"Apartment prices have risen too much lately, and loans are hard to get due to real estate regulations, so I came to see an officetel, which is relatively less regulated. Even though it's an officetel, it has a balcony with floor heating like an apartment, and it's directly consolidation to the subway station."
This is what a person in their 50s identified as A said on the 12th at the model home for Hyosung Heavy Industries' "Harrington Square Gwacheon" in Anyang, Gyeonggi. Although it was a Friday, not a weekend, and the wind chill was below freezing, dozens of visitors were lined up in front of the model home before opening time. Even though the model home was far from the station, the site was packed with people, giving a sense of the heat surrounding Gwacheon, Gyeonggi, known as "next to Gangnam."
Harrington Square Gwacheon is an officetel being built on Commercial Block 5 of the Gwacheon Knowledge Information Town public housing district, which has recently been driving up home prices in Gwacheon. It consists of two buildings with five basement floors and 29 above-ground floors, totaling 359 units. KOREIT is the project owner, and construction is by Hyosung Heavy Industries. By detailed type, it consists of exclusive areas of ▲76㎡A 108 units ▲84㎡A 54 units ▲84㎡B 27 units ▲90㎡A 81 units ▲90㎡B 54 units ▲90㎡C 27 units ▲108–125㎡ (penthouses) 8 units. It is centered on mid- to large-sized types.
What stood out at the model home that day was a layout similar to an apartment. With last year's amendment to the Building Act fully allowing the installation of officetel balconies, Harrington Square Gwacheon also provided about 33㎡ of balcony space per unit. Because it is heated, residents can use it as a home cafe, garden, or hobby space according to their lifestyle. It also applies a maximum ceiling height of 2.75 meters (based on the living room), higher than typical multi-family housing, and provides about 1.3 parking spaces per unit.
In response to a visitor's question, "Since it's an officetel, isn't price growth slower than apartments?", a sales consultant emphasized these points, saying there are many advantages that offset the disadvantages. The consultant said, "It's a direct-station location consolidation via an underground passage within the complex that connects directly to Gwacheon Jungbotown Station on Subway Line No. 4, so asset value appreciation can be expected," adding, "Nearby are IT and game corporations such as Pearl Abyss and Netmarble, as well as pharmaceutical and bio corporations such as JW Group and Celltrion Pharm."
According to KB Real Estate data analysis, Gwacheon recorded the highest apartment price increase rate in Gyeonggi this year (January–November) at 20%. During the same period, the overall increase rate for Gyeonggi was 1%. Record-high transactions are also continuing. The 84㎡ exclusive unit at "Gwacheon Prugio Summit (move-in 2020)" traded for 2.8 billion won in Oct. The 84㎡ move-in right for "Prestier Xi (scheduled for move-in in 2027)" changed hands for 2,572.67 million won in Sep.
By comparison, industry assessments say Harrington Square Gwacheon's presale prices are reasonable. Here, the exclusive 76㎡ is in the 1.6 billion won range, the 84㎡ in the 1.8 billion won range, and the 90㎡ in the 1.9 billion won range. Also, because it is an officetel, up to 60% of the presale price can be financed as an interim payment loan at a low interest rate through the Korea Housing & Urban Guarantee Corporation (HUG)'s interim payment guarantee, and there is no mandatory occupancy requirement.
Applications are scheduled to be accepted on the 15th through Korea Real Estate Board (REB)'s Cheongyak Home. The application deposit is 3 million won, and anyone age 19 or older currently residing in the Republic of Korea can apply nationwide regardless of a subscription savings account. Winners will be announced on the 18th, and winner contracts will be concluded on the 19th. Move-in is scheduled for Oct. 2029.