On the morning of the 1st, as soon as I stepped into the GS Engineering & Construction 'Mok-dong Yoonseul Xi' sample home in Mok-dong, Yangcheon-gu, Seoul, a massive media wall covering the entire wall first caught the eye. The screen showed countless exterior panels moving with the wind, reflecting light and creating ripples. It expressed the complex's name, "Yoonseul," through the building's exterior. Yoonseul is a pure Korean word meaning the sparkling appearance of sunlight or moonlight glinting on waves.
Going up to the second floor, a model of a complex with six underground floors and up to 48 above-ground floors across three buildings appeared. Judging by the model alone, it was far from a typical officetel. The configuration with a tower rising to 48 floors, low-rise retail, and high-rise community facilities was closer to a luxury residential-commercial apartment complex.
But Mok-dong Yoonseul Xi is an officetel, not an apartment. It consists of a total of 651 units with exclusive areas ranging from 114 to 203 square meters. Even the smallest unit is 114 square meters of exclusive area. GS Engineering & Construction named this type of product a "Hypert," meaning it combines an apartment's spatial layout with services of a high-end residential product. It is essentially a more upscale version of the large "apartment-style officetel" commonly discussed in the real estate market.
Entering the 114-square-meter B unit prepared on the third floor revealed what features this complex chose to narrow the gap with apartments. In officetels, the ratio of exclusive area within the supply area is generally lower than in apartments, which can make interiors feel tighter. Mok-dong Yoonseul Xi added balconies to every unit to offset this drawback.
The 114-square-meter B unit has five balconies. The balconies consolidation to the living room and bedrooms were fitted out as a study, a study room, and relaxation spaces. A pantry, multi-storage units, and built-in closets were also installed throughout. A sales representative said, "About 5 pyeong of balcony space is added to roughly 35 pyeong of exclusive area," and explained, "The space you can actually use is about 40 pyeong."
In the 203-square-meter unit, the high ceiling was the first thing that stood out when entering the foyer. Climbing the interior stairs leads to an outdoor terrace, and the terrace in the sample home features a spa tub. It is designed so residents can enjoy a bath in the exterior space of a high-rise building in the city. The duplex-type product will be placed on the 45th to 48th floors.
They also focused on upgrading the community facilities. On the first to third basement floors, the about 3,000-pyeong membership wellness club 'Concord Club by Josun,' directly entrusted to and operated by Josun Hotels & Resorts, will open. On the 47th floor, they placed the sky community 'Club Cloud.'
After touring the flashy sample home, the question that ultimately remains is price. The market speculated that the presale price of Mok-dong Yoonseul Xi could approach 1 billion won per 3.3 square meters based on exclusive area. The 114-square-meter unit is about 34.5 pyeong, so applying that price would put the simple calculated presale price over 3.4 billion won.
A sales representative on this day drew a line, saying, "It is not 1 billion won per 3.3 square meters based on exclusive area." Specific presale prices are set to be released after presale approval and the recruitment notice on the 2nd. It appears a pricing method will be applied with relatively lower prices for the lower floors and higher prices for the upper floors. The sample home will officially open on the 3rd.
GS Engineering & Construction cited as a basis for price competitiveness the fact that nearby apartments, such as Mok-dong New Town Complex 7, which is in its 40th year since completion, and Hyundai Hyperion, which is over 20 years old, are changing hands in the 3-billion-won range. A sales representative said, "Comparing older apartments with newly built products, we judge the price to be within the range the area can accept."
The bar for subscriptions and loans is lower than for apartments. Anyone 19 or older can apply regardless of whether they have a subscription savings account, own dwellings, or where they live. Winners are selected by lottery, not by points. For officetel mortgage loans, the non-dwelling mortgage LTV can be applied up to a maximum of 70%. However, the actual loan amount varies depending on the collateral appraisal value, the debt service ratio (DSR), and existing liability.
Mok-dong Yoonseul Xi will rise on the former KT site at 924 Mok-dong, Yangcheon-gu. It is about a 10-minute walk from Omokgyo Station on Subway Line 5. The developer said that due to overcrowding at Mogun Elementary School, resident children are expected to be assigned to Seojeong Elementary School. Middle school assignments will be determined according to the procedures within the school district.