Interest in residential officetels continues among younger generations with low subscription scores. This is because applications can be submitted regardless of subscription savings accounts, and winners are selected through a 100% lottery. Additionally, winning does not affect eligibility for apartment subscriptions, which is another advantage.
Looking at the current apartment subscription system's scoring criteria: △Over 15 years of no home ownership (32 points) △6 or more dependents (35 points) △Over 15 years of subscription savings account membership (17 points), totaling a perfect score of 84 points.
Since the no-home ownership period is recognized from age 30, the points younger people can earn are significantly lower. For example, the highest subscription score a 30-something household head with a family of four can receive is 57 points.
However, subscription scores for new apartments in the metropolitan area far exceed this. According to the Subscription Home website, the average winning score for the 84㎡ units of ‘Bukseoul Xi Polaris,’ the first apartment launched in Seoul this year, was in the low 60s. The lowest winning score for the 84㎡ units of ‘Hillstate Gwanggyo Jungang Station First,’ launched last year in Suwon, was 69 points, making it practically difficult for people in their 30s to win.
As the apartment subscription threshold rises, many young people are turning their attention to residential officetels, which are advantageous for subscriptions. Officetels do not require subscription savings accounts and anyone aged 19 or older can apply. Winners are selected entirely by lottery. Officetels are not counted as housing during apartment subscriptions, allowing applicants to maintain no-home ownership status.
The actual sales results of residential officetels are also hot. According to Real Estate Info, 55,667 applications were submitted for 4,554 residential officetel units with a floor area of 40㎡ or more this year on the Subscription Home platform, recording an average competition rate of 12.2 to 1. Over 10,000 applications poured in for ‘Hillstate Cheongnyangni Metroble,’ ‘Daejeon Haneulchae Sky& 2nd Phase,’ and ‘Byeongjeom Station Seohae Sky Palace’ Phase 1.
Research team leader Kwon Il from Real Estate Info said, “Apartments have limited supply, and subscription competition rates and scores are soaring, making it difficult for 2030 ‘subscription quitters’ to win. Residential officetels, which have fewer subscription restrictions, are being considered an alternative for securing housing.” He added, “Especially recently, residential officetels have become more popular as they offer designs and product quality comparable to apartments.”
With inflation expected to continue pushing up sale prices, there is a noticeable trend of people trying to secure residential officetels quickly. The government already raised the basic construction cost, announced regularly every six months, to 1,829,000 KRW per square meter in March. This is a 2.64% increase from the previous 1,782,000 KRW. Discussions are also underway to allow apartments under the price ceiling system to receive ‘fair value.’
Growing Interest in Residential Officetels Nearing Sale
Accordingly, inquiries from buyers are increasing for residential officetels about to be launched. The standout is ‘Siheung City Hall Station Lumini,’ constructed by Lotte Construction. Scheduled for sale in June, it will be located on business facility lots 1 and 2 in Siheung Janghyeon District, comprising a total of 351 units with floor areas ranging from 42 to 76㎡.
Siheung City Hall Station Lumini boasts an excellent location with promising future value. The Seohae Line (operational) Siheung City Hall Station will have the Sinansan Line (under construction) and Wolpan Line (under construction) added, enabling a ‘triple transfer station area’ accessible on foot. Once these lines open, it is expected to take about 20 minutes to reach major metropolitan business districts such as Yeouido and Magok in Seoul, and Pangyo in Seongnam. Additionally, a complex transfer center consisting of a bus terminal, parking lot, and commercial facilities is planned near Siheung City Hall Station.
Living conditions are also well established. Siheung City Hall is within walking distance, and a large-scale complex administrative town (2021?2027) with a library, sports park, and health center centered around Siheung City Hall is being developed, allowing easy access to various public and administrative services. Green spaces, streams, and walking trails are located in front of and behind the complex, enhancing residential comfort. Janghyeon Stream flows right in front of Siheung City Hall Station Lumini, with various waterside parks along the stream.
Lotte Construction’s brand power also stands out. ‘Lumini,’ a unique and specialized residential brand introduced by Lotte Construction as a new urban standard, incorporates the elegant and luxurious image of existing residential brands Lotte Castle and Le El, while applying various specialized designs suitable for urban life, leading residential trends across regions. Siheung City Hall Station Lumini also features differentiated designs such as exterior specialization, terraces, and duplex units (in some units), maximizing space utilization for residents.
A sales official said, “In addition to the transportation benefits of becoming a triple transfer station area, the premium of being constructed by a top-tier brand builder in the scarce Janghyeon District and the limited supply of multi-family housing and residential officetels around Siheung City Hall Station will make its rarity very high.” He added, “Inquiries are already coming in from across the metropolitan area and nationwide.”
Meanwhile, Siheung City Hall Station Lumini plans to open a model house.
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