


The Lotte World Tower, a new high-rise landmark in South Korea, invited hundreds of super-rich people Tuesday for an event to promote the sale of luxurious residential homes in a vertical city that can provide a marvelous view and withstand a powerful earthquake.

The event was held in three sessions involving about 600 super-rich Koreans interested in residing in what would become South Korea's tallest building.

Construction of the 555-meter-tall tower, which cost some four trillion won (3.4 billion US dollars), has been completed. A grand ceremony to open the whole tower in southern Seoul will be held in April if it obtains approval from the Seoul city government.
 

[Courtesy of Lotte Corporation]


Lotte, the country's fifth-largest conglomerate, has built the tower as a vertical city that would become a high-rise landmark representing South Korea's economic prosperity. It has been a pet project pushed by group patriarch Shin Kyuk-ho.

"Before, there has been no concrete blueprint on how to distribute the tower's residence. The event today is important because we will unveil concrete distribution plans," Jiwoo R&C head Choi Eun-sik in charge of distribution told Aju News.

"We will attract the super-rich to make it the center of money and high reputation," he said, adding the tower welcomes both domestic and foreign "VVIPs" especially from China. "This is the first official investment event (in South Korea)."

In China, similar events have been under way in small groups to attract rich investors from the world's second largest economy, Choi said. In October, Lotte signed a cooperation agreement with Chinese property developer Homelink for joint sales and marketing.

"We will analyze and compare the value of Lotte's residence and properties abroad," he said, expressing hope that the tower would become South Korea's most expensive residential space.

Up for sale are 223 residential units of up to 990 square meters between the 42nd and 71st floor for an average of 75 million won per 3.3 square meters. Private offices are located from the 108th to 114th floor.

Along with premium services, Lotte boasts of safety, modern design, and sophisticated construction technology. Lotte claims the tower can withstand a 9.0-magnitude earthquakes and strong typhoons.
 

[Courtesy of Lotte Corporation]


The tower offers private firefighters, broad emergency stairs, and fire shelters every 20 floors that can be reached in 15 minutes using elevators for evacuation. Lotte said the tower was built as an eco-friendly structure and features various amenities for residents and tourists as well as a luxury hotel and an observatory.
 

Vitaliy Raskalov standing on the top of the Lotte Tower. [Vitaliy Raskalov's Instagram]


The tower gained global attention in March when "Urban Explorer" Vitaliy Raskalov, who climbs towering landmarks around the world, has conquered the tower. The Russian photographer notorious for climbing high towers and buildings around the world as a part of "OnTheRoofs" project uploaded a photograph of himself standing on struts of Lotte Tower.

Aju News Lim Chang-won and Park Sae-jin


 
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