‘2040 Seoul Urban Master Plan’ Beneficiary Complex ‘Sewoon Prugio Gravity’

- Creation of 4+1 Axes in the '2040 Seoul Urban Master Plan'... Future Downtown Reborn Where Advanced Technology and History Coexist
- 'Sewoon Prugio Gravity' Attracts Attention as the Biggest Beneficiary Complex... April Sale

On the 3rd, as Seoul announced the '2040 Seoul Urban Master Plan,' the Sewoon District has emerged as a beneficiary area.

According to the '2040 Seoul Urban Master Plan,' the area inside Hanyangdoseong, considered Seoul's first downtown, lost vitality due to preservation-focused policies and redevelopment restrictions during former Mayor Park's administration. The plan aims to revitalize Seoul's downtown by creating four major north-south axes.

△ Sewoon District will be the north-south green axis and the center of new industries △ Gwanghwamun to City Hall will serve as the national central axis △ Insadong to Myeongdong will be the historical and cultural tourism axis △ DDP will be reborn as a fashion and beauty hub and a complex cultural axis. Additionally, a 'global commercial axis' running east-west will be added, forming a '4+1' axis system.

In particular, the Sewoon District, which Mayor Oh Se-hoon mentioned as a key to balanced development between Gangnam and Gangbuk, is expected to undergo significant transformation. It was Mayor Oh's first campaign pledge upon taking office in 2006, and along with the 2040 Seoul Urban Master Plan, a development plan for Sewoon District is set to be established in the first half of this year following the announcement in February 2022. Seoul plans to preserve the downtown green axis while creating an economic innovation hub in the Sewoon District area, developing a three-dimensional complex space above and below ground.

Accordingly, 'Sewoon Prugio Gravity,' scheduled for sale in April in the Sewoon District, is attracting attention as a direct beneficiary of the 'north-south green axis,' and its future value is expected to be highly evaluated due to the Sewoon District development.

The Sewoon District, being developed as the largest residential complex in downtown Seoul, saw the completion of the 'Eulji Twin Tower,' one of Seoul's big five office buildings, in April 2019. 'Hillstate Sewoon Central' in Sewoon 3-1, 4, and 5 districts is scheduled for completion in February next year, and 'Sewoon Prugio Hericity' in Sewoon 6-3-4 district is expected to be completed in January next year. The newly supplied 'Sewoon Prugio Gravity,' 'Sewoon Prugio The Botanic,' and the 3-8, 9 districts, scheduled for groundbreaking at the end of the year, will provide about 3,800 households within the Sewoon District, making the 'Sewoon Block' developed by Hanho Construction Group visible.

Meanwhile, Hanho Construction Group, leading development within the Sewoon Redevelopment Promotion District (hereafter Sewoon District), has started sales for the residential lodging facility 'Sewoon Prugio Gravity.' Located in Sanlim-dong and Ipjeong-dong, Jung-gu, Seoul, it consists of 756 units ranging from 21 to 50 square meters, with six basement floors and 20 above-ground floors. Daewoo Engineering & Construction is the contractor. By block, Sewoon District 3-6 has 396 units, and 3-7 has 360 units. From the first to the third floor above ground, auxiliary facilities and neighborhood commercial spaces will be arranged, and connections to the nearby Cheonggye shopping area and skywalk will be established.

Applications will be accepted over two days from Tuesday the 19th to Wednesday the 20th, with winners announced on Thursday the 21st. Official contracts will be conducted over three days from Friday the 22nd to Sunday the 24th. 'Sewoon Prugio Gravity' does not require a subscription savings account and has no restrictions on resale of the sale rights. It is not counted as a housing unit, thus exempt from heavy taxation on multiple homeowners and strengthened loan-to-value (LTV) and debt-to-income (DTI) regulations.

The complex is located within Seoul's four major gates, the only residential complex development site exceeding 10,000 pyeong (approximately 33,000 square meters) in downtown Seoul. Within a one-kilometer radius, it is a quadruple station area accessible to subway lines 2 and 3 at Euljiro 3-ga Station, line 1 at Jongno 3-ga Station, and line 4 at Chungmuro Station, boasting excellent public transportation. Additionally, Samil-daero and Sogong-ro, connected to Namsan tunnels 1 and 3, provide quick access to the Gangnam area, making the wide-area transportation network outstanding.

As it boasts a CBD location, the demand base is abundant. Around the complex are headquarters of major companies and financial institutions such as Daewoo Engineering & Construction and BC Card in Eulji Twin Tower, KT affiliates, SK Group, Hanwha Group, Hyundai Group, and Hana Bank, accommodating about 700,000 related workers.

Located in the very center of Seoul's downtown with high rental and tourism demand, this complex is expected to attract diverse investors, from those seeking rental income to those aiming to increase asset value. Demand is also expected to increase due to the relaxation of COVID-19 quarantine standards for overseas arrivals and the resumption of international flights, revitalizing the post-pandemic tourism market.

Mayor Oh Se-hoon designated this area as Seoul's north-south green axis, highlighting the pleasant natural environment around the complex. Located right in front of Cheonggyecheon, residents can enjoy the Cheonggyecheon waterfront park nearby, with green spaces such as Namsan, Jongmyo Park, Namsangol Park, and Jangchungdan Park also close by. Additionally, a central park representing the Sewoon District is planned right next to the complex. Nearby are also Gyeongbokgung, Changgyeonggung, and Deoksugung Palaces, Seoul National University Hospital, and shopping destinations like Lotte Department Store, Shinsegae Department Store, and Myeongdong within walking distance.

The complex offers various amenities befitting a luxury hotel in the city center. House amenities include butler service, housekeeping service, mail house, fresh house, and rental house, enhancing residents' prestige. Studio amenities include coworking studios, content studios, and screen rooms. Lounge amenities feature a welcome lounge, private chef table, wine library, game room, screen bowling, and book lounge. Wellness amenities include a boutique gym, golf studio, shower rooms, and locker rooms, showcasing luxury surpassing that of premium hotels. After completion, the global travel platform and Airbnb partner Homes Company will directly operate and manage the system to relieve landlords' burdens.

A sales official stated, "‘Sewoon Prugio Gravity,’ supplied in the central business district (CBD) of downtown Seoul and directly adjacent to Cheonggyecheon, is expected to attract high interest from demanders as it is supplied in the best location among lifestyle lodging facilities provided so far."

‘Sewoon Prugio Gravity’ is currently operating a model house.