[Asia Economy Reporter Jang Hyowon] VT GMP announced on the 16th that it will begin simultaneous sales of commercial spaces in the ‘VT Style’ residential officetel located in Jangan-dong, Dongdaemun-gu, Seoul.
VT Style is a boutique residential complex apartment designed by VT Cosmetic. It consists of two buildings with a total floor area of 10,063.19㎡, ranging from three basement levels to a maximum of 15 floors above ground, and includes 92 units. The complex comprises 75 apartment units, 13 officetel units, and 4 commercial spaces. It is a post-sale residential complex apartment that will be ready for move-in starting this October. After the apartment sales were completed, the residential officetel and commercial spaces are now being sold simultaneously.
Unlike apartments, which have various subscription requirements, anyone aged 19 or older can apply for the residential officetel regardless of home ownership. Therefore, it is attracting continuous interest from younger generations who are relatively disadvantaged in subscription scoring, as well as homeowners in their 40s and 50s.
Additionally, while the loan-to-value ratio (LTV) for housing mortgages in Seoul is currently set at 40%, officetels can have an LTV of up to 70%. Furthermore, the acquisition tax for officetels is fixed at 4.6%, so even if one owns multiple houses, they are not subject to acquisition tax surcharges. The recent intensification of subscription overheating in the metropolitan area has also contributed to this trend.
A company representative stated, “With soaring housing prices and the government’s stringent real estate regulations targeting apartments continuing, interest in residential officetels is heating up,” adding, “As the entry barriers for apartment subscriptions nationwide rise, there is strong interest from homebuyers looking to secure their own homes.”
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