Booyoung Group will actively push into dwelling development this year, moving to break ground and begin sales for the Ttukseom district site in Seongdong District, Seoul.
According to the construction industry on the 3rd, Chairman Lee Joong-geun of Booyoung Group signaled strong intent for the dwelling business at a press briefing last month, saying, "We intend to work hard this year in line with government policy." Lee said, "Ttukseom and Yongsan are planned to break ground this year," adding, "Ttukseom will likely be able to begin sales upon groundbreaking, and the remaining business sites will need to be reviewed." The plan is to resume development this year at major sites that had stalled.
The Ttukseom district-unit planning site at 685-701, Seongsu-dong 1-ga, Seongdong District, Seoul, spans 10,900 square meters and has sat idle for more than 15 years. Booyoung Group won the bid from the Seoul Metropolitan Government in 2009 for 370 billion won. Bordering Seoul Forest, a large green space, and offering views of the Han River, it was considered "prime land" even within Seongsu-dong. It passed the Seoul Metropolitan Government's Architecture Committee review in 2024.
The Ttukseom district site is slated for an ultra-high-rise mixed cultural facility of three towers, from eight floors underground to 49 floors above ground. The complex will combine a five-star hotel with 604 rooms and a high-end residence aimed at high-income earners, and is expected to become a landmark of Seongsu-dong.
The construction industry is also watching whether the "Sarangeuro" brand will be applied to these dwellings. Booyoung Group introduced the "Sarangeuro" brand in 2006 and has used it as an apartment name ever since, with Lee personally coining it. Although company executives at Booyoung Group already recommended applying a new brand to this site, Lee is said to be insisting on "Sarangeuro." Made up of pure Korean words rarely seen in apartment names, "Sarangeuro" reflects Lee's particular affection.
However, name changes have continued at apartment complexes that used the "Sarangeuro" name. "The Lake City Booyoung Complex 3" in Hwaseong, Gyeonggi Province, held a vote in Jul. 2024 to change its name. With the consent of more than 80% of residents, the apartment name was changed to "Dongtan The Lake Palace."
In addition, "Wirye Booyoung Sarangeuro" became "Wirye The Hill 55," "Dongtan Cheonggye Forest Sarangeuro Booyoung" became "Dongtan Station The Hill," and "Dongtan Edu Valley Sarangeuro Booyoung" became "Dongtan Station Forenus," dropping both "Booyoung" and the "Sarangeuro" brand from the apartment names. At the time, residents said, "The new names are easier to remember," and "After the repainting, it looks more sophisticated," among other reactions.
A construction industry official said, "It's true there is a perception that the mandarin duck motif and the font on Booyoung apartments look somewhat tacky," but noted, "Given Lee's strong commitment to pure Korean terms, there is a possibility that 'Sarangeuro' will be incorporated into the Seongsu-dong building in some way."