Busan, High Increase in Average Office-tel Sale Prices... Popularity of 'The Stail Seomyeon Harrington Tower'

Busan Officetel Median Sale Price Rises 3.9% in One Year... Popularity of Officetels Near Seomyeon Station in Busan's Core Area

Officetels, recently regarded as alternatives to apartments, are gaining great popularity among the younger generation. They are freer from subscription and loan regulations compared to apartments and are built on a similar scale.

In particular, Busan officetels have attracted significant attention by showing the highest increase rate in median sales prices among the five major metropolitan cities. According to the Korea Real Estate Board's officetel price trends, the median sales price of officetels in Busan was 152.27 million KRW in May 2021, rising to 158.21 million KRW in May this year, recording a 3.9% increase over one year. During the same period, the median sales price of officetels in Gwangju rose 2.6% from 91.48 million KRW to 93.83 million KRW, and in Daejeon, it increased 2.4% from 103.26 million KRW to 105.76 million KRW. Meanwhile, officetel median sales prices in Ulsan and Daegu declined by 1.6% and 0.7%, respectively.

As interest in Busan officetels grows, ‘The Stile Seomyeon Harrington Tower’ is also gaining attention. Constructed by Hyosung Heavy Industries, this officetel is located in the Busanjin-gu area of Busan, with a total floor area of approximately 36,802㎡, consisting of 6 basement floors to 20 above-ground floors, exclusive areas ranging from 26 to 75㎡, and a total of 259 units.

‘The Stile Seomyeon Harrington Tower’ is attracting attention because it combines transportation networks, product quality, abundant demand base, living infrastructure, and future value. It is within a 5-minute walk from Seomyeon Station on the Busan subway, and by car, it offers easy access to other areas via Jungang-daero, Dongseo Elevated Road, Sasang IC, West Busan IC, and Jungang Expressway.

Additionally, using Bujeon Station near the complex makes traveling to other regions convenient. The Donghae Line double-track railway, which runs from Busan Bujeon Station through Ilgwang to Ulsan Taehwagang, has been opened, and the Bujeon-Masan double-track railway is scheduled for completion by the end of this year. Furthermore, a feasibility study is underway for the Bujeon Station complex transfer center, which is expected to further expand the transportation network in this area in the future.

This officetel is designed with luxury design and high-quality materials, aiming to become a landmark in the area. The exterior uses premium materials such as curtain wall glass finishes and aluminum sheet finishes, and terrace units are available on the 4th and 20th floors.

‘The Stile Seomyeon Harrington Tower’ also offers abundant demand base, allowing for stable rental income expectations. The nearby Munhyeon Financial District provides a demand base of approximately 48,000 people. Additionally, there is a plan to relocate the large-scale Busan Railway Vehicle Maintenance Complex project, worth 1.0421 trillion KRW. The site will host office facilities centered on young startups, similar to Pangyo Techno Valley, which is expected to further increase the area's value.

Various living infrastructures are also in place. Right in front of the complex are NC Department Store, Seomyeon Lotte Department Store, Homeplus, and Citizen Park, with Seomyeon 2nd Street and Jeonpo-dong Cafe Street nearby, providing a convenient living environment.

‘The Stile Seomyeon Harrington Tower’ completed its recruitment announcement in December 2021 and is exempt from DSR regulations, making it free from loan restrictions, though this may change depending on future policies and financial institutions' decisions.

Meanwhile, ‘The Stile Seomyeon Harrington Tower’ has successfully completed commercial space sales and is currently selling officetels with a model house open.