While small-scale complexes consisting entirely of high-end residences are experiencing a downturn in the luxury housing market, the popularity of top-floor penthouses remains undiminished.
As high-end residential products have gained popularity, numerous complexes claiming to offer such luxury have sprung up rapidly. This has led to an increase in supply, which in turn has reduced both the scarcity value and demand. Combined with the overall stagnation of the real estate market, this has resulted in waning interest. Recently, there has been a rise in cases where planned projects are being abandoned or previously acquired sites are being put back on the market, fueling the perception that the high-end sector is entering a slump.
In contrast, penthouse units located on the top floors of each building remain popular even during downturns, thanks to their inherently limited supply and a range of unique advantages. Top-floor penthouses are characterized by hyper-end finishes and interiors as standard, as well as expansive views and a sense of openness that can only be enjoyed from the highest floors. Their extreme scarcity?since only a limited number can exist on the top floors?means that typically only about 1% of residents in a given complex can live in such units, making them highly sought after and quickly snapped up whenever they become available.
Numerous examples illustrate the enduring appeal of penthouses. In February 2023, a 200-square-meter penthouse occupancy right at Raemian One Bailey in Banpo-dong, Seocho-gu, Seoul, was traded for 10 billion KRW. In October 2023, a 234-square-meter penthouse on the top floor of Building 104 at Acro River Park, also in Banpo-dong, Seocho-gu, Seoul, was sold for 11 billion KRW.
Penthouses are also highly popular in the pre-sale market. In April 2024, two 244-square-meter penthouse units at Pozes Hangang in Gwangjang-dong, Seoul, were completely sold out. The 244-square-meter units, which were penthouses at Pozes Hangang, were priced between 15 and 16 billion KRW. The average competition rate for penthouse subscriptions was 14.5 to 1; although some contracts were not finalized, the units were quickly sold out on a first-come, first-served basis.
With limited supply and sustained demand, asking prices continue to rise. For example, a 216-square-meter penthouse at Trimage in Seongsu-dong, Seoul, is being offered at 17.8 billion KRW, while a 264-square-meter penthouse at Acro Seoul Forest in Seongsu-dong is listed at an impressive 23 billion KRW. The 242-square-meter penthouse at Hannam The Hill, a luxury residence in Hannam-dong, Yongsan-gu, Seoul, is also commanding an asking price of 20 billion KRW.
An industry insider commented, "Penthouses are supplied in such small quantities within a complex that their scarcity and superior product quality make them highly valuable assets. Located on the top floor, they not only offer exceptional views but also enhanced privacy, making them especially popular among high-net-worth individuals. Among so-called high-end real estate products, penthouses are the most highly regarded due to their extreme rarity in both listings and new sales."
Amid this trend, the first-ever hyper-end residential product comparable to those found in Gangnam is now being supplied in Ilsan, Gyeonggi Province, attracting significant attention. The highlight is the grand opening of The Sharp Ilsan Eloi Penthouse, a top-floor hyper-end penthouse product that surpasses traditional high-end offerings.
The Sharp Ilsan Eloi Penthouse is located in Pung-dong, Ilsandong-gu, Goyang-si, Gyeonggi Province. It consists of 24 penthouse units in two types?157 and 248 square meters?situated on the top floors (36th to 42nd floors) of each building in The Sharp Ilsan Eloi Complexes 1 through 3.
The complex maximizes the unique premium and scarcity of top-floor views, applying the highest-quality finishes and interior designs to create a differentiated residential environment previously unseen in Ilsan.
By type, the 157-square-meter units are designed with 2.5 bathrooms and 4 bedrooms, suitable for households of 3 to 4 people. The large-room layout allows for child-centered spaces that can accommodate study, parties, sports, and hobbies. The 248-square-meter units, with 3 bathrooms and 6 bedrooms, are ideal for households of 3 to 5 people, with clear separation between communal and private spaces based on the family’s shared areas. The larger space allows for diverse uses, such as travel and home cooking, tailored to individual lifestyles.
On-site landscaping and community facilities include the rooftop rest area "Fun Garden," the cultural space "Spot Lounge," and the "Community Garden" with relaxation and water features. Additional amenities befitting a large-scale complex include a fitness club, indoor screen golf range (excluding some bays), book cafe, kids cafe, study room, Pilates studio, coin laundry, and guest house, providing residents with an exceptional living environment.
The Sharp Ilsan Eloi Penthouse, with its outstanding product quality, also boasts an excellent location. It is a double-station complex at Baekma Station, served by both the Seohae Line and the Gyeongui-Jungang Line, and is only two stops from Daegok Station on Subway Line 3. With the GTX-A line (Paju Unjeong to Seoul Station), which opened last year, residents can reach Seoul Station from Daegok Station in about 12 minutes. Once the Samsung Station opens in the future, The Sharp Ilsan Eloi Penthouse is expected to further enhance its status as it transforms into the "New Gangnam Zone."
A sales representative stated, "The Sharp Ilsan Eloi Penthouse will be a new landmark in Ilsan, and within the Sharp brand town, it is a privilege reserved for only the top 1%. Given the penthouse’s resistance to real estate market fluctuations, it is expected to attract significant interest from wealthy buyers. There is even a saying that penthouses are so rare that they cannot be bought even if you want one, so the premium is expected to be much higher than for standard residential products."
The model house for the grand opening of The Sharp Ilsan Eloi Penthouse is located in Daehwa-dong, Goyang-si, Gyeonggi Province, and operates on a 100% advance reservation basis.
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