- Enjoy abundant living infrastructure including Suwon City Hall Station commercial district and Suwon Station Lotte Department Store
- Rich rental demand with over 6,300 companies including Samsung Digital City
As officetels continue to gain popularity as alternatives to apartments, it has been revealed that the actual transaction prices of complexes with exclusive areas of 40㎡ or more have notably increased in the Seoul officetel market.
According to the real estate industry, an analysis of the Ministry of Land, Infrastructure and Transport's officetel transaction prices from 2018 to 2022 (up to the second week of April) shows that officetels with exclusive areas under 40㎡ have seen an approximate 37% increase in actual transaction prices over the past five years, whereas officetels with exclusive areas of 40㎡ or more, suitable for household residence, have experienced about a 169% increase. This significant rise in transaction prices indicates that officetels are establishing themselves as residential products.
In particular, the price per pyeong (3.3㎡) for officetels with exclusive areas of 40㎡ or more reached 73.71 million KRW as of this year (up to the second week of April), while those under 40㎡ were priced at 28.79 million KRW, showing a difference of approximately 45 million KRW (about 40%).
The real estate industry advises, "Since officetels have established themselves as alternative residential products to apartments, those considering purchasing or investing in officetels in Seoul should first pay attention to complexes with exclusive areas of 40㎡ or more."
Among these, ‘Suwon City Hall Station Louvre El Centro,’ constructed by Seongho Construction, is expected to attract the attention of prospective buyers.
Located in Ingye-dong, Suwon’s largest business district and administrative center, ‘Suwon City Hall Station Louvre El Centro’ is an officetel complex consisting of 95 units across five basement floors to 13 above-ground floors, with all units having an exclusive area of 48㎡.
Louvre El Centro features a specialized floor plan design that offers excellent product value. All units are configured with 2 rooms and 3 bays, providing superior lighting and ventilation, and the living rooms have a well-shaped ceiling to enhance openness. It offers a dressing room and built-in wardrobes with ample storage space, an L-shaped kitchen designed for convenience and efficiency, a laundry room, and a full-furnished system that further amplifies the merits of a residential officetel. Additionally, it offers various types such as duplex units with high ceilings for space utilization and customizable floor plans to broaden consumer choices.
The complex’s specialized design is also noteworthy. It incorporates an IoT system that allows control of indoor functions such as lighting, heating and cooling, smart appliances, ventilation, and security via an app, as well as elevator calls, weather, delivery, and parking information, enabling a relaxed and convenient lifestyle. Community facilities for leisure time include a fitness center, a small library, meeting rooms, a courtyard, and a rooftop. A 100% self-parking underground garage spanning from basement level 1 to 5 provides one parking space per household.
Near the complex in Ingye-dong, Suwon City Hall Station, there are over 6,300 companies including Suwon City Hall, Samsung Digital City, and Samsung Electronics Logitek, as well as rental demand from workplaces close to residential areas such as Catholic University St. Vincent’s Hospital, Ajou University Hospital, Dong Suwon Hospital, Ajou University, and Kyonggi University.
The complex also boasts excellent transportation networks. It is located within a 5-minute walk from Suwon City Hall Station on the Suin-Bundang Line, a prime station area. Using Gyeongsu-daero and National Road 42, one can quickly travel anywhere in the metropolitan area, and with the opening of the Osan-Yongin Expressway Paldal IC, accessibility to Seoul is expected to improve further. Additionally, various transportation developments are planned, including the GTX-C Line, Suin Line double-track railway, Shinbundang Line extension, and Indeokwon-Dongtan double-track railway.
Notably, the GTX (Great Train Express)-C Line project will directly connect a 74.8 km section from Suwon Station to Deokjeong Station, enabling travel from Suwon to Samsung Station in about 20 minutes once opened.
Convenience facilities such as Homeplus, NewCore Outlet, Agricultural and Marine Products Center, Ajou University Hospital, and Dong Suwon Hospital are nearby, and the proximity to Suwon City Hall allows for quick administrative tasks. Cultural facilities like Ingye Arts Park, Hyowon Park, Olympic Park, and Kyonggi Arts Center are within walking distance, offering a healing lifestyle.
The area also includes various school districts, with elementary schools such as Gwonsun Elementary, Maeyeoul Elementary, and Dong Suwon Elementary within walking distance, and middle and high schools such as Suwon Middle, Suwon High, Maetan High, and Hyowon High reachable by a 15-minute bus ride, as well as Ajou University about 30 minutes away.
The complex is highly regarded by investors as well. Due to the nature of officetels, subscription savings accounts and funding plans are not required for subscription, making investment conditions relatively flexible. Moreover, officetels with fewer than 100 units are not subject to resale restrictions.
Suwon, where the complex is located, was elevated to a ‘Special City’ as of January 13 this year, enhancing its future value and prospects. The area is rich in rental demand from workplaces close to residences, with over 6,300 companies including Suwon City Hall, Samsung Digital City, and Samsung Electronics Logitek, as well as Catholic University St. Vincent’s Hospital, Ajou University Hospital, Dong Suwon Hospital, Ajou University, and Kyonggi University nearby.
Meanwhile, the Suwon City Hall Station Louvre El Centro sales promotion center is currently operating, and move-in is scheduled for June 2024.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
