‘Hillstate Samseong’ Located in the Heart of Gangnam

Residential officetels emerging in Gangnam, Seoul are becoming a breakthrough for entering Gangnam. Recently, there has been almost no supply of new apartments in Gangnam-gu, and existing apartments are traded at high prices, highlighting the demand for alternative residential products.

According to real estate R114 data on the 17th, the number of new apartments scheduled for sale in Gangnam-gu this year is only 841 units (excluding rentals). Since there are not many sites available to build new apartments in Gangnam, most are supplied through reconstruction and redevelopment projects. Moreover, there were no new apartment sales at all last year.

In fact, all units of ‘Layer Cheongdam,’ which was sold in the Cheongdam-dong area of Gangnam in March this year, were completely sold out last month. The complex expanded space utilization by applying terrace designs and duplexes that allow views of both the Han River and nature in some unit types, and also includes high-end community facilities such as a sound boutique and private lounge.

The industry expects that the trend of turning to residential officetels will grow further amid the rapid rise in Gangnam housing prices due to recent capital gains tax reductions. Gangnam consistently enjoys high preference in the housing market due to factors such as proximity to workplaces and the Gangnam 8 school district, and demand continues to increase with upcoming development benefits such as the Metropolitan Area Express Train (GTX) and the Global Business Center (GBC).

Amid this, a branded officetel in a prime Gangnam location is attracting attention as it prepares for sale. Hyundai Construction plans to sell ‘Hillstate Samseong’ in the Samseong-dong area of Gangnam-gu, Seoul, in June. It will be built with a total of 165 units, ranging from 50 to 84 square meters, from 7 basement floors to 17 above ground.

Hillstate Samseong is a workplace-proximate complex located in the Gangnam Business District (GBD), one of Seoul’s three major business districts. Within a 1 km radius are the POSCO Center and Hyundai Motor Group’s Global Business Center (GBC), and Teheran-ro, where various companies are located, is within walking distance, promising abundant demand.

Additionally, it is within walking distance of triple subway lines: Samsung Station on Line 2, Seolleung Station (transfer station for Line 2 and Suin-Bundang Line), and Samseong Jungang Station on Line 9, making commuting throughout Seoul convenient. Especially, Samsung Station is expected to be served by GTX A and C lines, further improving transportation in the area.

The excellent product quality of the Hillstate brand, which promotes itself as a ‘lifestyle leader,’ is also anticipated. With a sophisticated exterior design, it is expected to become a landmark complex representing Samseong-dong, and will satisfy residents’ diverse lifestyles through high-level concierge services.

All units are designed as residential layouts, and 100% self-parking is applied to maximize convenience for residents. Community facilities include a private dining room, meeting room, study room, guest room, open library, healthy bar, private gym, fitness center, and golf room, among various other spaces.

Hillstate Samseong is currently operating a model house.