A newly supplied residential facility in Gangdong-gu, Seoul is gaining great popularity among local demanders. The demand for newly built residential facilities is high, but the supply is insufficient for both apartments and officetels, making them highly scarce.
In fact, Gangdong-gu is a highly preferred area where all newly launched complexes have recorded first-priority full subscription. From 2020 to the past three years, only nine complexes were supplied in Gangdong-gu, with just 2,257 households for general sale, and all these complexes proved their popularity with an average first-priority competition rate as high as 537.08 to 1. This year, no new complexes have been supplied until September, further increasing the thirst of local residents.
The supply of officetels is also very insufficient. According to Real Estate R114 data, the supply of officetels (sold and scheduled for sale) in Gangdong-gu this year is 324 units, accounting for only 7.63% of the total 4,245 units in Seoul. Especially, looking at the supply status of officetels in Gangdong-gu, more than 80% of the supply consists of small-sized studio types. The supply of residential officetels that can replace apartments is extremely lacking, and recently, residential officetels announced for sale amid this 'supply drought' are enjoying sensational popularity.
A representative example is ‘D-Unique Gangdong Twenty-First’, which was sold in August. According to the subscription results conducted through the website, 384 applications were received for 70 units across three groups, closing with an excellent average competition rate of 5.49 to 1. The highest competition rate was recorded at 16.86 to 1 in the third group. Contracts are currently progressing rapidly, and a sales official explained that amid the recent era of 7% loan interest rates for the first time in about 13 years, the complex offers interest-free benefits on intermediate payments, reducing the burden of financing, and allows resale immediately upon payment of the deposit, making it an attractive investment destination.
In particular, since the supply volume of officetels in Gangdong-gu is low compared to the area's preference and the supply focuses on highly scarce unit sizes, many demanders are concentrating their interest. Additionally, as there were no high-end officetel products reflecting the prestige of Gangnam within Gangdong-gu, which belongs to the ‘Gangnam 4 districts’, investors are moving faster.
This complex actively reflects the demands of the 1-2 person residential demand group. With the increase in telecommuting and remote classes, the need for residential spaces that allow spatial separation is growing. It is known that the 1.5-room type, which enables this, as well as a 2-room design suitable for newlyweds, have very high satisfaction with the floor plans. Furthermore, as the only high-end product in the area, it provides various concierge services, and depending on the type, it includes wide dressing rooms, pantries, and duplex designs (penthouse), applying spatial designs comparable to apartments, making it a differentiated officetel that well reflects the prestige of the Gangnam 4 districts in Gangdong-gu.
The location conditions are also excellent. It enjoys the double station premium with proximity to Gangdong Station and Gil-dong Station on Line 5, and is close to Gil-dong Natural Ecology Park, Hyundai Department Store, E-Mart, and the Godeok Complex. Additionally, the complex has the advantage of securing abundant hinterland demand nearby. Gangdong Sacred Heart Hospital is within walking distance for commuting, and it is adjacent to Godeok Biz Valley, Gangdong Advanced Industrial Complex, and Gangdong General Industrial Complex, ensuring solid monthly rental demand and the expectation of high rental fees.
Especially, Gil-dong Station, which is accessible on foot, has recently been selected as a target site for Seoul City's high-density complex development project, the ‘3rd Station Area Revitalization Project’, and the infrastructure around the station is expected to be more diversely expanded. According to the project details, Gil-dong Station is a Seoul station area where work and residence are close, and plans include increasing the floor area ratio of nearby business sites and allowing changes in zoning to secure necessary living facilities and public housing in the area.
Meanwhile, D-Unique Gangdong Twenty-First is an officetel located in Gil-dong, Gangdong-gu, Seoul, with three basement floors to 20 floors above ground, consisting of 63 officetel units with exclusive areas of 28 to 84㎡, 7 live office units, and neighborhood living facilities. Since it is under 100 units, resale of pre-sale rights is possible. The project consignment is by Wizbros Co., Ltd., project execution by Wellitz Co., Ltd., and project trust by Woori Asset Trust. The construction company is Daemyung 21, and the PM company is Gansam Architects & Associates.
A representative from the sales agency T.H. Solution said, “Gangdong-gu is a region with excellent access to Gangnam and future value but is undervalued, attracting many demanders wishing to move in. However, the supply of residential facilities has not kept up with demand, especially for officetels, where the supply of products that can replace apartments has not been smooth. Therefore, D-Unique Gangdong Twenty-First is expected to see a significant increase in value based on its scarcity.”
D-Unique Gangdong Twenty-First is currently operating a model house.
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