Songpa Lucoms Hill The Terrace Continues Sales Amid Warm Atmosphere Following Regulatory Relaxation

As various real estate regulations are being eased, creating a warmer atmosphere in the housing market than before, the small housing and officetel complex ‘LUCOMS HILL the terrace,’ currently under sale, is located in Songpa, one of the Gangnam 3 districts in Seoul, making it known as one of the areas benefiting from the deregulation.

‘LUCOMS HILL the terrace’ is being constructed in the Seokchon-dong area of Songpa-gu, consisting of small housing buildings from the 2nd to 8th floors and officetel buildings from the 3rd to 10th floors.

Since the model house opened, active sales are underway. According to sales officials, due to the easing of government policy regulations, signals of real estate price declines have decreased, leading to a rapid increase in inquiries and consultations that result in actual contracts.

In particular, according to the Ministry of Land, Infrastructure and Transport’s 2023 work plan for a smooth landing of the housing market, the resale restriction period in the Gangnam 3 districts?Gangnam, Seocho, and Songpa?has been set to 3 years, significantly changing the atmosphere of the apartment sales market. The company explains that ‘LUCOMS HILL the terrace’ is directly benefiting from this change.

‘LUCOMS HILL the terrace’ has already received positive responses due to its location with convenient living infrastructure, and it is expected to create synergy with the recent deregulation measures.

The large landmark shopping mall Lotte World Mall is located nearby, and Jamsil Lotte World and Seokchon Lake can be accessed on foot without transportation. Lotte Department Store, AvenueL, and KidZania are also close by. Olympic Park, Baekje Tombs Park, Songridan-gil, and Lotte Concert Hall are within a 5-minute walk, making the area even more attractive.

Additionally, the double subway station area with Seokchon Station on lines 8 and 9 is just a 2-minute walk away. The express golden line on line 9 allows easy access to all areas of Seoul, and bus transportation is also convenient, adding to the geographical advantages.

Overall, the proximity to transportation, convenience facilities, education, leisure, and shopping culture?advantages of a premium residential environment?are the greatest strengths of Songpa, considered the most ideal residential area in Seoul. ‘LUCOMS HILL the terrace’ fully embraces these benefits.

A LUCOMS representative stated, “Although apartment sales in the metropolitan area have slowed due to rising interest rates, LUCOMS HILL the terrace has not been significantly affected thanks to its locational advantages. With the recent deregulation, it has gained even more attention. Currently, special benefits for eased intermediate payment conditions are also being offered, so if you want to acquire premium small housing and officetel known as the treasure of Songpa, we recommend taking this opportunity.”