'Eluke Seocho' Nearing Full Capacity with First-Come, First-Served Registration

[Photo by 'Stylish High-End' Residential Complex 'Eluke Seocho']

Recently, amid the turbulent real estate market, there has been an increasing number of buyers investing in 'Asset Parking.' Asset Parking is a newly coined term meaning investing assets in high-end residential products in the Gangnam area and other expensive real estate products, gaining popularity for its advantage of being less affected by economic or market downturns.

This trend is especially continuing in the officetel market, which is considered a representative investment-type real estate product. Due to soaring interest rates, it has become difficult to purchase multiple officetels for diversified investment, as the market heavily relies on loans.

Accordingly, experts analyze that the so-called ‘smart single property’ still holds influence depending on the areas with high demand. With strengthened loan regulations and rising interest rates, leading complexes with stable future value continue to be popular, and this phenomenon is expected to persist for some time.

Recently, a prime example of such a product is ‘Eluke Seocho,’ which Lotte Construction is responsible for completing at the Gyodae Intersection in Seocho-gu. In fact, after successfully closing the first phase in October last year, the second phase’s remaining units, excluding those held by the company, were also sold out in December. Currently, a special third phase of first-come, first-served sales of company-held units is underway, with most units reportedly nearing full sale.

Despite the frozen market, new products continue to see rising prices. ‘Eluke Seocho,’ which is already partially sold, is relatively ‘affordable’ and consists of floor plans that meet the expected tax benefits for private registered rental business operators to be implemented or revised this year, contributing to its popularity.

[Photo by 'Eluke Seocho' Interim Payment Model House 2nd Phase On-site]

Located near the Gyodae Intersection in Seocho-gu, ‘Eluke Seocho’ is composed of two buildings ranging from four basement floors to 23 above-ground floors, with a total of 330 units in 12 different floor plans including 1-room, 1.5-room, and 2-room units sized between 19㎡ and 41㎡. It applies high-end interior finishes befitting the value of a high-end residential space. Additionally, it is attracting attention as a ‘reasonable high-end’ product offering premium customized concierge and secretary services, as well as community facilities.

‘Eluke Seocho’ is constructed and responsibly completed by Lotte Construction, a prestigious high-end builder. It is the only project among nearby and upcoming sales sites last year to be built by a first-tier construction company, which is expected to establish heritage as a high-end brand, along with high construction reliability, stability, and future value appreciation.

In particular, it is positioned at the center of major large-scale development benefits in the Seocho-Gangnam area, such as ongoing or visible plans for complex office facility construction on the Lotte Chilsung site and Kolon site, the planned undergrounding of the Gyeongbu Expressway, and the planned development of the Information Service site, promising direct benefits.

It enjoys excellent transportation access, benefiting from major Gangnam infrastructure including Seocho Administrative Town, the Express Bus Terminal area, Gangnam Station area, and the Seoul Arts Center. The complex is a ‘triple station area’ with Gyodae Station and Nambu Terminal Station within about a 5-minute walk (approximately 500m), and Seocho Station within about a 10-minute walk (approximately 800m). It is also close to transportation networks such as Seocho IC on the Gyeongbu Expressway, Banpo-daero, Seoripul Tunnel, and Nambu Sunhwan-ro, providing excellent accessibility by car.

Meanwhile, ‘Eluke Seocho’ is currently operating a model house and is accepting advance intention forms for special supply of company-held units through phone and on-site consultations.