The real estate market in the Gangnam area continues to show strong preference for a ‘smart single property’ and maintains its robust performance alone.
According to the monthly housing price trend time series statistics released by KB Live Real Estate, the average apartment sale price in the Gangnam area in April this year was 1.52548 billion KRW. In contrast, the average apartment sale price in the Gangbuk area was recorded at 1.01128 billion KRW, widening the price gap between Gangnam and Gangbuk to 514.2 million KRW.
As the price surge centered around the three Gangnam districts intensified, buyers residing in Seoul also concentrated their purchases in the Gangnam area.
According to the status of ownership transfer registration (sales) applicants by address from the Court Registry Information Plaza, the total number of transactions of collective buildings (apartments, row houses, officetels, commercial buildings, etc., buildings subject to the ‘Act on Ownership and Management of Collective Buildings’) located in Seoul by Seoul residents in the second half of last year was 86,027 cases, of which about 20%, or 16,861 cases, were concentrated in the three Gangnam districts.
A real estate expert said, “Despite various government regulations, the price rise in the Gangnam area has not only failed to slow down but has jumped even more, showing that demand is increasingly focused on Gangnam real estate.” He added, “In particular, as apartment transactions have become difficult due to loans and taxes, premium officetels in Gangnam are emerging as ‘smart single properties’ and gaining popularity.”
Meanwhile, Hyosung Heavy Industries is supplying the ‘Diofera Seocho Harrington Tower’ officetel in the Seocho-dong area of Seocho-gu, Seoul, offering a reasonable sale price that lowers the entry barrier despite its prime location in Seocho-gu.
The sale price of this officetel is approximately 80.2 million KRW per 3.3㎡ of exclusive area on average. It is priced as the lowest among officetels for sale in Seocho-dong, set 3 million to 24 million KRW per 3.3㎡ lower than nearby officetels currently on sale.
The Seocho-dong area where the complex is located houses the country’s largest office town and legal district. In addition, the National Library of Korea, Seoul National University of Education-affiliated elementary school, Seocho middle and high schools, and Seoul High School, all prestigious schools, are located nearby, creating abundant demand for high-end housing. As a result, premium officetels such as Diofera Seocho Harrington Tower, The Grow, Ermetia, Eluke, and Giselle Life Graphy have been supplied recently, making the area known as an emerging affluent neighborhood attracting young wealthy individuals.
‘Diofera Seocho Harrington Tower’ consists of two buildings from basement level 7 to ground level 20, with a total of 266 units ranging from 58 to 63㎡ of exclusive area. The first floor has no commercial spaces but features an arch-shaped corridor that enhances openness and a lobby with a 6-meter ceiling height. A sky bridge connecting the buildings was designed, applying high-end specialized designs befitting a luxury officetel.
The top floor includes a rooftop sky pool, party lounge, and pet ground, allowing residents to enjoy city views and a leisurely living environment. Various community facilities such as fitness, GX room, screen golf, CO-dining for home parties, and a business center for individual work are well equipped. Additionally, various concierge services will be provided through entrusted operation by a comprehensive residential service company.
The parking lot design mainly features self-parking, which is a distinctive advantage. Unlike high-end officetels supplied in the Gangnam area that install mechanical parking lots due to limited land, 76% of the parking spaces here are designed as self-parking.
The interior boasts a highly space-efficient 2-room, 3-bay layout with a 2.6-meter ceiling height, providing excellent openness. Inside, built-in home appliances and a smart home IoT system are installed, including Samsung Electronics’ Bespoke Grande AI washer and dryer, side-by-side refrigerator, built-in induction cooktop, built-in electric oven, and ceiling-type system air conditioner.
Excellent transportation networks are another advantage. Seocho Station on Subway Line 2, Nambu Terminal Station on Line 3, and Gyodae Station on Lines 2 and 3 are all within walking distance. The officetel is conveniently accessible to major downtown areas via nearby Banpodaero and Nambusunhwan-ro, and entry and exit to the Gyeongbu Expressway is easy through Seocho IC. Seocho-daero in Bangbae-dong is connected via the Seoripul Tunnel, providing excellent transportation in the Seocho area.
According to the ‘Seocho-ro District Unit Plan Revision’ in Seocho-gu, sites such as the Lotte Chilsung site, Kolon site, and Lion Mising site along Seocho-daero will be designated as special planning zones and developed into an international business and commercial complex center. Also, the former Intelligence Command site near Seoripul Park in Seocho-gu, Seoul, is planned to be transformed into a cultural and artistic complex town blending advanced companies, nature, and cultural spaces.
Officetel pre-sale rights are not included in the number of houses when calculating acquisition tax and are not considered housing when applying for apartment subscriptions.
A sales official said, “With the rapid rise in raw material prices expected to lead to higher sale prices in the second half of the year, there is a rush to sign contracts.” He added, “The sale price is set lower than nearby officetels, making it highly competitive, and the product’s features such as interior layouts are gaining word-of-mouth, resulting in a rapid increase in contract rates.”
The model house for ‘Diofera Seocho Harrington Tower’ operates by prior visit reservation.
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