쌍용건설

- With Convenient Access to Seoul’s Major Infrastructure and Subway Stations, the Planned Brand Name Officetel & Commercial Building Development Is Attracting Investor Attention

 

Recently, the popularity of brand name developments has expanded from apartment complexes to officetels. With record-low interest rates and strong apartment-related regulations, officetels (the Korean term for studio apartments) are becoming more attractive to investors as they can generate rental income, and, unsurprisingly, the popularity of brand name officetels is increasing in tandem. Even among regular home buyers who have previously resided in brand name apartments, preference for brand name officetels has shown a steady increase.

 

According to the Korea Financial Telecommunications and Clearings Institute (KFTC), among all the nation’s officetels that went on presale last year, only 13 of them were able to sell all of their units. Among those 13 officetels, nine were brand name properties built by mid and large contractors. More specifically, six of the 13 were developments led by large contractors.

 

Since brand name officetels feature well-designed floor plans and specialized services befitting their brand reputations, they are popular among potential tenants and thus relatively more profitable. Since large contractors with apartment construction expertise are responsible for their construction, these officetels feature convenient layouts comparable to those seen in regular apartment units while differentiating themselves by offering unique services tailored to officetel residents.

 

“Consumers who have experienced the premium value of brand name apartments are also looking for brand name officetels constructed by large contractors with ample experience, exhibiting an ever-increasing preference,” an industry official said. “More specifically, officetels located in favorable areas with good infrastructure are drawing massive attention from investors.”

 

Ssangyong E&C, the leading contractor in Korea in terms of overseas high-end construction, launched in late 2018 a new merged brand, The Platinum, that covers the company’s apartment, mixed-use building and officetel businesses. The Platinum has since been recognized for its brand value. In particular, as the developer of the Marina Bay Sands Hotel, a national landmark of Singapore, and the Ananti Cove (Hilton Busan), the finest luxury resort in Korea, Ssangyong E&C has been widely acclaimed for its superb construction prowess.

 

In March, the company’s Ssangyong The Platinum Jamsil will go on presale. To be located at 183-4, Jamsil-dong, Songpa-gu, Seoul, the mixed-use building (B4/F16) will feature 192 officetel units (5F-16F) as well as 74 units for neighborhood commercial facilities (B1-4F).

 

The development boasts the ultimate in proximity to a subway station as a unique selling point. The site is only one minute’s walk from Jamsilsaenae Station. Seoul Metro Line No. 9 Sports Complex Station is also in the vicinity. Plus, the Jamsil Metropolitan Transfer Center located at Jamsil Station offers access to metropolitan buses and Seoul Metro Line No. 8.

The neighborhood is also characterized by a well-established, one-stop infrastructure. It features outstanding shopping infrastructure (e.g. COEX Mall, Hyundai Department Store and Lotte World Mall) as well as an optimal natural environment (e.g. Hangang River Park and Tancheon Waterside Park) for leisure activities. In addition, this mixed-use, officetel complex will have its own commercial facilities, allowing residents to fully benefit from urban infrastructure in and around the complex.

 

A model house for The Platinum Jamsil will open at 708-41, Yeoksam-dong, Gangnam-gu, Seoul. With the opening of the house, unit presales will begin in earnest.