[Report] Seoul One I-Park 59·72·74㎡ Two-Room Units "Focus on Usability"

Waiting Line from Parking Lot Before Gallery Opens
57% Supply of Medium to Large Units with 100% Lottery System
Small Units Expected to Attract Seoul Applicants, Medium to Large Units to Draw Interest in the Seoul Metropolitan Area

"I am worried because 59㎡ is said to have two rooms. I want to apply for the subscription because I want to live comfortably near commercial facilities in my old age." (A woman in her 50s living in Seongbuk-gu)

"59㎡ to 72·74㎡ have two rooms, but the master bedroom and the other room are on the same level, and we focused more on usability than the number of rooms." (HDC Hyundai Development Company official)

On the chilly 22nd, I visited the 'Seoul One I-Park' gallery near Gwangwoon University Station in Nowon-gu, Seoul. There was a long line stretching from outside the entrance to the parking lot even before opening hours. Visitors of various ages were noticeable, from young couples with strollers to middle-aged and older residents living nearby. Real estate agencies promoting the buying and selling of pre-sale rights, known as 'Tteotdabang,' were handing out business cards to visitors leaving the model house.

This scene shows the high interest in 'Seoul One I-Park,' which will be sold at the end of this month. Despite the bustling crowd, prospective applicants showed interest in small to medium-sized units. However, the fact that these units have two rooms deepens the concerns of potential buyers.

More than half are medium to large units, many allocated by lottery

The general sale volume of Seoul One I-Park consists of a total of 1,856 households divided into 32 types. The number of households by housing type is 32 units of 59㎡, 84 units of 72/74㎡, 672 units of 84㎡, 176 units of 91㎡, 336 units of 105㎡, 176 units of 112㎡, 336 units of 120㎡, and 44 units of 143~244㎡P.

Among these, medium to large units account for 57%, with many allocated by lottery. Units up to 85㎡ are supplied 40% by point system and 60% by lottery. Units over 85㎡ are 100% allocated by lottery. The lottery allocation accounts for 57% (1,068 units) of the total. There is no mandatory residence period and no restriction on re-winning.

Competition is expected to be high for small to medium-sized units with fewer households. A sales official of Seoul One I-Park said, "Small to medium units and lower total price burdens attract subscriptions in the Seoul local area for 59~84㎡, while homeowners or those entering from Gyeonggi and Incheon are expected to apply a lot for lottery units from 91~120㎡," adding, "Even for non-homeowners, 75% of lottery units are supplied with priority, and then there is another chance in the 25% lottery, so many people will flock to lottery units."

Many prospective buyers were also paying attention to large units allocated by lottery, considering their chances of winning. A couple in their 30s who visited the model house that day said, "I think competition will be high for small units, so I am aiming to apply for units larger than 40 pyeong (approx. 132㎡). The price per pyeong (3.3㎡) is expected to exceed 40 million KRW, but I think it is reasonable. However, the layout seems somewhat cramped. People who have actually visited think they can apply for larger units."

Close to commercial facilities but... higher price than Jangwi

There were also voices that the sale price is somewhat high considering apartment prices in the northeastern Seoul area. The highest sale price for 84㎡ is in the 1.4 billion KRW range, which is more expensive than market prices. The pre-sale right for 84㎡ of Jangwi Xi Radiant, redeveloped from Jangwi 4 District, was traded at 1.32 billion KRW last month.

The sale price of Seoul One I-Park was set at 38.25 million KRW per 3.3㎡. The 59㎡ units are priced between 904 million KRW and 1.038 billion KRW, 72㎡ units between 1.079 billion KRW and 1.165 billion KRW, and 84㎡ units between 1.281 billion KRW and 1.414 billion KRW. The 91㎡ units are priced between 1.351 billion KRW and 1.459 billion KRW, 105㎡ units between 1.482 billion KRW and 1.632 billion KRW, 112㎡ units between 1.693 billion KRW and 1.829 billion KRW, and 120㎡ units between 1.688 billion KRW and 1.887 billion KRW. The penthouse of 244㎡ is priced at 4.8 billion KRW.

Seoul One I'Park 84㎡B Kitchen

A woman in her 50s who visited the model house with acquaintances said, "The 84㎡ feels smaller than the house I used to live in, so I am worried. I am looking for a 30-pyeong (approx. 99㎡) unit to live with my husband in old age. The 30-pyeong units are competitive, but larger units are a financial burden," adding, "The nearby Jangwi 6 District was priced below 1.3 billion KRW, but since the residential-commercial complex has a smaller actual usable area and additional option costs, the price should be considered around 1.4 to 1.5 billion KRW, so I need to think more about whether to apply."

A woman in her 50s living in Seongbuk-gu said, "After my children left home, I became interested because I want to live comfortably in a complex near commercial facilities in my old age. The transportation and location are not very good, but since Hyundai Development Company is directly involved and pushing the project, I have expectations," adding, "To increase the chances of winning even a little, I need to apply for the 84㎡, and since there are lottery units, I will try to apply thinking it is like threading a needle."

A woman in her 30s living in Nowon-gu said, "Considering the prices in this neighborhood, it may feel expensive, but compared to other areas, it is considered a reasonable price range," adding, "There may be differences in price perception between local residents and those aiming for the subscription."

Seoul One I'Park 84㎡B Type Small Room

Two rooms in small to medium units... "Added dressing rooms and widened space"

Due to the nature of residential-commercial complex apartments, the floor plans are complicated, and for small to medium units of 59~74㎡, there is some disappointment as they are designed with only two rooms. Regarding this, an HDC Hyundai Development Company official explained, "We set the room width to at least 3 meters and planned it larger than existing complexes. For the 74㎡ units, the room width is designed to be 3.6 meters," adding, "Even though the number of rooms is small, we included dressing rooms to make full use of the room space."

The model house exhibits three types: 84㎡B, 112㎡A, and 120㎡A. The 84㎡ B type has a 4-bay slab-type structure, but due to the nature of the residential-commercial complex, it is not a straight line but a bent structure, and the space next to the small room can be used as a terrace. From the entrance to the rooms, the corridor continues like a gallery, and it is designed with a hotel-style separated bathroom structure.

For the 112㎡A, there are four rooms, and the alpha room next to the small room can be opened to make the room larger. It is designed with a wide living room with two open sides, with a maximum width of 6.4 meters. The 120㎡A has dressing rooms for each of the three rooms, and there is an alpha room next to the entrance that can be used as a small room without adding options.

Seoul One I'Park 120㎡ Type A Living Room and Kitchen View

It is also notable that two buildings are designed as one complex. Each of the two buildings has separate gates and vehicle entrances, and independent community centers equipped with fitness facilities used daily by residents are established. A drop-off zone connected to the apartment building's shared entrance is also provided for each building.

An HDC Hyundai Development Company official explained, "The two buildings have 800 households and are designed as one complex with community facilities so residents do not have to go outside," adding, "The basement has a hotel-style drop-off zone, the ground floor has a park and street mall, and a plaza is created on the path to commercial facilities. The I-Park Mall and Street Mall are directly owned and operated by I-Park Mall."

The subscription schedule for Seoul One I-Park starts with special supply on the 25th of this month, followed by first priority on the 26th and second priority on the 27th. The announcement of winners will be on the 4th of next month. The official contract will be conducted from the 16th to the 19th of next month.

Seoul One I'Park 112㎡A Type Small Room and Alpha Room