Is Jung Joon-ho's Songdo Second Home Really Worth 100? Why Honors 117 Land Sale Prices, Asking Prices, and Actual Transaction Prices Differ
Jung Joon-ho's second home in Songdo has repeatedly been described as a 'KRW 10,000,000,000-range home.' However, as of 2026-09-07, publicly available information does not establish that Jung Joon-ho's property actually changed hands for KRW 10,000,000,000. What can be confirmed is that land plots at Honors 117 were offered at prices ranging from 14 to KRW 2,400,000,000 per plot in 2021, while subsequent market reports suggested that some luxury homes within the development could carry asking prices exceeding KRW 10,000,000,000.
As the house located inside a Songdo golf course attracted renewed attention through the SBS program 'My Little Old Boy,' one question naturally followed: 'Does that mean Jung Joon-ho's house is really worth 100?' Separating the different sources of these figures makes the answer clearer.
KRW 10,000,000,000 Is Not the Confirmed Transaction Price of Jung Joon-ho's Home
The bottom line is that currently available public records do not confirm that Jung Joon-ho purchased the property for KRW 10,000,000,000 or that his particular home was actually sold for KRW 10,000,000,000.
The KRW 10,000,000,000 figure appearing in earlier reports came from discussions of market prices for expensive detached houses within the Honors 117 development. In a report published in 2025, The Korea Economic Daily cited online communities and other sources in estimating that the most expensive property listed at Honors 117 could have an asking price exceeding KRW 10,000,000,000. Maeil Business Newspaper similarly cited housing and apartment industry sources in reporting estimates that the most expensive listing could command an asking price above KRW 10,000,000,000.
The important term here is 'asking price.'
An asking price is the amount a homeowner or real estate seller hopes to receive in the market. It is not the same as an actual transaction price, which reflects a completed agreement between a buyer and seller.
Therefore, saying 'There are homes at Honors 117 with asking prices in the KRW 10,000,000,000 range' is not equivalent to saying 'Jung Joon-ho's home actually sold for KRW 10,000,000,000.'
Why Were Honors 117 Land Sale Prices Between 14 and KRW 2,400,000,000 in 2021?
Another figure frequently mentioned alongside KRW 10,000,000,000 is 14 to KRW 2,400,000,000.
Honors 117 was not a conventional apartment development in which completed detached houses were sold as standardized units. Instead, New Songdo International City Development LLC (NSIC) supplied individual plots designated for detached houses within the Jack Nicklaus Golf Club.
At the time of the 2021 offering, prices per plot ranged from approximately KRW 1,400,000,000 to as high as KRW 2,400,000,000. Of the development's 179 plots, 178 were offered for sale, with individual plot areas ranging from approximately 459 to 689.8㎡. At the time of contracting, all 136 general-sale contracts were taken up within 9 days of the start of sales.
In other words, 14 to KRW 2,400,000,000 primarily represents the original land supply price.
| Category | Confirmed Amount or Information |
|---|---|
| Honors 117 in 2021 | Land supply prices of approximately 14 to KRW 2,400,000,000 per plot |
| Subsequent market reports | Some completed luxury homes could have asking prices exceeding KRW 10,000,000,000 |
| Jung Joon-ho's actual purchase and total construction costs | Difficult to verify from publicly available information |
| Actual transaction involving Jung Joon-ho's home at KRW 10,000,000,000 | Not confirmed by currently available public records |
The home Jung Joon-ho has shown publicly is not simply an undeveloped plot. It is a detached house with 1 basement levels and 2 above-ground floors. The property featured in broadcasts and videos includes individually designed elements such as underground parking, large windows, and terraces.
Consequently, comparing the land price in 2021 directly with the value of the completed house today cannot accurately establish the difference in property value.
Why You Cannot Simply Calculate That Land Worth 14 Became Worth 100
Looking only at the numbers, KRW 10,000,000,000 is approximately 7.1 times KRW 1,400,000,000 and approximately 4.2 times KRW 2,400,000,000.
However, this calculation must not be interpreted as meaning that 'Honors 117 property prices increased by 4 to 7 times.'
That is because the starting figures, 14 to KRW 2,400,000,000, represent the 'land supply prices' in 2021, whereas KRW 10,000,000,000 refers to a later asking price or estimated value for certain properties comprising both land and completed houses.
A home's price may reflect numerous factors beyond the land itself, including construction costs, architectural and interior design quality, lot size, views of the golf course, the building's actual gross floor area, and its condition.
In particular, Honors 117 was developed on the basis that homes would be individually designed and constructed on separate plots. Luxury detached houses within the Jack Nicklaus golf course continue to be marketed, and one particular residence is advertised with a plot measuring approximately 529.5㎡ (160 pyeong), along with conditions relating to the use of a golf club membership.
This makes simple price comparisons difficult, unlike comparisons between apartments of the same size and layout in the same building.
Jung Joon-ho's Home Must Be Distinguished From the 'Highest-Priced Property at Honors 117'
The key publicly verifiable details about Jung Joon-ho's home concern its location and structure.
The property is located at Honors 117, a residential development within the Jack Nicklaus Golf Club in Songdo International City, Incheon. It has been described as having 1 basement levels and 2 above-ground floors. Publicly released footage shows underground parking space accommodating up to 6 vehicles, along with a design that provides views of the golf course from various parts of the house.
Honors 117 itself is a luxury detached-housing development consisting of East Village and West Village. According to 2021 materials, the development comprised 179 plots in total, of which 178 were offered for sale at the time.
However, not every house within the development has the same value.
The following three statements must therefore be considered separately.
The land supply prices at Honors 117 in 2021 ranged from approximately 14 to KRW 2,400,000,000.
Reports suggested that some expensive completed homes at Honors 117 could command asking prices exceeding KRW 10,000,000,000.
The actual acquisition price, total construction cost, and current transaction value of Jung Joon-ho's individual property cannot be conclusively determined from publicly available information alone.
In particular, combining the last two points to claim that 'Jung Joon-ho paid KRW 10,000,000,000 for his house' goes beyond what the currently verified evidence supports.
What Should You Check When Evaluating Honors 117 Property Prices?
For individually designed luxury detached houses such as those at Honors 117, relying on a single 'average market price' can be misleading.
First, distinguish actual transaction prices from listing asking prices. Prices reported for completed transactions can differ substantially from the amounts sellers hope to receive.
Next, determine whether a transaction involved land alone or included a completed house. Because the 2021 supply prices were based on land, they cannot be directly compared with current listings for completed homes.
Lot size must also be considered. At the time of the original offering, individual plot areas varied from approximately 459 to 689.8㎡.
Other factors, including golf course views, building size, completion date, and architectural and interior design standards, can also differ. As a result, individual property values may vary considerably even within the same Honors 117 development.
So How Should the Claim 'Jung Joon-ho's House Is Worth 100' Be Understood?
The most accurate wording would be: 'Luxury homes with asking prices exceeding KRW 10,000,000,000 have been discussed at Honors 117, where Jung Joon-ho resides.'
It would also be incorrect to compare the 2021 land supply prices of 14 to KRW 2,400,000,000 directly with the currently discussed KRW 10,000,000,000 figure and treat the difference as an increase in the value of Jung Joon-ho's property. The figures differ not only in timing but also in their underlying basis: the original supply price of land versus the asking price of a completed house.
The situation could change if Jung Joon-ho personally discloses his actual acquisition and construction costs or if verifiable transaction records for the property become available. Until then, rather than describing it as a '100 property sold at that price,' the key is to distinguish whether the highest asking price reported for Honors 117 has been presented as though it were the value of Jung Joon-ho's own home.
※ This article is provided for informational purposes to help readers understand market conditions and does not constitute investment advice or a recommendation concerning any particular security or asset. Readers are responsible for their own final decisions and investment outcomes.