GS Construction's 'Opo Xi The Orb' with Penthouse Supplied in Gwangju, Gyeonggi

-Top-floor penthouse apartment sales popular... Prices and subscription competition soaring
-Penthouse apartment supply in the first half of the year... High scarcity due to limited supply

Photo by Opojai The Of Tushido. Provided by GS Construction

The most popular drama in the first half of this year is undoubtedly SBS’s ‘Penthouse.’ Just as the drama has gained popularity, the penthouse fever is also heating up in the real estate market. It has become a highly sought-after specialized design, showing high levels not only in subscription competition rates but also in prices, making it so popular that it cannot be sold fast enough.

A penthouse refers to a luxury residential type located on the topmost floor of an apartment or villa. Positioned on the top floor, it offers excellent views and privacy, and since the number of units available for sale is limited, it is highly valued for its rarity.

In South Korea, penthouses began to be introduced in earnest as part of apartment luxury strategies starting in the early 2000s. The boom began with the supply of ‘Tower Palace’ in Gangnam-gu, Seoul, and recently, celebrities and sports stars living in penthouses have attracted public attention.

In fact, G-Dragon of Big Bang made headlines last year for reportedly purchasing a penthouse at ‘Nine One Hannam’ located in Hannam-dong, Yongsan-gu, Seoul, for about 9 billion KRW.

As such, penthouses are attracting attention in the real estate market with high prices.

According to the official apartment prices announced by the Ministry of Land, Infrastructure and Transport as of January 1 this year, the official price of the 407.71㎡ type of ‘The Penthouse Cheongdam’ located in Cheongdam-dong, Gangnam-gu, Seoul, was a staggering 16.32 billion KRW, ranking first nationwide in official prices. Following that, the 273.64㎡ type of ‘Traum House 5th’ in Seocho-dong, Seocho-gu, Seoul, ranked second with an official price reaching 7.298 billion KRW, maintaining the highest price level in the country.

Given this situation, subscription markets are also recording high competition rates. In January this year, the penthouse of ‘Wirye Xi The City’ supplied in Wirye New Town attracted a whopping 1,168 applicants for just one unit, recording a competition rate of 1,168 to 1. Popularity is also hot outside the metropolitan area. Last year, the 136㎡ type penthouse of ‘Hanlim Full Ever’ supplied in Sejong City attracted 686 applicants for two units, recording a competition rate of 343 to 1.

A real estate expert said, “Interest in penthouses has increased recently through dramas, and since they come with various specialized designs and price premiums, interest in newly supplied penthouse products is expected to continue.”

Meanwhile, penthouse apartments scheduled to be supplied in the real estate market in the first half of the year are attracting attention. Due to their limited quantity and high rarity, as well as the application of specialized designs that can improve residents’ quality of life, interest is high.

GS Construction plans to supply ‘Opo Xi The Ove’ in Gwangju-si, Gyeonggi-do, this month. ‘Opo Xi The Ove’ will be built on a scale of 895 households, consisting of 447 households in six buildings in C-3 block and 448 households in seven buildings in C-4 block, with exclusive areas ranging from 62 to 104㎡, and floors from two basement levels to 23 above ground. The complex will apply various specialized designs. Each unit will feature specialized layouts such as penthouses, terrace houses, and three-sided open types, and community facilities with various themes will be established by block.

In Hwaseong-si, Gyeonggi-do, GS Construction plans to supply ‘Bongdam Xi Lafine’ this month. ‘Bongdam Xi Lafine’ consists of eight apartment buildings with up to 25 floors above ground, totaling 750 households. The exclusive areas are composed of ▲59㎡ (48 households) ▲84㎡ (671 households) ▲100㎡ (24 households) ▲109㎡ (7 households/penthouses).

Hoban Construction is currently supplying ‘Hoban Summit Suseong’ in the Suseong-gu area of Daegu Metropolitan City in April. The complex is a residential mixed-use complex consisting of three buildings from two basement floors to 49 floors above ground, with 301 apartment units and 168 officetel units. Apartment types range from 42 to 172㎡ exclusive area, with one unit each of 161㎡ and 172㎡ types supplied as penthouses.

Hyundai Construction and GS Construction plan to supply ‘Bongdam Pride City’ in Hwaseong, Gyeonggi-do, in May. The complex will be supplied on a scale of 4,034 households across 28 buildings from four basement floors to a maximum of 35 floors, with exclusive areas ranging from 59 to 105㎡. The 105㎡ type (5 households) will be supplied as penthouses.