- Revival of Apartment Rental Business System Expected to Boost Transactions... Officetels Also Reappraised
- ‘Hillstate Samsung’ with Medium to Large Sizes Suitable for Actual Residence... Increased Interest from Investment Demand
Among the various deregulation measures recently introduced by the government, the revival of the housing rental business system has become a hot topic day after day. In particular, this time, rental registration is possible even for small and medium-sized units (exclusive area of 85㎡), which are considered the 'national standard size,' raising expectations that housing transactions will recover, especially among multi-homeowners.
In fact, in the recent '2023 Economic Policy Direction,' the government announced various deregulation measures to revitalize housing transactions and previewed the revival of the housing rental business system, which was abolished during the Moon administration. This system provides various tax benefits such as comprehensive real estate tax, property tax, and acquisition tax if multi-homeowners register their houses, excluding one for actual residence, as rental businesses and comply with the legal obligations for leasing.
As a result, anticipation is spreading in complexes where this policy applies, leading to excellent sales performance and related benefits. For example, 'Olympic Park Foreon' in Gangdong-gu, Seoul, which recently conducted contracts with preliminary winners, recorded almost complete sales for its main unit sizes of 59㎡ and 84㎡, and it is predicted that the small units will also be sold out. The complex is evaluated to have high investment stability due to steady demand from residents commuting to nearby Gangnam.
As the apartment market revives like this, residential officetels are also gaining renewed attention. The rental business system was already revived last year for small housing units excluding apartments, allowing tax benefits (varying by area) for units up to 85㎡ exclusive area. Residential officetels, which have similar sizes to small apartments, are expected to attract attention for their medium-to-large unit sizes (exclusive area between 60㎡ and 85㎡) suitable for actual residence.
In fact, investment demand is focusing on medium-to-large officetel complexes currently being sold in Seoul. Among them, the residential officetel 'Hillstate Samsung' in the Gangnam area stands out. Constructed by Hyundai Engineering & Construction, it is a luxury officetel complex with an exclusive area of 80㎡, similar to small apartments.
Additionally, it is within walking distance of triple subway lines including Line 2 Samsung Station, Line 2 and Suin-Bundang Line transfer station Seolleung Station, and Line 9 Samseong Jungang Station. Yeongdong-daero is nearby, allowing quick vehicle access to major areas within Gangnam, and road networks such as Dongbu Expressway, Gyeongbu Expressway, and Olympic-daero are easily accessible.
Moreover, benefits are expected from the nearby 'Yeongdong-daero Underground Space Complex Development Project (planned).' This project will establish a complex transfer center for the metropolitan area express railway (GTX-A, C lines), urban railway (Wirye-Sinsa), subway lines (2, 9), as well as bus and taxi transfers along the Yeongdong-daero section from Samsung Station to Bongeunsa Station. Construction began in June last year and is planned to be completed by 2028.
Inside the complex, a community facility spanning 4 floors above ground and 1,435㎡ in area will be created, featuring various spaces such as private dining rooms, meeting rooms, study rooms, guest rooms, open libraries, healthy bars, private gyms, fitness centers, and golf rooms. Additionally, in collaboration with a professional concierge company, various hotel-style concierge services (some paid), including car washing, cleaning, and laundry services, are also planned.
Hillstate Samsung is currently operating a model house.
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