Brand residences located in urban areas are emerging as new investment destinations.
Apartments are popular but carry risks due to increased supply, and officetels with more than 100 units supplied in speculative overheated districts or regulated areas have restrictions on resale of pre-sale rights until ownership registration. Housing subject to the price ceiling system in the metropolitan area also requires a mandatory residence period of 2 to 5 years depending on market prices.
On the other hand, residences are classified as ‘non-housing’ and are not counted as housing units, so there is no burden of acquisition tax surcharges or holding taxes. In particular, pre-sale rights can be resold, making them easy to buy and sell. Individual registration is possible, and resale can yield capital gains. Additionally, depending on the choice of the purchaser, income can be earned by receiving accommodation fees through short- or long-term lodging contracts.
As a result, brand residences located in urban areas have formed a premium. According to Naver Real Estate, the ‘Hillstate Cheongju Central’ with a net area of 165㎡ supplied last year in Heungdeok-gu, Cheongju, Chungbuk, was sold for 1.053 billion KRW, but as of December, it is listed at 1.173 billion KRW with a premium of 120 million KRW.
Real estate experts advise that since most residences are currently being supplied mainly in tourist areas, investments should be focused on urban areas with abundant demand that can generate income through lodging facility operations.
In Yeouido, Yeongdeungpo-gu, Seoul, the financial hub, the ‘Angsana Residence’ by the global hotel company Banyan Tree Group is attracting attention as the first of its kind in Korea. It is planned to be built as a super high-rise building with a height of 249.9m, the sixth tallest in Seoul, and each unit will offer different attractive views of Yeouido Park, the Han River, and the city center, drawing interest from asset owners.
‘Angsana Residence Yeouido Seoul’ will be constructed with 6 basement floors and 57 above-ground floors, including office facilities, neighborhood living facilities, and fitness facilities. Among them, the residence ‘Angsana Residence Yeouido Seoul’ consists of 348 units with net areas ranging from 40 to 103㎡. It is developed by Master No.51 Yeouido PFV Co., Ltd. and constructed by Hyundai Engineering.
Living up to its title as Korea’s first Angsana Residence, it will offer high-end facilities. The guest-exclusive lobby on the second basement floor will include a reception, valet parking service at the drop-off zone, unmanned parcel lockers, and exclusive fitness facilities. Specialized services such as concierge and breakfast service will also be provided for guests. The first basement floor will house spa facilities and screen golf (fitness facilities).
Additionally, the super high-rise rooftop will feature a sky infinity pool approximately 22 meters long, offering panoramic views from Yeouido Park to the Han River, allowing residents to enjoy swimming high above the Seoul city center. The shared lobby on the third floor has an atrium (central hall) design to enhance openness and scale, and a media wall about 25 meters high will be installed on one wall to add luxury and display grand and diverse media art.
Owners of ‘Angsana Residence Yeouido Seoul’ will receive membership benefits of the Sanctuary Club. Members can enjoy various benefits such as discounts on rooms, spas, restaurants, gallery products, golf discounts, early check-in, and late check-out at Banyan Tree Group’s Sanctuary Clubs worldwide.
Close proximity to IFC Mall, Hyundai Department Store The Hyundai Seoul, Yeouido Park, Saetgang Ecological Park, and Hangang Citizen’s Park allows residents to enjoy business, relaxation, and shopping all near the complex.
The ‘Residence Yeouido Seoul’ gallery operates by advance reservation.
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