Rising Interest in Ssangyong The Platinum Seomyeon Officetels as Alternatives to Small Apartments

- Fewer Subscription Restrictions and Resale Limits Attracting Investment Demand
- Fully Sold-Out Officetels in Busan; Annual Rental Yield in Busanjin-gu Exceeds 6%

Ssangyong The Platinum Seomyeon Rendering

As large-scale development projects continue in the Seomyeon area, the heart of Busan, there is growing interest in officetels as alternatives to small apartments. In addition to the location, which offers access to a wide range of transportation, lifestyle, and business infrastructure, the solid demand for rentals is attracting both end-users and investors.

Recently, in the real estate market, officetels continue to draw attention as products that either replace or supplement apartments. This is due to several advantages: a shortage of small apartment supply, reasonable pre-sale prices, relatively relaxed subscription and loan regulations, and strong rental demand. Furthermore, officetels do not have the complex conditions applied to apartments in subscriptions, such as resale restrictions or first-priority qualifications, making them more accessible. At officetel pre-sale sites, there is active interest from a variety of buyers, including young professionals, newlyweds, and one- to two-person households. In particular, in Busan, the 'Blanc Summit 74' officetel (276 units) in Beomil-dong, Dong-gu, recently announced that all units were sold out, highlighting the area's strong demand for officetels.

Above all, officetels in the Seomyeon area have traditionally enjoyed strong demand for residence because Seomyeon is Busan's representative commercial and business district. The area concentrates lifestyle infrastructure such as Busan Subway Lines 1 and 2 transfer station, various bus routes, Lotte Department Store, Jeonpo Cafe Street, hospitals, and academies. In addition, the value of the area is rising due to redevelopment projects around Citizens Park and the Beomcheon Railway Vehicle Maintenance Depot site development project (currently underway).

Given this solid demand, the officetel rental yield in Busanjin-gu is also strong. According to Real Estate R114, the annual average rental yield for officetels in Busanjin-gu last year was 6.07%, significantly higher than the national average (4.73%) and Seoul (4.20%).

An industry official stated, "Seomyeon is already a region with fully developed lifestyle infrastructure, and with additional development projects, its future value is even higher," adding, "Officetels, which are reasonably priced and advantageous for both owner-occupancy and rental, are establishing themselves as alternative residential products to small apartments."

Interest is also rising in Ssangyong Engineering & Construction's 'Ssangyong The Platinum Seomyeon,' which is about to be released for sale. Located in Bujeon-dong, Busanjin-gu, Busan, the complex will rise up to 48 stories and will comprise a total of 468 units, including 432 apartment units (in three buildings) and 36 officetel units (in one building). The officetels, all with an exclusive area of 84 square meters, are designed to serve as alternatives to small-type apartments.

In particular, the officetels feature a unique layout rarely seen in other complexes. With a 'private single-floor' structure that eliminates neighbor interference, every unit has its own exclusive corridor, allowing for an exceptional level of privacy. Since each floor is occupied by a single unit, residents can enjoy open views of Citizens Park and the city, and the living room layout, along with two elevators per unit, is expected to provide a comfortable living environment.

The differentiated location within the Seomyeon living area is also drawing attention. Residents can walk to shopping, dining, and cultural facilities in Seomyeon, and Lotte Department Store, Lotte Mart, and Emart Traders are also nearby. Seomyeon Medical Street, clustered around Seomyeon Station, and On General Hospital near Buam Station are close as well.

The educational environment is also well established. Bujeon Elementary School is within a 300-meter radius, and there are several other schools nearby, including Hangdo Middle School, Busanjin Girls' Middle School, Deokmyeong Girls' Middle School, Busan Dong High School, Kyungwon High School, and Dongseong High School. Across from the complex, Busan Global Village and Busan Mathematics Culture Center offer a variety of English learning programs, and access to cram schools and language institutes concentrated in Seomyeon is convenient. Green spaces such as Busan Citizens Park and Palgeumsan are also close by.

Furthermore, the complex is located on flat land, which is highly preferred in Busan, making access easy and adding to its real estate value. In addition, due to the government's policy of easing local regulations, the project is exempt from the Phase 3 stress-based DSR (Debt Service Ratio) rule. Phase 3 imposes a 1.5% stress interest rate on all unsecured loans and other loans from financial institutions. While this regulation will be implemented in the Seoul metropolitan area starting in July this year, it is deferred in local areas until the end of the year, resulting in relatively less strict loan regulations. According to the real estate industry, once the Phase 3 stress-based DSR is applied to local areas at the end of the year, the maximum loan amount could decrease by tens of millions of won depending on income and loan amount, increasing the burden on buyers who need to purchase homes within their financial means.

A sales representative stated, "Ssangyong The Platinum Seomyeon is a product that will satisfy both owner-occupiers and investors, as it combines an excellent location within the Seomyeon living area with specialized design," adding, "We will continue to reward customer trust with differentiated product competitiveness."

Meanwhile, Ssangyong Engineering & Construction, the builder of Ssangyong The Platinum Seomyeon, was rated A+ (Excellent) in the '2025 Housing and Urban Guarantee Corporation (HUG) Credit Rating,' an upgrade of one level from the previous year, further highlighting its stability. The model house is located in Daeyeon-dong, Nam-gu, and is scheduled to open in June.