Recently, the real estate market has become increasingly unstable following the announcement of the strong 6.17 measures, with additional policies being anticipated. However, the small housing market appears to be largely unaffected. For example, a 27.6㎡ unit at Jamsil Liscence was traded on the 24th of last month on the 5th floor for 1.11 billion KRW, marking a record high price and showing an upward trend in prices.
This trend is driven by the recent surge in demand from single-person households seeking small housing. In particular, in Seoul, districts such as Gwanak-gu, Jung-gu, and Jongno-gu, which include university areas or major business districts, show that one out of every two households is a single-person household. Among these, Jongno-gu and Jung-gu attract high-income earners, ranking first and second in Seoul, resulting in strong demand for premium small housing.
According to the 2019 “Ordinary People’s Financial Life Report” published by Shinhan Bank, the highest average monthly salary for office workers in Seoul is in Jung-gu, with an average of 4.07 million KRW, followed by Jongno-gu with an average of 4.03 million KRW.
Data released by CEO Score Daily shows that among the top 100 domestic conglomerate headquarters, 71 are located in Seoul, with 33 of these situated in Jung-gu and Jongno-gu.
Amid this, ‘Sewoon Prugio Hericity,’ located in the heart of Seoul’s Jung-gu Sewoon district, is currently being offered for sale.
This complex consists of small-scale apartments ranging from 24 to 42㎡, with a total of 614 units across 9 basement floors to 26 above-ground floors. The current supply size is 293 units.
Located in Sewoon 6-3-4 district at 151-1, Inhyeon-dong 2-ga, Jung-gu, Seoul, ‘Sewoon Prugio Hericity’ boasts the rarity of a quadruple subway station area, beyond just a simple station proximity. It is situated near Euljiro 4-ga Station, a transfer station for subway lines 2 and 5, and also close to Euljiro 3-ga Station (lines 2 and 3) and Chungmuro Station (lines 3 and 4).
Right in front of the complex is the Eulji Twin Tower, where Daewoo Construction relocated its new headquarters last year, further solidifying the area’s position as a central business district. In particular, with about 1,500 Daewoo Construction headquarters employees and additional planned tenants such as BC Card and KT affiliates, an additional 1,000 employees will be working here, strengthening the demand base.
Park, a representative from a brokerage office in Jung-gu, said, “Sewoon Prugio Hericity is close to the central business districts (CBD) of Jung-gu and Jongno-gu, and is surrounded by residential convenience facilities such as hospitals, universities, and shopping centers, making it attractive not only for residents who want to live near their workplaces but also for investors.” He added, “Since the approval for the recruitment announcement was obtained before the 6.17 real estate measures were announced, it is unaffected by the current policies, which is an advantage. We expect the sale to be completed soon.”
Regarding questions about the upcoming additional measures, he responded, “There is a strong perception that those who have assets can simply pay more, so factors like increased comprehensive real estate taxes are unlikely to curb housing prices in downtown Seoul. Since prices of small-scale apartments continue to rise, it seems difficult to cool down the investment enthusiasm.”
‘Sewoon Prugio Hericity’ is excluded from the current 6.17 regulations. The official contracts were signed on June 18-19, and remaining units are currently being contracted.
Although it is a small-scale urban apartment complex, units located on the top floors above the 16th floor enjoy excellent views. Balcony expansion is provided as a standard, increasing the usable area by 30-40%. Inside the units, premium imported hardwood flooring, finishing materials, built-in furniture, and appliances are all offered as free options. Despite this, the main unit prices range from 400 million to mid-500 million KRW, making it competitively priced.
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