"It's not that it's too expensive to buy, but that there are none available," said Mr. A, who runs a real estate agency near Hannam New Town, describing the recent shortage of properties in the Hannam New Town real estate market.
The Hannam New Town real estate market is heating up. The trigger was the construction company selection competition for Hannam District 4 that has been ongoing since the end of last year. The fierce bidding war between Samsung C&T, the top construction company in Korea, and Hyundai Engineering & Construction, the second largest, who launched a massive volume offensive, has once again highlighted the significance of Hannam New Town.
Although Samsung C&T won the bid, some say the real competition among real estate buyers has only just begun. With the selection of the construction company for District 3 completed ahead of District 4, this marks the starting point for the full-scale development of Hannam New Town, prompting both end-users and investors eager to enter Hannam New Town to actively search for properties.
However, finding suitable properties is expected to be difficult. While there are many inquiries about listings, prices have soared so high that some suggest it might be better to wait for the sale period. In fact, almost no transactions are taking place. Most activity is just to check market prices, with few sellers willing to sell easily.
In reality, the Shindonga Apartments in Bogwang-dong, located within Hannam District 4, saw a record transaction price of 2.8 billion KRW for an 83㎡ unit at the end of December last year, during the intense bidding competition. Even as the real estate market completely cooled down amid the impeachment crisis, this property alone continued its high-rise trend. Since then, asking prices have risen further, but no transactions have occurred.
Given this situation, some experts suggest that instead of searching for properties within the New Town where listings are scarce, focusing on nearby complexes that share the New Town premium could be a better opportunity to enter Hannam-dong.
Among these, ‘The Aston Hannam,’ a premium private rental apartment located right next to Hannam District 3, appears to be the optimal opportunity for entering Hannam-dong.
‘The Aston Hannam’ is located in Hannam-dong, Yongsan-gu, Seoul, consisting of 168 units ranging from 59 to 84㎡ in size, in a building with three basement floors and 15 above-ground floors. It is supplied as a private rental apartment with an option to convert to ownership.
The location is undoubtedly excellent. It is adjacent to Hannam District 3 and is a super-station complex about a 2-minute walk from Hannam Station on the Gyeongui-Jungang Line. Additionally, it is situated at the entrance of Hannam Bridge, which connects Gangnam and Gangbuk, making it a transportation hub with excellent access to Seoul’s key road networks such as Namsan 1 Tunnel, Gangbyeonbuk-ro, and Olympic-daero.
The area is rich in infrastructure that guarantees a high quality of life and abundant cultural experiences, including the Leeum Museum of Art, Gourmet 494, and Soonchunhyang University Hospital. Prestigious schools such as Hannam Elementary School and Yongsan International School are nearby, and commuting to the Gangnam academy district is convenient. The Han River Park, Namsan, Yongsan Park, and Maebongsan Park are also close, ensuring excellent livability.
Top-tier design and community facilities that complete the highest residential satisfaction will be applied. The interior design of individual units will feature various specialized layouts according to size and type. Notably, the kitchen design and interior finishes will be created in collaboration with KOHLER, a globally renowned kitchen design company with over 150 years of history, and Villeroy & Boch, a luxury brand with 270 years of tradition favored by European royal families, enhancing the detailed living space.
Furthermore, ample parking space of 2.17 cars per unit will be provided, along with diverse amenities offering top performance such as a cafeteria, fitness center, sauna, and indoor golf range. Customized concierge services including breakfast service, valet service, laundry service, and unit storage will also be planned, supporting a lifestyle worthy of a five-star hotel.
As a private rental apartment, no subscription savings account is required, anyone aged 19 or older can apply, and there are no separate eligibility restrictions. Residents can live on lease for up to 10 years, with a guaranteed option to convert to ownership after 10 years.
Concerns about taxes, which are the biggest burden when owning luxury housing, are completely eliminated. Rental housing does not incur acquisition or registration taxes, and since it is not counted as a housing unit, property tax and comprehensive real estate tax do not apply. Non-homeowners do not have to worry about maintaining subscription eligibility or restrictions on re-winning, and high deposits are secured through mandatory guarantee insurance, ensuring stability.
Meanwhile, the ‘The Aston Hannam’ housing promotion center is located in Hannam-dong, Yongsan-gu, Seoul, and is currently operating successfully.
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