First High-End Residential Product in Gangseo-gu, 'The Chamber,' Attracts Attention

In the ongoing atmosphere of real estate polarization, the 'high-end' housing market is experiencing a surge in record-breaking transactions. Since entering a downturn in 2022, high-end properties have consistently set new record prices due to their rarity, with price increases equivalent to the value of several apartments.

In fact, major luxury apartments have seen numerous record-breaking prices within the last one to two years. ‘Park Hannam (exclusive area 268㎡)’ in Hannam-dong was traded for 18 billion KRW in August last year, setting the highest transaction price ever recorded for an apartment in Seoul. Recently, ‘Nine One Hannam (exclusive area 206㎡)’ in Hannam-dong hit a record price of 9.7 billion KRW in January 2024 and was traded for 9.95 billion KRW just a month later in February. ‘Acro Seoul Forest (exclusive area 198㎡)’ in Seongsu-dong was also traded for 9.9 billion KRW in August 2023.

Additionally, luxury multi-family houses (villas) have fewer units and do not trade frequently, but each transaction sets a new record price. ‘Mark Hills East Wing (exclusive area 193㎡)’ in Cheongdam-dong was traded for 8.5 billion KRW in February 2024, marking a 3 billion KRW increase from the previous transaction in August 2021. ‘Traumhaus 5th Phase (exclusive area 274㎡)’ in Seocho-dong was traded for 18.5 billion KRW in September 2021, becoming the highest-priced multi-family housing transaction.

Recently, high-end apartment supply continues in the Gangnam area. ‘Eterno Cheongdam’ in Cheongdam-dong, which set the highest domestic apartment pre-sale price record at 13 billion to 30 billion KRW during its 2020 pre-sale, has recently completed occupancy. ‘Brighton N40’ in Nonhyeon-dong, supplied through a lease-then-sale method in 2022, is currently being transferred at over 80 million KRW per 3.3㎡. Furthermore, several luxury apartments centered around Cheongdam-dong are scheduled for pre-sale, with prices ranging from at least 10 billion KRW to as high as 80 billion KRW.

As the number of wealthy individuals in Korea increases, the effective demand for luxury housing is also expected to continue growing. According to an investment bank ‘Credit Suisse’ report, as of the end of 2022, there were 3,886 ultra-high-net-worth individuals with assets exceeding 50 million USD (approximately 66.1 billion KRW as of March 2024), representing a 94% increase compared to 2020. Additionally, the UK real estate consulting firm ‘Knight Frank’ projected that the number of individuals with assets over 30 million USD (approximately 39.7 billion KRW as of March 2024) was 7,310 in 2023 and is expected to rise to 9,470 by 2028.

Examining these cases reveals that high-end luxury residential products are largely unaffected by the general real estate market sentiment. Moreover, the price increases are at levels unimaginable for typical apartments, and due to limited supply, the scarcity value continuously drives housing prices upward.

Industry experts stated, “The luxury housing market must excel not only quantitatively (price) but also qualitatively (use of premium materials, lifestyle convenience, etc.), emphasizing factors such as privacy protection, distinctiveness, and the formation of similar social communities. Due to limited supply and demand, price declines are not visible during market downturns because of a lack of transactions, but during boom periods, there is no upper cap, resulting in strong upward momentum.”

Meanwhile, in the ultra-station area near Hwagok Station in Gangseo-gu, Seoul, Hanyang Construction’s high-end residential product ‘The Chamber’ is reportedly receiving steady inquiries from wealthy buyers.

Hanyang’s ‘The Chamber,’ the first high-end residential product in Gangseo-gu, is being developed with 154 units across 3 to 12 floors above ground. According to officials, the commercial spaces of The Chamber have already been 100% sold out due to the excellent location directly connected to Hwagok Station, and some of the company-owned residential units are currently being sold on a first-come, first-served basis.

First, the excellent location of the ultra-station area has received positive reviews. Hwagok Station is expected to transform into a triple station area once the Daejang-Hongdae Line and the Line 2 extension are completed, offering excellent connectivity to business districts such as Yeouido, Gwanghwamun, and Magok District. It attracted high demand from buyers seeking ‘proximity to work and residence,’ resulting in a high subscription competition rate during pre-sale.

The Daejang-Hongdae Line, connecting Line 5 (Hwagok Station), Line 9 (Gayang Station), and Line 2, will begin construction within this year aiming for completion by the end of 2030. It is expected to take about 27 minutes from Bucheon Daejang District to Hongdae Entrance, and Hwagok Station, located centrally, will allow approximately 10-minute travel times to major business districts and large commercial areas such as Sangam, Digital Media City, and Hongdae Entrance Station.

In particular, Seoul City recently decided to expand the district unit planning area to strengthen the medical tourism special zone and transfer station functions around Hwagok Station on Subway Line 5, which is expected to further elevate Hwagok Station’s status.

As a high-end residential product, the complex differentiates itself by applying luxurious interior designs, finishing materials, and construction materials. Additionally, premium residential services such as hotel-style concierge services are provided to residents, allowing them to enjoy a superior living environment.

Looking at the interior design, the units consist of 2 to 3 rooms, each with two bathrooms, featuring 3Bay and 4Bay layouts. Ample storage spaces such as spacious pantries, dressing rooms, and individual storage areas in front of the entrance are provided, enabling space utilization comparable to apartments and maximizing residential satisfaction. Furthermore, services including home cleaning, laundry, car wash visits, and catering are offered, along with a dignified hotel-grade VVIP concierge service that considers residents’ convenience.

Hanyang’s ‘The Chamber’ is currently offering company-owned units on a first-come, first-served basis, with consultations available for reservations and contract-related matters.