- Last year, only 43 small apartments were supplied in the 'Gangnam 3 Districts'... Medium to large officetels emerge as a residential alternative
- With luxury interiors and community facilities... 'Hillstate Samsung' 80㎡ units see increased inquiries
Recently, in major areas of Seoul, mid-to-large sized officetels with similar floor areas are establishing themselves as a residential alternative for 1-2 person households, instead of small apartments with limited new supply. With specialized designs and amenities comparable to apartments, these newly built complexes are attracting the attention of prospective residents.
According to data from Real Estate R114, over the past three years (2020?2022), the supply of small apartments (exclusive area under 60㎡) in the 'Gangnam 3 districts (Gangnam, Seocho, Songpa)' has sharply declined: ▲3,553 units in 2020 ▲781 units in 2021 ▲43 units in 2022 (excluding rentals). Notably, there was no supply of small apartments in Gangnam-gu and Seocho-gu last year.
On the other hand, demand for small-sized residences continues to grow, driven by homebuyers aiming to enter the Gangnam area and the increasing number of 1-2 person households. According to Statistics Korea, as of 2021, there were a total of 2,546,171 1-2 person households in Seoul, accounting for about 63% of all households. This represents an increase of approximately 6 percentage points compared to three years ago (2018, 57%).
Industry experts explain that while Gangnam has high residential preference due to various infrastructures such as transportation and business facilities, the supply of apartments is almost nonexistent, leading mid-to-large sized officetels to quickly absorb housing demand. Especially, newly supplied officetels recently incorporate luxurious interior designs and diverse community facilities, raising their appeal among young 1-2 person households.
In fact, residential officetels currently being sold in the Gangnam area are attracting attention with their advanced designs. For example, Hyundai Engineering & Construction’s ‘Hillstate’ Samsung in Samseong-dong, Gangnam-gu, offers an exclusive area of 80㎡ similar to small apartments and introduces many premium products within the complex to enhance residents’ satisfaction.
First, renowned international brands such as the Italian luxury kitchen furniture 'EUROMOBIL' and Italian solid wood flooring 'LISTONE GIORDANO' will be introduced to create a sophisticated indoor atmosphere. Additionally, tiles from the Italian tile group ‘ARIOSTEA,’ with 60 years of tradition, will be used in corridors, kitchens, and living rooms to add a trendy touch.
Furthermore, a 1,435㎡ community facility on the 4th floor above ground will be established, featuring various spaces such as a private dining room, meeting room, study room, guest room, open library, healthy bar, private gym, fitness center, and golf room. Collaboration with a professional concierge company will also provide various hotel-style concierge services (some paid), including car washing, cleaning, and laundry services.
The complex boasts an excellent location. It is close to shopping and cultural facilities such as Starfield COEX Mall, Hyundai Department Store Trade Center Branch, and E-Mart Yeoksam Branch, as well as major hospitals including Seoul Medical Center Gangnam Branch and Gangnam Severance Hospital.
Additionally, the complex is near the section between Samseong Station and Bongeunsa Station, where the Yeongdong-daero underground space complex development project is underway, promising potential benefits. Within a 1km radius, the Hyundai Motor Group Global Business Center (GBC, planned) is also located, and once development is completed, the surrounding demand is expected to increase significantly.
Hillstate Samsung is currently operating a model house.
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