- 'The Palace 73 (THE PALACE 73)', a top-tier high-end residential complex with 73 units
- Designed by world-renowned architect Richard Meier, enhanced with detailed spatial philosophy for popularity
The sluggish pre-sale market during the real estate downturn is evolving to suit the times and circumstances. Emphasizing the 'best' with unprecedented community facilities and specialized designs, or the 'rarity' of medium-to-large floor plans located in the heart of Gangnam, recently there has been a trend highlighting specialized designs involving world-renowned architects.
Among these, the most notable are the 'hyper high-end' projects that go beyond high-end to pursue even more luxurious and higher-priced products. These projects are progressing smoothly by specializing their marketability through various differentiation strategies.
In fact, even as project financing (PF) has come to a complete halt, these projects have succeeded in securing funding by undergoing meticulous reviews of location and product quality, thereby gaining recognition for their high business performance and future value. 'THE PALACE 73,' currently being developed in the Gangnam area of Seoul, has recently shown a successful trajectory by extending its bridge loan for funding.
'THE PALACE 73' is a private luxury residential complex being developed on the site of Gangnam's first premium hotel, the Sheraton Palace Gangnam. It is planned to be the first residential work in Korea by world-renowned architect Richard Meier and will be developed as a top-tier high-end complex befitting the core location value of Gangnam. Currently, alongside the bridge loan extension, full-scale construction negotiations are underway with one of Korea's top construction companies.
Richard Meier, born in 1934 in New Jersey, USA, is regarded as a master in the architecture industry, having won the Pritzker Prize?the so-called Nobel Prize of architecture?in 1984 as the youngest recipient, with works such as the Getty Center (LA) and the High Museum of Art (Atlanta). He is also known as the 'architect of white' for his frequent use of light-based spatial composition and predominantly white color schemes.
'THE PALACE 73' will feature both interior and exterior designs that incorporate abundant natural light, white transparency, and sculptural external forms, applying pure and awe-inspiring aesthetic design. Beyond simple residential use, it is attracting the attention of discerning investors as an 'art collection' with high collectible value.
Based on the largest scale of 73 units for a luxury residential complex, various ultra-luxury community and high-end commercial facilities will be established to secure high convenience. At the same time, the imaginative image of two white towers is expected to create a new landmark in the Gangnam area.
Prior to the main lounge opening in April, AP One, a high-end specialized sales agency that has handled pre-sales for projects such as Warner (ONE·R) Cheongdam and Lasko The Mansion, is managing the sales and conducting reservation-based pre-consultations.
A sales official stated, "Despite the complete freeze in project financing due to the fully tightened financial market, the successful extension of the bridge loan for 'THE PALACE 73' is a meaningful case demonstrating that highly viable projects can secure sufficient investment regardless of market crises." He added, "With unprecedented and distinctive design and marketability, we will devote ourselves to making this a true landmark residential complex that can rise not only in Gangnam but anywhere nationwide."
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