Why Young Yeongkkeul Families Are Waiting for the Complex... Lower Subscription Threshold
Prime Location in the Seoul Metropolitan Area with Gangnam and Pangyo, 'Pangyo Valley Xi' Attracts Attention
Residential officetels within brand complex developments are gaining attention as housing facilities that can replace apartments. Due to government regulations reducing apartment supply across the Seoul metropolitan area and raising the threshold for subscription, young buyers who pool all their resources (called "young yeongkkeuljok") are turning their attention to complex developments.
When officetels are built alone, they are often located in business or commercial districts, which can lead to issues such as surrounding noise and weak security. Additionally, officetels are generally designed with a higher floor area ratio than apartments, resulting in smaller sizes and less guaranteed marketability. On the other hand, residential officetels within complex developments are built alongside apartments in densely populated residential areas, allowing residents to enjoy a comfortable daily life. They often feature designs that can substitute for apartments, making them highly preferred by young buyers.
Earlier, the residential officetels in the complex development "Byeollae Xi The Star" in Namyangju, Gyeonggi-do, supplied by GS Construction, proved the popularity of brand complex developments by selling out early. All 192 units were sold out within two days of the contract start, and the apartments also attracted over 100,000 applicants for special supply and first-priority subscriptions.
Besides excellent residential environments and marketability, another reason young buyers prefer these is the rate of housing price increases. According to KB Live On, the average apartment sale price in Suji-gu, Yongin-si, Gyeonggi-do, rose from 370.39 million KRW in January this year to 430.85 million KRW in October, an increase of about 60 million KRW. Meanwhile, apartments in the complex development "Seongbok Station Lotte Castle Gold Town" supplied by major construction company Lotte Construction increased from 890 million KRW in January to 1.2 billion KRW last month, a rise of over 300 million KRW.
The same applies to residential officetels. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, officetels line the Shinbundang Line from Sanghyeon Station to Seongbok Station and Suji-gu Office Station, but their sale prices have not changed significantly. The 69㎡ type residential officetel in Seongbok Station Lotte Castle Gold Town was traded for 547.5 million KRW in September, forming a premium of about 150 million KRW compared to 400 million KRW in March, demonstrating the high housing price increase rate of first-tier brand complex developments.
Real estate experts say, "Brand complex developments supplied by major construction companies have excellent marketability and large housing price increases, making them highly preferred. Also, young buyers who do not meet apartment subscription point requirements can apply for residential officetels without using subscription savings accounts, giving them a significant advantage in winning a unit."
Meanwhile, a luxury complex development awaited by young buyers pooling all their resources is scheduled for sale in December. This is "Pangyo Valley Xi," supplied by GS Construction. The complex includes both apartments and residential officetels, located in a prime area with easy access between Gangnam and Pangyo, offering many advantages such as brand premium and the application of the price ceiling system, allowing expectations for capital gains.
Pangyo Valley Xi will be supplied in blocks C1 to C3 of the Godeung District in Sujeong-gu, Seongnam-si. It consists of 15 apartment buildings from basement level 2 to ground level 14, with 350 units of 60 to 84㎡ (130 units in C1 block / 130 units in C2 block / 90 units in C3 block), and 282 residential officetel units of 59 to 84㎡ (108 units in C1 block / 112 units in C2 block / 62 units in C3 block).
Moreover, the residential officetels with differentiated marketability allow young buyers who do not meet subscription point requirements to have a chance to win a unit.
The Pangyo Valley Xi residential officetels do not require subscription savings accounts or points, and anyone aged 19 or older can apply regardless of the number of houses owned or previous wins. Especially, the residential officetels supplied in the C3 block consist of fewer than 100 units, making resale of pre-sale rights possible.
Constructed by GS Construction, the residential officetels feature differentiated marketability. They apply designs centered on 3 to 4 Bay layouts with kitchen windows allowing cross ventilation, enhancing residential satisfaction as a substitute for apartments. Additionally, the next-generation ventilation-type air purification system "Sysclean," a specialized design unique to Xi, is provided free of charge in all units. Sysclean ventilates and purifies the air automatically without opening windows. Installed on the ceiling of each unit, it supplies clean and safe air throughout the home 24 hours a day without separate ventilation.
Options such as free system air conditioners in all units, which are usually only available for a fee in other apartments or officetels, will be provided extensively, enhancing convenience and quality for residents. The high-end landscaping shared by apartments and residential officetels will make residents feel as if their homes are located within a park.
Pangyo Valley Xi is also highly valued for its future potential due to its proximity to Pangyo Techno Valley, known as Korea's Silicon Valley. About 1,300 companies, including Kakao, Nexon, and NCSoft, are located in Pangyo Techno Valley, employing approximately 65,000 people. The approximately 430,000㎡ Pangyo 2nd Techno Valley is expected to complete its first phase by the end of this year, with companies related to software, biotechnology, semiconductors, and autonomous vehicles moving in. Additionally, the Pangyo 3rd Techno Valley in Geumto District, Seongnam, is under development with a target completion in 2023.
The location offers excellent transportation access. Using the Yongin-Seoul Expressway and Bundang-Naegok Expressway, residents can quickly reach Yangjae Station and Suseo Station within about 8 km. Taking Daewang Pangyo Road, Jangji Station about 6 km away and Pangyo Techno Valley about 3 km away are easily accessible.
The residential environment is also excellent. Wangnam Elementary School is within walking distance in the Godeung District of Seongnam, and access to educational facilities such as academies in Pangyo is high, making it suitable for families with school-age children. Additionally, nearby natural environments such as Sangjeokcheon Stream, Daewang Reservoir, and Shingu Botanical Garden provide a pleasant natural environment.
In particular, Seongnam City announced plans to develop Daewang Reservoir into a 224,528㎡ waterfront park. This park will include a nature learning center, wetland ecological garden, bird observatory, and management facilities, enabling a cleaner and healthier lifestyle.
The model house will be located in Gumi-dong 152, Bundang-gu, Seongnam City, and to prevent the spread of COVID-19, a virtual model house will be operated simultaneously. Move-in is scheduled for February 2023.
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