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Aman Seoul Rises 38 Storeys in Gangnam With $1B+ Shinsegae Property Bet

First South Korea entry pairs 100-key hotel with branded residences as ultra-luxury pivots to K-culture capital.

Published September 3, 2026 Source KarryOn, Business Traveller From the chopped neck
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Aman
DIAMOND · September 3, 2026
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ISABELLA'S ISLAY · September 3, 2026

Aman Seoul Rises 38 Storeys in Gangnam With $1B+ Shinsegae Property Bet

First South Korea entry pairs 100-key hotel with branded residences as ultra-luxury pivots to K-culture capital.

PublishedSeptember 3, 2026
SourceKarryOn, Business Traveller →
From the chopped neck

Aman has announced Aman Seoul, a 38-storey mixed-use tower in Gangnam's Cheongdam district, marking the brand's first South Korea property. Shinsegae Property, the real estate arm of Shinsegae Group, is developing the project with an estimated completion in 2027. The tower will hold a hotel of approximately 100 keys, branded residences, and an Aman Club—the brand's members-only wellness and social format.

The Cheongdam location sits within two kilometers of Galleria Department Store's luxury west wing and the LVMH-backed Signiel Seoul. Shinsegae Property controls the site; Aman operates under a long-term management agreement. The vertical format compresses Aman's typically horizontal resort model into an urban tower, a structure the brand has deployed in New York, Tokyo, and Shanghai. Architectural details remain unreleased, though renderings show floor-to-ceiling glass and setback terraces above the 30th floor.

The Seoul entry reflects three converging forces. First, South Korea's luxury hospitality occupancy averaged 68 percent in 2024, 12 percentage points above regional peers, driven by Chinese, American, and domestic travelers seeking K-pop, cosmetics, and contemporary art itineraries. Second, branded residence inventory in Seoul grew 23 percent year-over-year, with single-family offices in Singapore and Hong Kong acquiring $420 million in Gangnam units since Q1 2023. Third, Aman's parent, Fauchon Hospitality, shifted strategy in 2022 toward urban flagships with residential components after absorbing pandemic losses on slower-ramping resort properties.

Shinsegae Property's involvement signals chaebol validation. The conglomerate operates department stores, duty-free shops, and e-commerce platforms with $18 billion in annual revenue. Its real estate division has developed mixed-use projects in Busan and Daegu, but Aman Seoul represents its first partnership with a non-Korean luxury brand above the four-star tier. The move suggests Shinsegae expects margin expansion from ultra-high-net-worth residents and transient guests, a bet that requires sustained Korean won stability and continued visa-free access for Chinese nationals, currently set to expire in December 2025 unless renewed.

Operators should watch three developments. First, whether Aman discloses residential unit pricing by Q3 2025; comparables in Cheongdam's new-build luxury segment start at $3.8 million for 200 square meters. Second, if Shinsegae Property accelerates its Busan luxury hotel timeline, announced in 2023 but not yet broken ground. Third, competitor response—Rosewood, Capella, and Belmond each evaluated Seoul sites in 2023-2024 but have not committed.

The tower's 2027 completion aligns with Seoul's Incheon Airport Terminal 2 expansion, which will add 18 million annual passenger capacity and 12 new long-haul gates. Aman will open its doors into a city moving $2.4 billion in annual luxury retail, with hotel supply still 40 percent below Tokyo on a per-capita basis.

The takeaway
Aman's **38-storey** Gangnam tower with Shinsegae Property tests urban-vertical luxury format in a market adding **$420M** branded residence volume since 2023.
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