- Polarization Deepens in Housing Market, Demand Grows for Luxury Residential Products
- Private Membership Complex with 23 Single-Story Units of 118~150㎡ and 4 Duplex Units
As polarization in the real estate market intensifies, attention is focusing on luxury homes in key areas such as Gangnam in Seoul. As market uncertainty grows, both end-users and investors are concentrating on the relatively safe luxury housing market with high future value, making it increasingly popular.
Additionally, rising labor costs and raw material prices have driven up pre-sale prices, stimulating consumer sentiment among buyers. In fact, the basic construction cost has been raised for the third time this year, following three increases last year as well.
A real estate expert stated, “The luxury housing market is less affected by interest rates, economic trends, and liquidity,” adding, “As the overall difficulties in the real estate market increase and housing prices form a bottom, wise investors should make purchase decisions now to expect significant capital gains when interest rates fall and the market recovers.”
Shinyoung C&D Co., Ltd., affiliated with the Shinyoung Group, is currently offering the luxury residential apartment ‘Bangbae Pasejiata’ for sale. The private membership complex consists of a total of 27 units, including 23 single-floor units with exclusive areas of 118 to 150㎡ and 4 duplex units.
The complex has only four units per floor, with a first-floor guest room and community facilities provided. The structure and layout feature a wide living room up to 5.5 meters suitable for luxury homes in Gangnam, enhanced storage space, a home network system, German kitchen furniture (Reich), attics (in some units), and the four penthouse units on the 7th floor boast a ceiling height of about 5 meters, offering an open and spacious feel.
All units come with basic expansion options, and specialized designs found only in top-tier luxury homes are applied, such as large kitchens, hotel-style bathtubs, and hardwood flooring finishes. Each unit can accommodate about 2.5 parking spaces, and residents can easily access nearby walking trails, parks, and cultural spaces through a lobby connected to the underground parking lot.
The location is also excellent. The site is situated in Bangbae-dong, a traditional affluent neighborhood in Seocho-gu, known as the school district of Gangnam 8, which includes prestigious high schools such as Seoul High School, Sangmun High School, Seocho High School, and Dongduk Girls' High School. Additionally, Bangbae Station on Subway Line 2 is within a 5-minute walk, making it a prime station area, and Sadang Station, expected to be part of the future GTX-D line, is just one stop away. Seocho-daero, Nambu Sunhwan-ro, and Olympic-daero are also easily accessible.
The living environment is well-equipped with Gangnam area infrastructure such as the Seoul Arts Center, National Library of Korea, Seoul St. Mary’s Hospital, Express Bus Terminal, and Shinsegae Department Store. Residential surroundings are pleasant with Bangbae Park, Seoripul Park, Montmartre Park, and Bangbae Neighborhood Park.
The Bangbae-dong area in Seocho-gu is currently increasing in future value due to large-scale reconstruction and residential redevelopment projects underway. Once redevelopment projects in Bangbae Districts 13, 14, and 7 are completed, about 10,000 units of luxury residential belts will be established. Around the Seoripul Tunnel, the former intelligence agency site is being developed into a Korean version of Silicon Valley. Approximately 2.3 trillion KRW will be invested to create advanced office facilities for IT and bio industries, finance, and international business facilities. Recently, an MOU was signed for the construction of a museum operated by Seoul City and a performance hall (tentatively named Seoripul Sound) to be managed by the district on the Seoripul site donated for public use.
A project official stated, “This is a membership complex consisting of only 27 units, offering a private lifestyle in the core area of Seoul’s Bangbae-dong,” adding, “Currently, various benefits such as interior and relocation cost support, acquisition and registration tax support, and loan interest support are provided for some units on a first-come, first-served basis.”
Meanwhile, the sample house for ‘Bangbae Pasejiata’ is operated by reservation only.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
