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Aman gains **$500M** and an Asian retail partner to accelerate four to five projects into construction by mid-2027, testing new pricing ceilings in Korea.
$500 million
joint venture to develop Aman-branded properties and residences across…
$358 million
and has since expanded the portfolio to
20 countries
The capital commits over the next
36 months
with first closings expected by Q1 2027
Vladislav Doronin's OKO Group and South Korea's Shinsegae announced a $500 million joint venture to develop Aman-branded properties and residences across multiple markets. The structure gives Shinsegae—primarily known for department stores and duty-free retail—direct exposure to the Aman operating model and its residential conversion economics. Doronin acquired Aman in 2014 for approximately $358 million and has since expanded the portfolio to 34 properties across 20 countries. The capital commits over the next 36 months with first closings expected by Q1 2027.
The venture will prioritize markets where Shinsegae already holds retail or mixed-use land positions—Seoul, Busan, and select Southeast Asian gateway cities. Aman residences typically trade at 15-25% premiums to comparable luxury product in the same submarket, and post-sale service fees generate 3-4% annual recurring revenue on original sale prices. Shinsegae's logistics and procurement infrastructure in Korea and Japan should compress FF&E timelines by an estimated 90-120 days per project, a meaningful advantage in markets where construction labor is constrained. The partnership does not include existing Aman assets; it is a forward development vehicle only.
This marks the first time Aman has formalized a capital partnership with an Asian retail conglomerate for multi-property development. Branded residence allocations now represent 40% of new luxury development sales velocity in primary Asian cities, up from 22% in 2020. Shinsegae's move follows similar plays by Swire Properties with Rosewood and New World Development with Adrian Cheng's K11 ARTUS line—both blending hospitality with high-margin residential. The difference here is speed: Aman has eight projects in active predevelopment, and this capital likely accelerates four to five of those into construction starts before mid-2027. Doronin's team has also been testing smaller-format Aman urban properties in the 12,000-18,000 square foot range, and the JV structure allows for those pilots without balance-sheet risk to the parent.
Operators and allocators should watch for land acquisition announcements in Seoul's Gangnam district and Busan's Haeundae waterfront, both areas where Shinsegae holds long-term ground leases. Aman's Tokyo and Kyoto properties already command average daily rates above $2,400, and the residences in those cities sold out at $4,800-$6,200 per square foot. If the JV replicates that unit economics in Korea, it would establish a new pricing ceiling for branded product outside Tokyo's central wards. The first project is expected to be announced by September 2026, with sales launches following 12-14 months later. Shinsegae's duty-free customer data—covering 18 million annual transactions—will also feed Aman's CRM for pre-sales targeting, a quieter but high-value operational integration.
The venture commits capital at a moment when ultra-luxury hospitality development costs have risen 28% since 2022, but pre-sale absorption for top-tier branded residences has remained above 70% within the first 18 months of marketing. Doronin now has the capital and the operational partner to move faster than competitor brands still reliant on single-project, single-family-office structures.
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