The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Mon, June 27, 2022 | 09:19
Business
Apartment Brands Show Off Status
Posted : 2008-01-21 17:50
Updated : 2008-01-21 17:50
Print Preview
Font Size Up
Font Size Down


By Jane Han
Staff Reporter

Dongbu Ichon-dong resident Kim Ji-na says her apartment value edged up about 20 million won (approximately $21,000) two summers ago at a time when the central Seoul, riverside area's overall real estate prices were at a standstill. What was the magic factor?

``The only recognizable change was that my apartment had gotten a brand facelift,'' she said. From plain ``Daewoo Apartment'' to ``Prugio,'' the Daewoo Engineering and Construction apartment buildings were slapped with fresh paint and a newly designed logo.

Area realtor Kim Min-ja of Hangaram Realty said the Daewoo-turned-Prugio did enjoy a premium after its image revamp, and that it represents just one of many similar examples.

``Branding is so important nowadays because it directly impacts price value,'' she said, explaining that the 10-year-old Daewoo apartment, after its branding in 2005, suddenly dropped a few years from its image.

Aside from Daewoo, many other builders are well aware of the power of branding, says Kim Eun-kyung, an analyst at Speed Bank, one of the largest local real estate consultancies, adding that the trend began right after the Asian financial crisis in 1997.

``After the country's major construction companies acquired the smaller firms, the giants decided that they need a better way to commercialize these living units,'' she said.

Samsung E&C, the first builder to front its apartment brand ``Raemian'' in 1998, enjoyed a significant boost in its properties' value, which triggered others, including Hyundai, Daewoo, POSCO and GS, to follow the same strategy.

And those efforts gave birth to GS' ``Xi,'' Hyundai's ``I-Park'' and ``Hillstate,'' POSCO's ``The # (Sharp) and Samsung's ``The Tower Palace,'' all of which boast a luxurious image, posh living and unconventional design.

``Most of the time, these apartments pretty much boil down to having the same features, but that `something special' lies in the unseen, underlying brand image,'' said Chung Ji-won, a branding expert at Brand Major, a local brand naming company.

Responsible for naming about 40 out of some 80 high-rise names in Korea, Chung said an ideal name and logo would encompass all of the characteristics that a builder wants to pack in.

``Nowadays, our solution translates directly into monetary amount, so we're burdened with that much more pressure,'' she said.

While the trend is currently going strong, Kim of Speed Bank says similar patterns will continue, as local consumers emphasize so much on the name value.

``Now, it's about wearing Prada, driving a BMW and living in a Raemian or any other classy name,'' she said. ``These brands speak for themselves.''

jhan@koreatimes.co.kr
 
LG
  • Bitcoin, Ethereum extend poor performance on fears of Celsius bankruptcy
  • 'Santa dogs' help rebuild burnt forests in Andong
  • Weakening Korean currency no longer boon for exporters
  • 'Thanks America': Korean honors fallen US soldiers
  • Biden signs gun safety bill into law, takes swipe at Supreme Court
  • North Korea holds anti-American rally to mark war anniversary
  • S. Korea's new COVID-19 cases below 7,000 for 2nd day as Omicron continues to slow
  • Israel's endless occupation
  • Yoon makes multilateral diplomacy debut at NATO summit
  • Ex-NSC members accused of burying truth behind killing of fisheries official
  • 'Top Gun: Maverick' soars to over 1 million views in Korea 'Top Gun: Maverick' soars to over 1 million views in Korea
  • Jungkook, Charlie Puth collaboration tops iTunes charts in 93 countries Jungkook, Charlie Puth collaboration tops iTunes charts in 93 countries
  • BTS' J-Hope to release 1st solo album next month BTS' J-Hope to release 1st solo album next month
  • Stories of Thai veterans of Korean War to be revisited in webtoon Stories of Thai veterans of Korean War to be revisited in webtoon
  • [INTERVIEW] Yoon Kye-sang enjoys returning to rom-com with 'Kiss Sixth Sense' [INTERVIEW] Yoon Kye-sang enjoys returning to rom-com with 'Kiss Sixth Sense'
DARKROOM
  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

  • 75th Cannes Film Festival

    75th Cannes Film Festival

  • People in North Korea trapped in famine and pandemic

    People in North Korea trapped in famine and pandemic

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group