Rising Pre-Sale Prices in Gangnam Area Boost Interest in Pre-Sold Properties... Lotte Construction's Responsible Completion 'Eluke Seocho' Successfully Selling

[‘Stylish High-End’ Residential Complex ‘Eluke Seocho’]

Recently, the so-called 'triple hardship' in the real estate market?high interest rates, rising land prices, and increasing raw material costs?has caused the prices of newly built officetels in the Gangnam area of Seoul to soar rapidly. The main reason is the rise in land prices, which account for more than 60% of the sale price. As land prices surge, it has become increasingly common to see new record-high sale prices set with each new offering.

When sale prices are set high like this, it can play a positive role in cushioning the decline during a real estate downturn like the current one. However, it can also lead to an increase in unsold units and cause developers to go bankrupt. In particular, as existing home prices fall and the potential capital gains from sale prices decrease, more people are hesitating to enter the housing market.

Experts say that in major Gangnam areas such as Gangnam-gu and Seocho-gu, land prices are currently set at a high level of 300 to 400 million KRW per 3.3㎡. Once land prices rise, they rarely fall, and since there is almost no land available for new development in Gangnam, this trend of rising sale prices is expected to continue for the time being.

Accordingly, the market is focusing on properties that are already on sale or about to be offered. The prediction is that the current sale prices represent the most affordable point, based on forecasts that the main drivers of price increases?interest rate hikes, construction raw material costs, and land price rises?will continue for several years at most.

A representative example of such a complex is ‘L.Lewk Seocho,’ developed by Studio D Company Co., Ltd., located in the heart of Gangnam. It attracts attention from buyers not only for its reasonable sale prices and high-end lifestyle features but also as a luxury residential complex responsibly constructed by a top-tier builder, Lotte Construction. Located in Seocho-gu, it consists of two buildings ranging from four basement floors to 23 above-ground floors, with a total of 330 units in 12 different floor plans sized between 19㎡ and 41㎡, including 1-room, 1.5-room, and 2-room configurations.

The project name ‘L.Lewk’ is a residential brand developed by Studio D Company Co., Ltd. It combines the word 'LOOK,' meaning appearance, with the coined term ‘LEWK,’ which refers to a unique fashion style that only the individual can carry off, aiming to represent a signature luxury style. Through this, it is gaining attention as it introduces perfect living infrastructure, sensuous specialized designs, and elegant amenities, heralding a new era of high-end residential products this year.

Lotte Construction, a prestigious high-end builder, is responsible for the construction and completion of ‘L.Lewk Seocho.’ It is the only complex in the vicinity that has been or will be offered within the past year constructed by a first-tier builder, which is expected to build brand heritage as well as ensure high construction reliability, stability, and future value appreciation.

The building’s exterior features a vertical curtain wall facade design with stone details, while the interior finishes include Italian luxury kitchen furniture ‘Cesar’ and Italian premium kitchen countertops ‘Roselin.’ High-end interior materials such as the Italian high-end faucet brand ‘Jessi’ are applied to bathrooms and kitchen faucets, completing a residential space befitting a high-end property.

With a 23-story high-rise design, upper-floor units offer city views of the Gangnam downtown area. Instead of neighborhood commercial facilities, the first floor is designed as a hotel-style lobby space to support residents’ convenience and privacy. Additionally, a community space called ‘Lewknity’ will be created to provide residents with a higher level of membership lifestyle.

Moreover, Samsung Electronics’ Home IoT solutions and customized total life care concierge services operated by SL Platform Co., Ltd., a residential service specialist, will be provided to support residents’ sophisticated lifestyles.

Located in Seocho administrative town, near the Express Bus Terminal, Gangnam Station area, and the Seoul Arts Center, it enjoys all major infrastructure in the Gangnam area with excellent transportation networks. It is a ‘triple station area’ with Gyodae Station and Nambu Bus Terminal Station within about a 5-minute walk (approximately 500 meters), and Seocho Station within about a 10-minute walk (approximately 800 meters). It is also close to Seocho IC on the Gyeongbu Expressway, Banpo-daero, Seoripul Tunnel, and Nambu Sunhwan-ro, providing excellent accessibility by car.

Meanwhile, ‘L.Lewk Seocho’ is currently conducting a non-priority contract sale with great success.