‘Bandalseom Lumini’ with Ocean View Secured in All Units, Each with 84㎡ Exclusive Area

- Emerging as a popular alternative to residential officetel apartments with a dedicated area of 84㎡
- 'Bandalseom Lumini (formerly Siwha MTV Antive)' offers a single 84㎡ type with ocean views from every unit

As the shortage of apartment supply and the difficulty of jeonse (long-term lease) worsen, residential officetels are enjoying a balloon effect.

In particular, residential officetels with an exclusive area of 84㎡ have emerged as alternatives to apartments, attracting the attention of demanders. According to data from the Korea Real Estate Agency's Subscription Home, a total of 13,267 units of residential officetels of the 84㎡ exclusive type were supplied nationwide over the past year (excluding complexes directly subscribed through the website / including 24 units of types other than 84㎡ due to grouped subscriptions by county), and a total of 727,130 subscription applications were received. This translates to an average competition rate of 54.8 to 1. The popularity is expected to continue this year as well.

Officetels do not require a subscription savings account and select winners by 100% lottery, allowing demanders with low points to also have a chance. Anyone aged 19 or older can apply regardless of residence restrictions or home ownership, and there is no restriction on re-winning.

Of course, there are forecasts that the popularity might decline as officetels, which were previously not subject to loan regulations, are now subject to the DSR 40% loan regulation like apartments starting this year. However, for cases where the resident recruitment announcement was made before January 2022, DSR regulations do not apply to interim and final payment loans, which is noteworthy.

An industry insider said, "Residential officetels have weaker regulations compared to apartments, and young generations with low subscription points are flocking because they can secure a home through a lottery without a subscription savings account." He added, "Especially, 84㎡ officetels have living conditions similar to apartments and have promising future value."

Meanwhile, a residential officetel with a single 84㎡ exclusive type and ocean views from all units is currently being sold. The protagonist is ‘Bandalseom Lumini’ (formerly Siwha MTV Antive). Notably, this complex received sales approval last year and is not subject to the DSR phase 2 regulation.

‘Bandalseom Lumini’ can apply for a maximum loan-to-value (LTV) ratio of up to 70% regardless of the region. Since officetels have no mandatory residence period, various financial plans are possible, such as renting to monthly or jeonse tenants depending on the situation. Also, since it is not classified as a house, it is excluded from acquisition tax surcharges.

Located in Seonggok-dong, Danwon-gu, within Bandalseom, Ansan City, the ‘Bandalseom Lumini’ (formerly Siwha MTV Antive) officetel is a large-scale complex consisting of 6 buildings with a total of 284 units from the 1st to the 29th floor (units from the 6th to the 29th floor). All units are composed of a single exclusive 84㎡ type, and Lotte Construction Co., Ltd., which owns the premium apartment brand Lotte Castle, is in charge of construction.

The complex is located at the forefront of Siwha MTV Bandalseom, securing unobstructed ocean views from all units. Since complexes with sea views are limited in supply, it enjoys rarity and is expected to have a high premium.

In front of the complex is Siwha Lake, connected to the West Sea, along with a 15,000-pyeong (approximately 49,586 square meters) waterfront park, enabling a pleasant lifestyle. Within the waterfront park, large-scale facilities such as an inland marina (planned) where yachts or canoes can dock and a cruise ship pier (planned) will be established, allowing residents to enjoy marine leisure sports as well as various cultural and artistic activities such as theaters, performances, and exhibitions all in one place. Surrounding infrastructure includes the world's largest artificial surfing site 'Wave Park,' Shinsegae Hwaseong International Theme Park, Turtle Island Marine Ecological Science Museum, Siheung Baegot Seoul National University Hospital (tentative name), and Songsan Green City.

‘Bandalseom Lumini’ is also expected to have various living infrastructures. Nearby is the Banwol·Siwha Industrial Complex, the largest nationally designated smart leading industrial complex in Korea, and 24 commercial facilities within the complex will enable a one-stop lifestyle. Additionally, mega accommodation facilities such as the 5-star Novotel Ambassador Hotel are planned nearby, further improving convenience.

The complex is equipped with a well-connected metropolitan transportation network. The Incheon?Ansan section, part of the second ring expressway of the metropolitan area that is currently under construction, is scheduled to be completed in 2022. Once the Siwha Narae IC opens, access to Gangnam will be possible within an hour, and with the future opening of the Namsongdo IC, access to Songdo will be possible within 5 minutes.

Meanwhile, the ‘Bandalseom Lumini’ (formerly Siwha MTV Antive) sales promotion center is currently operating.