- Located in a prime area with convenient residential infrastructure, excellent transportation access, and major development benefits
- Features spacious floor plans and unit prices lower than surrounding market rates
Even in a sluggish housing market, residential complexes located near subway or train stations with convenient access are attracting many buyers. The quality of life varies depending on whether the subway station is close to the complex when choosing a home.
Station-area complexes are highly preferred by office workers seeking work-life balance because they reduce commuting time. Moreover, the abundant foot traffic around stations fosters developed commercial areas and various convenience facilities, providing excellent living conditions.
An official from the sales industry said, "Recently, complexes located in or near stations with convenient access not only offer lifestyle convenience but also promise premium value, making them very popular. It seems that interest is increasing as demand comes not only from actual users but also from investors based on abundant demand."
Amid this trend, the high-end officetel “U CLASSY Yeoksam,” located within walking distance of the subway, is scheduled for supply in May, capturing the attention of many young and affluent individuals.
“U CLASSY” is a compound word combining U, meaning ‘you, the sophisticated one,’ and CLASSY. It is a high-end residential officetel project brand designed, planned, and constructed comprehensively by The Designers, a company renowned for constructing over 40 hotels. The Designers develop various project brands based on accumulated design and construction know-how and numerous professionals, gained through independently developed hotel brands such as Hotel The Designers.
The complex is an officetel located in Yeoksam-dong, Gangnam-gu, Seoul, consisting of 4 basement floors and 14 above-ground floors, comprising 35 officetel units of 53㎡ exclusive area, 4 office units of 56㎡ exclusive area, and 1 neighborhood living facility.
While most officetels supplied in Gangnam are small-sized, such as 18㎡ studio units, “U CLASSY Yeoksam” offers rare 1.5 to 2-room spacious layouts. With the expansion of remote work during the COVID-19 era and rapidly changing residential culture trends, the 53㎡ exclusive area with a spacious living room layout is expected to be highly preferred by young working professionals.
The price burden is also lighter. While the average price per square meter of officetels in Gangnam is over 100 million KRW, “U CLASSY Yeoksam” is priced more affordably compared to surrounding market prices, offering high investment value. Given the recent sharp rises in logistics costs, labor costs, and raw material prices driving up construction costs, supply is limited, making reasonably priced officetels good news for actual users.
Regulatory easing on officetels is also expected to have a positive effect. From the end of April, the Debt Service Ratio (DSR) calculation method for officetel mortgage loans, previously fixed at an 8-year maturity, has been improved to the same method as general housing mortgage loans (up to 30 years maturity), significantly increasing the loan amount available. Efforts to exclude residential officetels from the housing count are also ongoing, adding to the positive expectations.
“U CLASSY Yeoksam,” aiming to be a sophisticated residential brand, offers customized spaces for young residents. Unit 1 is designed for an SNS influencer who hosts live streams, work meetings, and parties daily; Unit 2 is for a game developer by day and a film music critic YouTuber by night; Unit 3 houses a couple consisting of an advertising creative director husband and a furniture designer wife. Each unit reflects the lifestyles of multi-job holders and young affluent individuals.
Inside each unit, air conditioners, refrigerators, drum washing machines (with drying function), 3-burner hybrid stoves, and air circulators are built-in and provided free of charge. The latest kitchen furniture and high-end finishing materials are used to create a more luxurious and special living environment.
The complex includes basement-level neighborhood living facilities and a rooftop lounge area with panoramic views. Additionally, a central CCTV security and access control system is installed, ample parking space allowing one parking spot per unit, concierge services such as laundry, cleaning, and valet parking, and optional fitness services at the nearby Chosun Palace Hotel enhance residents’ safety and convenience.
“U CLASSY Yeoksam” is located near Yeoksam Station on Teheran-ro, a main area in Gangnam, offering excellent proximity to work. It secures high foot traffic as a dense office area with business and retail facilities, including Centerfield, Chosun Palace Hotel, and GS Tower.
Yeoksam Station on Line 2 is a 5-minute walk away, providing easy access to other areas via Gangnam Station and Seolleung Station. Nearby is Eonju Station on Line 9. Teheran-ro, which runs east-west through Gangnam, facilitates easy movement throughout Gangnam, and major roads such as Gangnam-daero, Olympic-daero, Nambu Sunhwan-ro, and the Gyeongbu Expressway provide convenient access to various parts of the metropolitan area and major cities nationwide.
Land prices are rapidly rising due to abundant development prospects. In 2017, Gangnam-gu announced the ‘Vision 2030 Global Gangnam Comprehensive Development Plan,’ aiming to foster the MICE industry, culture, medical, and venture industries. According to the ‘Seocho-ro District Unit Plan Revision,’ areas such as the Lotte Chilsung site (42,312㎡), Lion Mising site (5,363㎡), and Samsung site (5,305㎡) along Seocho-daero will be designated as special planning zones and developed into an international business and commercial complex. Additionally, developments such as the international exchange complex district spanning about 1.99 million㎡ connecting COEX and Jamsil Sports Complex, Hyundai Motor Global Business Center (GBC) construction, Yeongdong-daero complex transfer center, and GTX-C line are underway.
These projects are expected to attract companies, generate large-scale employment, and revitalize the local economy.
A sales official stated, “‘U CLASSY Yeoksam’ is a sophisticated residential space for young affluent individuals located in the core area of Yeoksam-dong, offering product value that considers the lifestyles of asset owners. In particular, due to various development projects such as the international exchange complex district, GBC, and Yeongdong-daero complex development, it holds high future value, and good responses are expected among buyers.”
Meanwhile, U CLASSY Yeoksam is an officetel project built first and sold later, allowing buyers to directly verify the completed and proven space rather than purchasing based on drawings, and immediate move-in is possible after signing the contract.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
