Establishing Local Landmarks: Apartments Designed with Over 35 Floors Gain Popularity

- Apartments Over 35 Floors... Leading Local Market with Panoramic Views and Stunning Exteriors
- Increasing Proportion of High-Rise Apartments Annually as Both End-Users and Investors Flock

The popularity of high-rise apartments with unobstructed views and ample sunlight continues. Complexes designed with 35 floors or more are often located in prime areas and frequently become landmarks in their regions due to their striking exteriors and luxurious amenities.

In fact, high-rise complexes lead local market prices and serve as prominent landmarks.

According to apartment transaction data provider Hogangnono, the average price per pyeong of ‘Doosan We’ve The Zenith’ in Beomeo-dong, Suseong-gu, Daegu, which is built up to 54 floors, recorded 33.38 million KRW (based on 129㎡ exclusive area). This price significantly exceeds the average prices of Daegu City (13.63 million KRW), Suseong-gu (16.52 million KRW), and Beomeo-dong (22.42 million KRW). Similarly, ‘Bupyeong I-Park’ in Sangok-dong, Bupyeong-gu, Incheon, a 40-floor building, has an average price per pyeong of 22.5 million KRW (based on 84㎡ exclusive area), surpassing the average market prices of Incheon City (12.37 million KRW), Bupyeong-gu (12.73 million KRW), and Sangok-dong (12.49 million KRW).

Sales performance is also excellent. In March, ‘Anrak Switzen (up to 37 floors)’ supplied in Anrak-dong, Dongnae-gu, Busan, attracted 7,837 applicants for 130 general units, recording a first-priority average competition ratio of 60.28 to 1. Recently, ‘Dongtan Station Dietre (up to 49 floors)’ in Block 2 of the Dongtan 2 New Town business complex recorded the highest competition rate ever with a total of 244,343 applicants in the first-priority subscription.

As the popularity of high-rise apartments rises, supply is also increasing. According to the Ministry of Land, Infrastructure and Transport, last year there were 3,165 high-rise buildings with 31 floors or more nationwide, a 15.5% increase compared to 2019 (2,739 buildings). The proportion of buildings with 31 floors or more among all buildings has also increased annually from 0.023% in 2016 to 0.026% in 2017, 0.032% in 2018, 0.037% in 2019, and 0.043% in 2020.

An industry insider said, “High-rise apartments secure visibility and recognizability even from afar, playing a role as symbolic landmarks representing their regions. As demanders who expect not only residence but also investment value gather, the popularity of high-rise apartments is expected to continue.”

With only a short time left in the first half of the year, the supply of landmark complexes designed as high-rises in major local areas is scheduled, attracting strong interest from buyers.

Hyundai Engineering plans to supply the residential-commercial complex ‘Hillstate Dongin’ in the Jung-gu area of Daegu in June. The complex will consist of 5 buildings ranging from 4 basement floors to a maximum of 49 floors above ground, with a total of 1,009 units: 941 apartments all with an exclusive area of 84㎡ and 68 residential officetel units with an exclusive area of 83㎡. It is within walking distance of Chilseong Market Station and Jungangno Station on Daegu Subway Line 1, and close to Lotte Department Store Daegu Branch, Daegu Department Store, and Dongseong-ro, known as Daegu’s top commercial district. Right next to the complex is ‘Hillstate Dongin Central (up to 49 floors),’ a residential-commercial complex successfully supplied last year, expected to form a ‘Hillstate’ landmark.

Kolon Global plans to supply ‘Daejeon Haneulchae Sky& 2nd Phase’ in the Jung-gu area of Daejeon. The complex will have 5 basement floors and up to 49 floors above ground, comprising 743 apartments with an exclusive area of 84㎡ and 50 officetel units, totaling 793 units. Facilities such as a fitness center with views of Daejeoncheon Stream, a river-view lounge, tea house, pet zone, and garden library will be provided within the complex.

In Dongnae-gu, Busan, Samsung C&T will supply ‘Raemian Forestige,’ redeveloping Oncheon 4 District in June. The complex will have 6 basement floors and up to 35 floors above ground, with a total of 4,043 units ranging from 49㎡ to 132㎡ exclusive area. Among these, 2,331 units will be offered to the general public. The complex is close to Geumjeongsan Mountain, providing a pleasant living environment, and is within walking distance of Oncheonjang Station on Busan Subway Line 1.

Utop Construction plans to supply ‘Ubless47 Mohyeon,’ the tallest residential-commercial complex in Iksan City, Jeollabuk-do, this month. The complex consists of 2 buildings ranging from 4 basement floors to 47 floors above ground, totaling 343 units. Iksan Station, served by KTX and SRT, is within walking distance, and the Iksan Intercity Bus Terminal, Iksan-daero, Gunik-ro, and Pyeongdong-ro are nearby. Educational facilities such as Irimohyeon Elementary School are within walking distance, with Iri Nam Middle School, Iri Girls’ High School, and Jeonbuk Jeil High School also close by.