Prime Location Yongsangu, If You Only Dreamed Due to Housing Cost Burden? '2030 Station Area Youth Housing' Is the Answer!
Double Station Area, School Area, Mall Area, Yongsan Minjok Park Area, and Within 2km Radius Han River Living Area Complete 'YOLO'
Since the announcement of the plan to create the ‘Yongsan Minjok Park,’ Yongsan-gu, which has elevated its residential premium to a national representative ‘park zone,’ is steadily increasing its value day by day amid concentrated interest from consumers and investors.
The government recently announced plans to develop Yongsan Minjok Park, a natural ecological and public recreational space with ethnic, historical, and cultural significance, spanning approximately 3 million square meters on the former Yongsan base site. This massive scale surpasses Yeouido (2.9 million㎡) and approaches New York’s Central Park (3.41 million㎡), expected to provide citizens with fresh air and comfortable rest as the ‘lungs of Seoul’ by connecting Namsan and the Han River through an ecological green corridor.
Yongsan-gu, which has already enjoyed exceptional residential value due to its ‘Baesanimsu’ topography?backed by Namsan and facing the Han River?is now receiving a huge cultural and ecological space, sparking a heated response in the real estate market. According to Real Estate 114’s data as of the end of July, the average apartment sale price per household in Seoul’s 25 districts approached 1.005 billion KRW. Gangnam-gu led with over 2 billion KRW (2.01776 billion KRW), followed by Seocho-gu (1.95434 billion KRW) and Songpa-gu (1.47748 billion KRW), the ‘Gangnam 3 districts.’ Yongsan-gu ranked fourth with an average of 1.45273 billion KRW. Although only 24.75 million KRW behind third-place Songpa-gu, Yongsan-gu had a substantial gap of 356.12 million KRW from fifth-place Gwangjin-gu (1.09661 billion KRW). This demonstrates Yongsan-gu’s overwhelming dominance in the northern Han River area and its status as a ‘hidden dragon’ comparable to the Gangnam 3 districts.
A local real estate agent said, “While the entire Yongsan-gu is bustling with concentrated interest from consumers and investors, the area between Yongsan Station and Samgakji Station along Hangang-ro 2-ga is especially popular, offering transportation benefits, various infrastructures, park zone advantages from the Minjok Park development, and a walking-distance ‘Han River living zone’ premium all at once. Both mid-to-large apartments and small officetels are in short supply.” He added, “The residential demand from young people seeking more infrastructure and opportunities in the heart of Seoul, Yongsan-gu, is steadily rising.”
In the Hangang-ro 2-ga area he pointed out, road networks such as Hangang-daero, Gangbyeonbuk-ro, Mapo Bridge, and Wonhyo Bridge, as well as subway lines 1, 4, and 6, the Gyeongui-Jungang Line, KTX, ITX, Saemaeul, and Mugunghwa trains, make travel convenient throughout Seoul, the metropolitan area, and nationwide. When the Shinbundang Line extension between Yongsan Station and Sinsa Station opens and two of the three GTX (Great Train Express) lines, A and B, pass through Yongsan Station, the transportation premium is expected to improve further. Above all, with major universities and business districts nearby, as well as public institutions, large hospitals, shopping malls, and cultural facilities, it is an optimal residential area for the 2030 young generation pursuing quality of life improvements such as ‘YOLO’ and ‘work-life balance.’
The issue is the high housing cost, as high as the residential value. As mentioned earlier, apartments in Yongsan-gu trade at an average ultra-high price of around 1.4 billion KRW, and one-room and officetel units near stations, despite their small size and severe aging, typically offer monthly rents of 500,000 to 600,000 KRW with a deposit of 10 million KRW. To escape this burden, corporate rental housing ‘2030 Station-Area Youth Housing’ is ideal.
‘2030 Station-Area Youth Housing’ is located in prime ultra-station areas of Seoul’s major subway stations, with initial rents at about 80% of surrounding market prices, annual rent increases capped at 2.5% for up to 8 years, and essential high-end appliances such as air conditioners, washing machines, and refrigerators provided as basic options, significantly reducing housing costs. Especially for non-vehicle-owning, non-homeowners aged 19 to 39 (including persons with disabilities, pregnant women, households with children under 6 years old, some business-use vehicle owners, excluding motorcycles), applications and contracts are possible without a subscription savings account, and there are no separate eligibility criteria for income, assets, or region, making it ‘perfectly suited’ for newlyweds struggling with point-based competition.
The ‘Yongsan Verdiem Friends,’ a 2030 Station-Area Youth Housing project recruiting tenants this month, is expected to be highly popular due to its excellent location in the heart of Yongsan-gu, about 300 meters from Samgakji Station, offering reasonable rent levels compared to its prime location. Tenants of ‘Yongsan Verdiem Friends’ can choose from deposit ratios of 30%, 50%, or 70%, with monthly rent calculated accordingly. For example, a 48㎡ unit supplied as a three-person share for youth has a monthly rent of about 210,000 KRW when choosing a 30% deposit ratio, but if the deposit ratio is increased to 70%, the monthly rent can be lowered to about 90,000 KRW. The monthly rent for a 19㎡ unit for single-person youth is also affordably set between 100,000 and 200,000 KRW, and the largest 49㎡ unit can be rented for as low as the 300,000 KRW range monthly, depending on the deposit ratio.
‘Yongsan Verdiem Friends’ is being developed at 2-350 Hangang-ro 2-ga, Yongsan-gu, Seoul, with two buildings ranging from 7 basement floors to 37 above-ground floors, totaling 1,086 units, of which 763 units sized 19 to 49㎡ will be supplied as ‘2030 Station-Area Youth Housing.’ Located at the double station area of Samgakji Station on subway lines 4 and 6, it offers easy and quick access to Yongsan business district, Itaewon, Hongdae, Gangnam, Yeouido, and other parts of Seoul’s city center. One station away, across from Sinyongsan Station, are Line 1, Gyeongui-Jungang Line, the planned Shinbundang Line, and KTX Yongsan Station, providing excellent metropolitan transportation conditions. The complex features resident-exclusive community facilities such as a fitness center and guest house, as well as specialized residential services like car sharing and unmanned parcel delivery. Additionally, various Seoul city support facilities will be housed in the neighborhood commercial spaces, offering special opportunities for youth aspiring to start startups.
As a product for married and soon-to-be newlywed couples, it also boasts features of a ‘child-friendly complex.’ The ‘Yongsan Verdiem Friends’ complex will include public daycare centers and children’s playgrounds. Yongsan Elementary School is also within walking distance. A sales representative explained, “It is an optimal product for newlywed couples who feel burdened by caring for young children due to dual-income households,” adding, “With commercial facilities on the ground floors of each building, as well as nearby Yongsan I’Park Mall, E-Mart, CGV, and other shopping, cultural, and convenience facilities, overall living will be enriched.” The comfortable residential environment provided by the 2 km radius ‘Han River living zone’ and the largest domestic ‘Yongsan Minjok Park’ to be developed in front of the complex, along with year-round majestic park views (limited to some units), also raise expectations.
‘Yongsan Verdiem Friends’ currently operates a cyber model house on its website as of September and plans to recruit tenants among youth and married or soon-to-be newlywed couples this month. Tenants can choose from 11 supply types of 1 to 3-room units sized 19 to 49㎡, suitable for single youth, 2-3 person shares, or newlywed couples, with built-in appliances such as air conditioners, washing machines, and refrigerators provided as basic options to help reduce costs and optimize space utilization. Move-in is scheduled for February 2021.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
