With high interest rates, soaring inflation, and supply shortages all converging, the monthly rent and maintenance fees for one-room apartments near universities are skyrocketing. On top of that, with the rise of jeonse fraud, the demand for small officetels suitable for 1-2 person households is increasing.
Recently, the officetel rental market around university areas in Seoul has been showing signs of warming up, and it is expected that competition among investors to secure officetels that can benefit from the ‘1.10 Measures’ will become even fiercer.
According to the government’s “Plan to Expand Housing Supply and Support the Construction Industry for National Housing Stability” announced on January 10 this year, small new homes (excluding apartments) under 60㎡, priced below 600 million KRW in the metropolitan area and 300 million KRW in other regions, completed within this year and next year, will be excluded from the housing count when calculating acquisition tax, capital gains tax, and comprehensive real estate tax.
According to data from Real Estate R114, approximately 26,000 officetel units under 60㎡ are scheduled to be completed nationwide from 2024 to 2025. Considering other conditions such as price within the framework of excluding these units from the housing count for tax purposes, the applicable volume is expected to be even smaller.
As demand rises and competition intensifies for small officetels benefiting from the ‘1.10 Measures,’ the prime brand officetel ‘Imun I-Park Xi Officetel IM594,’ which offers four major premiums?transportation, rental, lifestyle, and mixed-use?is currently available for first-come, first-served sale.
Located right in front of Hankuk University of Foreign Studies (HUFS), ‘Imun I-Park Xi Officetel IM594’ features floor plans suitable for 1-2 person households, appealing to university students and office workers. It is situated in Imun-dong, Dongdaemun-gu, Seoul, consisting of one building with 4 basement floors and 25 above-ground floors, totaling 594 units ranging from 24 to 52㎡. Among these, 584 units are available for general sale. The reasonable sale price is in the 200 million KRW range with a contract deposit of 10 million KRW, and there are no restrictions on resale.
‘Imun I-Park Xi Officetel IM594’ is highly regarded for its strong rental premium and investment value. It is located near 13 universities within 5 km, including HUFS, Kyung Hee University, University of Seoul, and Kwangwoon University, as well as numerous general hospitals, attracting high demand from students and faculty.
Additionally, the complex secures a fixed demand with a total of 4,915 households/units combining officetels and multi-family housing within the complex, and it is expected to benefit from the residential demand of approximately 10,000 households in the nearby Imun and Huigyeong New Town areas.
The transportation premium is also a major advantage. The Seoul Subway Line 1’s Hwayang Station is directly adjacent, and nearby Sinimun Station is within walking distance, making it a double-station area. Cheongnyangni Station, which will serve 9 lines, is just two stops away. It is also easy to access Gangnam via the Dongbu Expressway, which is 5 minutes away by car.
The lifestyle premium is well established. Various lifestyle infrastructures such as Lotte Department Store Cheongnyangni Branch, Costco Sangbong Branch, Homeplus Sangbong Branch, Kyung Hee Medical Center, Samyook Seoul Hospital, Imun Sports and Culture Center, Imun Children’s Library, and community centers are abundant. Moreover, the complex is located in a favorable natural setting with Jungnangcheon Stream flowing in front and Cheonjangsan Mountain and Uireung Royal Tomb behind, providing a pleasant residential environment. Nearby, there are three parks, and residents can also enjoy the landscaping facilities of the Imun I-Park Xi multi-family housing, including an ecological pond, fountain, fitness facilities, rest gardens, and walking trails within the complex.
Located at the forefront of the large-scale 4,915-unit Imun I-Park Xi complex, residents can enjoy a one-stop mixed-use premium with a mega shopping mall planned to include a movie theater within the complex.
High future value is also anticipated. Seoul City and Dongdaemun-gu are currently developing the Hongneung R&D Support Center and Advanced Medical Device Development Center near the complex in the Hongneung area. Dongdaemun-gu plans to develop this area into the ‘Hongneung Bio Hub Valley,’ attracting numerous related companies and research institutes. They also plan to designate it as a special development promotion district with various tax benefits, which is expected to generate significant future labor demand.
The sales promotion center for ‘Imun I-Park Xi Officetel IM594,’ implemented by the Imun 3 Redevelopment Promotion District Housing Redevelopment Project Association and constructed by HDC Hyundai Development Company and GS Construction, is located in the Imun-ro area, Dongdaemun-gu, Seoul.
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