Large-Scale Luxury Complexes: 'Massive High-End' Is on the Rise

[Financial News] The standard for high-end housing is shifting from scarcity to scale. Analysis suggests that 'Massive High-End' is establishing itself as an increasing number of cases apply high-end features directly to large-scale complexes, moving away from a market that previously created value by reducing the number of units.
According to the real estate industry on the 7th, high-end residential complexes with recently announced supply plans range from a minimum of several hundred units to over 1,000 units.
As the scale increases, the facilities that can be included within the complex change. Large-scale landscaping, swimming pools, and indoor sports facilities are only possible if the site is secured. There are also differences in transactions. When the number of households is small, turnover is infrequent, making it difficult to establish a standard for market prices, whereas in large complexes, price ranges are formed as transaction records accumulate.
Massive high-end developments are preparing to launch in succession in Seoul. In Yongsan, 'The Parkside Seoul' is a prime example. It consists of 419 apartment units and 775 officetel units, and features 'The Parkside Club by Rosewood Seoul,' a community exclusively for residents.
Large-scale mixed-use development is also being pursued at the former SAMPYO Remicon Corp. site in Seongsu-dong. On July 28, the Seoul Metropolitan Government approved the development project for the mixed-use site at 683, Seongsu-dong 1-ga, Seongdong District, at the 13th Architectural Committee meeting. An 81-story residential building will house 403 apartment units and 61 officetel units, while a 53-story mixed-use office building will feature 130 hotel rooms.
In Mok-dong, Yangcheon-gu, there is 'Mokdong Yunseul Xi'. It has a total of 651 units with exclusive areas ranging from 114 to 203 square meters. On the 1st to 3rd basement floors, 'Concord Club by Chosun', a membership wellness club directly managed by Josun Hotels & Resorts, will be located.
Major urban renewal projects in Seoul are also following the same trend. The explanation is that as the number of households increases, it becomes more advantageous in terms of living environment, maintenance fees, and asset value, so scale itself is being recognized as a value. Apgujeong Zone 3 is planned to have a maximum of 65 floors and 5,175 households, and has announced a large-scale community called 'Club Apgujeong.' 'DH Clast,' which is reconstructing Zones 1, 2, and 4 of Banpo Jugong Apartment Complex 1, plans to have a maximum of 35 floors and 5,007 households, and includes the first indoor ice rink and opera house in a domestic apartment complex.

[email protected] Kwon Jun-ho Reporter