"Less Than 100 Million Won per Pyeong"... 'Yunseul Xi' Targets Mok-dong Relocation Demand, Here Is What It Looks Like [Report]

[Financial News] On the 1st, the 'Mokdong Yunseul Xi' model home in Mok-dong, Yangcheon-gu, Seoul, drew attention. As soon as visitors entered the art video hall on the first floor, they were greeted by a large panoramic display covering the entire wall and media art installed at the center of the room. In the three-minute promotional video for the complex, GS Engineering & Construction placed the strongest emphasis on recreating 'yunseul,' the shimmering ripples of light on water. To express that effect in a place without water, the company also collaborated with global artist Ned Kahn.
On the second floor, there is a complex model and a community showroom designed to resemble the actual interior. The ceiling height was adjusted as closely as possible to reduce the gap between the model and the finished project. After touring the model home, what remained most strongly in memory was its 'high-end' feel. A company official for Mokdong Yunseul Xi explained, "A membership wellness club, 'Concord Club by Josun,' directly operated under contract by Josun Hotels & Resorts, will be located on basement levels 1 through 3." The official added that it would be a luxury community facility not seen in Mok-dong.
Mokdong Yunseul Xi is the first officetel to apply GS Engineering & Construction's 'Hypert' concept. The term combines the Latin word 'hyper,' meaning transcendence, and 'apartment.' It refers to a 'hybrid residential category' that enables premium community facilities and convenient daily life within the complex.
Hypert is built around four core values: an irreplaceable location, a city-defining design, a forward-looking lifestyle, and the completion of the essence of housing. E Hwasu, managing director at Geonmulgwa Saramdeul, who oversees the Mokdong Yunseul Xi model home, said, "Mok-dong is one of Korea's most representative education districts," and added, "Mokdong Yunseul Xi is a key location at the center of Mok-dong's transformation, where residents can enjoy a wide range of lifestyle infrastructure at the closest distance."

Another notable feature is that all units come with open balconies. According to GS Engineering & Construction, Mokdong Yunseul Xi is the first officetel in Seoul to install open balconies in every unit after the government removed the ban on balcony installation in February 2024. A sales official said, "The balcony extension makes the interior look larger," and added, "You can also remove the balcony door and use the room as a larger space."
Mokdong Yunseul Xi will supply a total of 651 units, including 118 units of the 115-square-meter A type. Move-in is scheduled for 2030, when relocation from the 14 redevelopment complexes in Mok-dong is expected to accelerate. A company official said, "We are also targeting tenants who come out of Mok-dong reconstruction relocations."
One of Mokdong Yunseul Xi's strengths is that it faces fewer regulations than apartments. E Hwasu emphasized, "Because it is classified as an officetel by use, the loan-to-value ratio can go up to 70%." He added, "In terms of financing, it is relatively easier than an apartment."
The price is expected to be below 100 million won per 3.3 square meters. E Hwasu said, "Looking at actual transactions in Complex 7, which is the closest comparison to Mokdong Yunseul Xi, prices are in the mid-300 million won range," and added, "As a newly built residential product, we believe it has enough price competitiveness."
Meanwhile, Mokdong Yunseul Xi is an officetel being built on the former KT Mok-dong site. Within walking distance are schools including Seojeong Elementary School, Mokun Middle School, Yangchung High School, and Jinmyeong Girls' High School, as well as Hyundai Department Store Mokdong Branch, E-Mart, and Megabox.

[email protected] Kwon Jun-ho Reporter