- Gangnam, the hub of education, transportation, living, and cultural infrastructure... Demand exceeds supply despite various regulations
- High-end residential product 'Gangnam Pienpolus Criache' within 10 minutes of major Gangnam commercial districts available
Despite various government regulations, Gangnam housing prices continue to soar. While the upward trend in Gangnam apartments slowed down last year, it has become clear again this year. From January to the second week of this month, Seoul apartment prices have risen by 1.48% based on cumulative weekly surveys over 5 months and 2 weeks.
Gangnam itself is considered a ‘brand’ as a region. This is because prestigious high schools collectively known as the Gangnam 8 School District (Seocho and Gangnam districts) are concentrated here, along with businesses and living infrastructure. Gangnam’s solid demand base means that although there may be temporary adjustments depending on economic conditions, the overall trend is expected to be upward, sustaining the myth of Gangnam’s invincibility.
According to industry experts, “Since COVID-19, as people’s living radius has narrowed, more are seeking one-stop locations where they can enjoy various infrastructures around their residences,” adding, “Despite government regulations, the value of Gangnam’s prime locations is expected to rise further.”
In fact, about half of Seoul’s central commercial districts are concentrated in Gangnam. Representative examples include Gangnam Station commercial district, considered the core of Seoul’s six major commercial areas, and Teheran-ro, the heart of Korea’s No.1 office street that bustles 365 days a year. In Samseong-dong, large-scale commercial facilities such as COEX, Hyundai Department Store Trade Center branch, and Starfield are clustered, while Banpo hosts Shinsegae Department Store Gangnam branch and Central City. Luxury shopping streets for Korea’s top 1%, such as Cheongdam-dong luxury street, Apgujeong Rodeo, and Sinsa-dong Garosu-gil, are all located in Gangnam.
Last year, the Gangnam pre-sale market saw strong demand for high-priced houses and high-end officetels, which are small luxury residential facilities. According to Korea Real Estate Agency’s subscription site, in October last year, the urban-type residential complex ‘Yeoksam Central 2nd I-Park’ in Yeoksam-dong, Gangnam-gu, Seoul, received 1,309 applications for 67 units, recording an average competition rate of 19.54 to 1 and a peak of 127.67 to 1. Additionally, ‘Penthill Cascade’ sold in June last year in Nonhyeon-dong, Gangnam-gu, and ‘Arts Nonhyeon’ released in the same area at the end of last year, were sold out unusually quickly for luxury residential facilities. This trend continues this year as well. One Edition Gangnam received 1,540 applications for 234 units of urban-type residential housing ranging from 26 to 49㎡, with a peak competition rate of 10.42 to 1 and an average of 6.58 to 1.
Among these, the high-end residential product ‘Gangnam Pienpolus Criache’ located 80 meters from Eonju Station, within a 10-minute drive to major Gangnam commercial districts, is attracting attention as it prepares for pre-sale.
True to its name as a high-end house, it will be designed with the finest location and top-tier architecture. Based on excellent transportation, accessibility to business districts is unparalleled. Through nearby Eonju-ro, access to major Gangnam thoroughfares such as Teheran-ro, Dosan-daero, Hakdong-ro, and Dogok-ro, as well as Nambu Beltway and Seongsu Bridge, is excellent. Also, via nearby Bongeunsa-ro, it is easy to reach business hubs like Gangnam Station and Samseong Station, as well as move to Gangbuk, and Banpo IC is close for convenient entry and exit to the Gyeongbu Expressway. Subway Line 9’s Eonju Station is also nearby. Located in the heart of Gangnam, it offers abundant living infrastructure. Banpo Hangang Park is not far, providing a pleasant environment for leisure activities.
The design also boasts features that enhance residential satisfaction and pride of ownership. The main entrance, designed as a bamboo forest path, protects residents’ privacy while providing a green and emotional walking route all year round. The lobby is finished with wood lines, adding a touch of luxury.
Additionally, it will be created as a ‘high-end luxury custom house’ allowing residents to express their individuality. The flooring includes two types of Italian stone tiles as standard, with a wide 150mm wood option available. Colors range from light to dark, with six choices to suit personal preferences. Wallpaper is also selectable, offered in four colors.
The kitchen is furnished with Bulthaup, one of the world’s top three luxury kitchen brands, and transparent built-in wardrobes from Italian brands Rimadesio and Molteni are installed as standard partitions between the bedroom and kitchen, applying famous brand furniture throughout to enhance both luxury and practicality.
High-end concierge services and amenities aimed at maximizing residents’ satisfaction will also be provided. Hotel-style services such as valet and housekeeping, laundry, pet care, and car wash services will be available. Notably, a customized secretary service via call center is offered for differentiation, and the concierge service market leader ‘Socioliving’ operates a VVIP tailored service ensuring high-quality service standards. An infinity pool on the rooftop will allow residents to enjoy a resort lifestyle in the heart of Gangnam.
‘Gangnam Pienpolus Criache’ is a high-end boutique version of ‘Cheongdam Pienpolus,’ a high-end officetel completed in July 2007 and currently the highest official land price officetel in Cheongdam-dong. While Cheongdam Pienpolus featured large units ranging from 88 to 316㎡, ‘Gangnam Pienpolus Criache’ offers compact high-end units preferred by 1-2 person households, ranging from 39 to 59㎡.
Located in Gangnam-gu, Seoul, ‘Gangnam Pienpolus Criache’ consists of 53 units in total, including 29 urban-type residential units and 24 officetel units, spanning from 6 basement floors to 18 above-ground floors. The housing gallery for ‘Gangnam Pienpolus Criache’ is scheduled to open in June in Gangnam-gu, Seoul.
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