Shinsegae has established a cooperative framework with OKO Group, an overseas real estate development company, and is launching development projects for the world’s leading premium accommodation brands Aman and Janu.

OKO Group has led construction projects for Aman-branded lodging facilities and residences. Both OKO Group and Aman Group are owned and operated by Chairman Vladislav Doronin, who holds equity stakes in the two entities. Shinsegae Group Chairman Chung Yong-jin and OKO Group Chairman Doronin recently signed a business agreement at the Josun Palace Hotel in Seoul to establish a joint venture (JV) between Shinsegae Property and OKO Group.

The two groups plan to expand their presence in the global real estate market by combining the construction and operational capabilities of Korean companies specializing in large-scale space development with the planning expertise of overseas developers in luxury accommodation facilities.

The two companies plan to inject an initial capital contribution of USD 500 million (KRW 750 billion) into the joint venture.

The newly established joint venture will first focus on developing hotels and residences under Aman and Janu, the top-tier brands owned by Aman Group. In addition, it plans to pursue joint projects in key commercial real estate development sites both in Korea and overseas.

Chairman Chung stated that this strategic alliance is based on the assessment that a development model proven successful in Korea can also be effective in overseas markets, adding that the two companies aim to establish a new standard for space in the global market through complementary cooperation.

OKO Group focused on the fact that Shinsegae Property has consistently succeeded in planning complex spaces that integrate retail, culture, and urban infrastructure. Shinsegae Property is a major large-space planning company that has built its domestic presence through its complex shopping space brand, Starfield.

Chairman Doronin, who is leading this project, has built an extensive track record in the development of residential, commercial, and hospitality assets. He has developed assets at 84 key locations worldwide (with a total area of 7.4 million m²), and has carried out a series of distinctive large-scale architectural projects in collaboration with world-renowned architects.

Chairman Doronin said it was meaningful to partner with Chairman Chung, who has expertise in real estate development and finance, and noted that they share a long-term vision to complete projects that will leave a lasting impression on users and local communities. He added that the two companies will leverage their respective strengths to identify a broad range of business opportunities in overseas markets.

The Aman brand was launched in 1988 with the aim of creating a retreat that offers the warmth of a private residence. Starting with Amanpuri in Phuket, Thailand, it has grown to operate 36 hotels, resorts, and residences in 21 countries and remote regions worldwide. Numerous new projects are currently underway.

Aman Group, seeking change, introduced a new brand, Janu, in 2020, its name meaning “soul” in Sanskrit. Janu is regarded as having enhanced brand value by expanding its user base while maintaining a luxurious identity. In 2024, it opened its first Janu hotel in Tokyo, Japan, and is expanding its footprint to Dubai, Saudi Arabia, Montenegro, and other locations.

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