A New Standard for High-End: Practical High-End Officetel 'The Grow Seocho'

The officetel market is undergoing continuous changes. Once merely a simple income-generating real estate, officetels have gained great popularity by incorporating high-end features, and recently, they are evolving into a ‘practical high-end’ alternative to the small apartments in the Gangnam area, which are suffering from supply shortages.

In recent years, the keyword leading the officetel market has undoubtedly been high-end. Due to factors such as the price ceiling on pre-sale prices, it has become difficult for apartments to meet buyers’ tastes and standards, leading high-end officetels to differentiate themselves and gain popularity as special luxury residential spaces.

In particular, by actively incorporating concierge services typically only available in luxury hotels, high-end amenities that transcend physical limitations, and European high-end living brands into the design, the product appeal has been maximized. The high quality and services met buyers’ expectations, resulting in all units being sold out despite prices exceeding 100 million KRW per pyeong.

Recently, the trend is shifting to ‘practical high-end’ by adding practical floor plans to high-end designs. This combines the luxurious finishes and product appeal of high-end officetels with apartment-level floor plans and space utilization, making these top-tier residential facilities popular even for actual living purposes.

An industry insider stated, “Most of the high-end officetels supplied recently in the Gangnam area were small units targeting high-income single-person households. As more buyers turn to officetels to secure their own homes amid supply shortages in Gangnam, high-end products with practical floor plans suitable for 2-3 person households will establish a new trend.”

Meanwhile, a high-end officetel reflecting practical design is being offered for sale in Seocho-dong. ‘The Grow Seocho,’ located in Seocho-dong, Seocho-gu, Seoul, consists of 221 residential officetel units ranging from 49 to 100 square meters in exclusive area, in a building spanning 7 basement floors to 19 above-ground floors.

Unlike typical small officetels, ‘The Grow Seocho’ is designed mainly with two-room and three-bay layouts, expected to absorb demand for small apartments in Gangnam. It is especially designed to allow various space utilizations depending on family composition and lifestyle, receiving positive responses from buyers intending to live there.

Additionally, it features a large complex design with over 200 units, rare among high-end officetels, reducing management fee burdens. More than half of all units are oriented due south to maximize natural lighting and offer views of Umyeonsan Mountain.

The amenities befitting a high-end product also attract attention. ‘The Grow Seocho’ plans to place community facilities, usually located in basement levels, on the top floor, creating a penthouse space accessible to all residents. This will allow all residents to enjoy panoramic views of Umyeonsan Mountain while using the fitness center and enjoying breakfast.

The rooftop will feature an infinity pool and private pools. The 25-meter-long infinity pool faces Umyeonsan Mountain, serving not only a practical swimming function but also as a space for relaxation that transcends physical limits. The private pools, equipped with dining tables, are expected to be used for small parties.

Regarding location, the complex is surrounded by Umyeonsan Mountain and Seoripul Park, providing a pleasant residential environment. It is also within walking distance of Nam-Bu Terminal Station (Seoul Arts Center) on Seoul Subway Line 3. Notably, Seocho High School and Sangmun High School, which ranked first among general high schools producing the most Seoul National University entrants in 2021, are nearby, along with the ‘Megastudy Teamplay Center’ directly operated by Korea’s leading education company Megastudy, attracting buyers interested in education in Seocho-dong.

Meanwhile, ‘The Grow Seocho’ is supplied as a residential officetel, exempt from various loan regulations. Although located in Seocho-gu, designated as a speculative overheating district, it applies a maximum LTV of 70%, and the second phase of DSR regulations implemented in January this year is avoided, allowing balance payment loans.

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