Rare Value New Office in Suwon Central Business District ‘Space & Irum Tower’

As real estate regulations tighten, offices and commercial spaces that are not counted as part of the housing stock are gaining indirect benefits.

Centered around station areas with abundant underlying demand and established surrounding infrastructure, these properties are expected to yield high capital gains.

Experts say, "In the case of offices, long-term lease contracts of over two years are usually signed under corporate names, so concerns about vacancies or unpaid rents during downturns are lower, and the limited supply increases investment stability." They explain that targeting newly constructed buildings in major business districts in Seoul and the metropolitan area such as Gangnam, Bundang, Gwanggyo, Suwon, and Dongtan can lead to continuous increases in both rent and market price, resulting in greater profits.

The area around Gwonseon-gu in Suwon is the economic center of Suwon, with an estimated total daily fixed and transient demand of about 150,000 people. However, most office buildings here were constructed in the 1990s and are aging, creating high demand for new office buildings. Recently, a newly constructed office-only building has been supplied in the Gwonkwang-ro area of Gwonseon-gu, attracting attention.

'Space & Iroom Tower' is being developed on a site of 1,052.5㎡ in Gwonseon-gu, Suwon-si, Gyeonggi-do, adjacent to exits 3 and 4 of Suwon City Hall Station on the Suin-Bundang Subway Line. The building consists of one tower with 18 floors above ground and 2 basement levels, housing 64 office units and 4 neighborhood living facilities.

The 64 office units are designed in seven different types to attract companies of various industries and sizes based on exclusive area: ▲Type A 66.61㎡ (11 units), ▲Type B 74.80㎡ (11 units), ▲Type C 71.72㎡ (11 units), ▲Type D 67.65㎡ (14 units), ▲Type E 102.51㎡ (14 units), ▲Type F 108.24㎡ (2 units), and ▲Type G 44.72㎡ (1 unit). With a high exclusive use ratio of over 52%, maximized space utilization in interior and auxiliary facilities, ample parking for 81 vehicles, and a state-of-the-art security system, the plan is to enhance tenant satisfaction and external corporate image.

Matching its comfortable interior design, the strength of 'Space & Iroom Tower' lies in its excellent accessibility and mobility as a super-station area location. Using Suwon City Hall Station on the Suin-Bundang Line right in front of the site, one can easily and quickly travel around Suwon as well as to Ansan, Incheon, Yongin, Bundang, and the Gangnam area of Seoul. Additionally, it takes about 5 minutes to KTX Suwon Station, about 53 minutes to Guro Station, 57 minutes to SRT Suseo Station, about 65 minutes to Gangnam Station, and about 84 minutes to Gangbyeon Station, making travel to major industrial complexes in Seoul and industrial parks nationwide convenient.

Based on its excellent transportation environment, the station areas around Suwon City Hall Station, including Gwonseon-dong and Ingye-dong, are considered major business districts in Suwon. Especially, the Gwonkwang-ro area adjacent to 'Space & Iroom Tower' hosts many companies across various industries, including large offices such as the Korea Teachers' Credit Union Gyeonggi Southern Branch, Seoul Guarantee Insurance Gyeongwon Credit Support Team, and Hyundai Marine & Fire Insurance Gyeongin Regional Headquarters, as well as firms in finance and insurance, construction, legal, accounting, and tax services.

A sales representative for 'Space & Iroom Tower' stated, "The complex and the Gwonkwang-ro area are lined with companies from various industries, including large offices such as the Korea Teachers' Credit Union Gyeonggi Southern Branch, Seoul Guarantee Insurance Gyeongwon Credit Support Team, and Hyundai Marine & Fire Insurance Gyeongin Regional Headquarters, making it a so-called 'Grade A location.' We are confident that the value will rise sharply once several railway networks such as the Osan-Yongin Expressway scheduled to begin construction in 2022, GTX-C Line, Shinbundang Line extension, Suwon-origin KTX, Indeokwon-Dongtan double-track railway, and Suwon Tram Line 1 are expanded."

The 'Space & Iroom Tower' model house is located in Suwon, Gyeonggi-do. Contracts can be signed immediately at the model house site.