Seoul Micro Housing Popular... Sewoon Prugio Hericity Subscription on the 10th

[Asia Economy Reporter Onyu Lim] Recently, as the number of single-person households has increased, ultra-small housing units under 40㎡ (exclusive area) have become popular. Both investment and actual residence demand are rapidly rising. Despite the economic downturn intensified by the COVID-19 pandemic, in February, a 25㎡ unit in Trimage, Seongsu-dong, Seongdong-gu, Seoul, was sold for up to 950 million KRW. In Gangbuk, the leading apartment in Gyo-buk-dong, Jongno-gu, Gyeonghuigung Xi 4 Complex, 37㎡, was traded for 825 million KRW in March.

Within this month, ultra-small housing units by major construction companies with high scarcity will be supplied in key business districts in Seoul. The most anticipated project site is the Sewoon District, considered the last large-scale redevelopment project within the Four Great Gates of Seoul. Daewoo Construction opened both the model house and cyber model house for the first sale in the Sewoon District, ‘Sewoon Prugio Hericity,’ on the 29th of last month and started sales. The subscription schedule will be open for two days, from the 10th to 11th, on the Korea Real Estate Agency’s ‘Subscription Home’ website.

Sewoon Prugio Hericity is located in Sewoon 6-3 District, 151-1 Inhyeon-dong 2-ga, Jung-gu, Seoul. This complex will be a residential-commercial mixed-use building with 9 basement floors to 26 above-ground floors, ranging from 24 to 42㎡, totaling 614 households. The detailed composition includes 281 apartment units and 293 urban lifestyle housing units, with the 293 urban lifestyle housing units located above the 16th floor being offered first. No subscription savings account is required, and both individuals and corporations can apply.

This complex is situated behind the rarely supplied city hall, Gwanghwamun, and Euljiro CBD (Central Business District). Nearby are the headquarters of major corporations and financial institutions such as Daewoo Construction at Eulji Twin Tower, BC Card, KT affiliates, SK Group, Hanwha Group, Hyundai Group, and KEB Hana Bank. It is estimated that about 700,000 employees work for these companies, attracting a wide range of demand from single-person households seeking actual residence to investors looking for monthly rental income.

Daewoo Construction is also supplying urban lifestyle housing, ‘Ahyeon Prugio Clasity,’ in Ahyeon-dong, Mapo-gu, Seoul. The supply scale is one building with 6 basement floors to 18 above-ground floors, ranging from 30 to 45㎡, totaling 239 households. This complex is a double station area within walking distance of two subway lines. Aeogae Station on Subway Line 5 is right in front of the complex, and Ahyeon Station on Subway Line 2 is about a 6-minute walk away.

In Jeonnong-dong, Dongdaemun-gu, Seoul, Lotte Construction’s ‘Cheongnyangni Station Lotte Castle SKY-L65’ officetel is scheduled for sale this month. It is a complex built together with apartments sold last year, with a total of 528 units ranging from 24 to 31㎡, of which 198 units will be sold to the general public. Cheongnyangni Station, near the complex, is served by multiple lines including Seoul Subway Line 1, Bundang Line, ITX-Cheongchun, and KTX Gangneung Line.