As the government's real estate regulations focus on the housing market, there is an increasing demand for officetels, which are relatively free from regulations. Along with this, interest in small officetels with relatively competitive sale prices is rising even further.
According to data from the Korea Real Estate Board, the monthly rent price of officetels in Seoul rose by 0.33% in August compared to the previous month, marking the largest increase since July last year, and maintained an increase of 0.28% in October.
Small-sized officetels are showing particularly strong performance. According to the Korea Real Estate Board, the rent-to-price ratio for officetels under 40㎡ in October was 86.2%. For officetels over 40㎡ and up to 60㎡, the ratio was 78.5%, for those over 60㎡ and up to 85㎡ it was 75.1%, and for those over 85㎡ it was 67.2%.
Amid this trend, ‘The Sharp Largo’ is an officetel located within the knowledge industry center ‘Shinhwa The Flex City’ supplied in the Changwon National Industrial Complex (Palyong-dong area, Uichang-gu, Changwon-si, Gyeongnam). ‘The Sharp Largo’ officetel, situated on floors 19 to 23 of ‘Shinhwa The Flex City,’ offers 240 small officetel units with a competitive price for exclusive areas of 20㎡. By registering as a general rental business, it is possible to avoid the heavy taxation on owning two houses.
The specialized design is also noteworthy. ‘The Sharp Largo’ allows residents to secure an additional service area of about 5 pyeong or more separately from the contract area if they install an external wall on the terrace accessible through an external window (limited to the 19th floor). Additionally, ‘The Sharp Largo,’ located on floors 19 to 23 within ‘Changwon The Flex City,’ can combine two studio-type officetel units into a two-room layout, allowing configurations that suit various lifestyles of the demanders.
Shared facilities include conference rooms and lounges, as well as childcare facilities, an in-house cafeteria, and a fitness center. On the first floor, a sunken pocket garden, community square, and pilotis garden create park-like spaces, while themed gardens such as a resting garden, vitality garden, contemplation garden, sky garden, fitness garden, and outdoor exercise equipment reflect the diverse needs of residents.
Furthermore, ‘The Sharp Largo’ is a residential product offering rental support benefits exclusively for employees of small and medium-sized enterprises located in Changwon National Industrial Complex and Changwon Changgok·Cheonseon General Industrial Complex. The Korea Industrial Complex Corporation supports 80% of the rental cost (up to 300,000 KRW per person) for eligible employees, and Changwon City provides up to 150,000 KRW per month (1.5 million KRW annually) to reduce housing costs and support stable living for youth household heads aged 19 to 34 residing in Changwon. Therefore, at the time of move-in, it is expected that demand will increase explosively due to the competitive sale price.
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