[Financial News] Curious about Seoul's hottest apartments these days? We will break them down for you. Starting now, we will visit the apartments that rank first in weekly views on real estate platforms and analyze their features, advantages and disadvantages. If there are other features you would like us to cover or areas that need further analysis, please let us know in the comments. Kwon Jun-ho's "Yo-A-Jeong"—a series that breaks down today's trending apartments—starts now.
The construction site of Hillstate Songpa The Grid in Jangji-dong, Songpa District, Seoul, on Sept. 18. Photo: Kwon Jun-ho The apartment to be featured in the third week of September—or rather, it's an officetel again this time.We will leave last week's No. 1, Mokdong Yunseul Xi, at the top and take a look at No. 2, Hillstate Songpa The Grid. This is the first time since the series began that officetels have been featured for two consecutive weeks, so I am curious to see what appeal this development has.
I visited the site, which is within walking distance of Bokjeong Station and Jangji Station, offers very easy access to expressways and is surrounded by large-scale construction projects. ■ A One-Stop Development, From Amenities to Expressways
Jangji Stream in Jangji-dong, Songpa District, Seoul, on Sept. 18. Photo: Kwon Jun-ho On Sept. 18, I exited Exit 2 of Jangji Station on Seoul Subway Line 8 and walked for about 15 minutes before reaching the site of Hillstate Songpa The Grid.
On the way, Garden5 and NC Department Store were visible on the right. They are connected to Jangji Station, making them appear convenient to use.After walking for about four minutes, I saw Jangji Stream. I also spotted residents out for a walk, and the beautiful weather lifted my spirits. I naturally found myself thinking that, except in midsummer, it would be pleasant to walk from Jangji Station to the development.
The entrance to the Capital Region First Ring Expressway next to Hillstate Songpa The Grid in Jangji-dong, Seoul, on Sept. 18. Photo: Kwon Jun-ho As I approached the development, the entrance to the Capital Region First Ring Expressway came into view immediately to the left of what appeared to be the main entrance.The expressway connects to Seongnam, Hanam, Namyangju, Guri, Uijeongbu, Yangju, Goyang, Gimpo, Incheon and Seoul, among other areas, and appeared likely to be useful for residents of the development.
The site is larger than expected.I could not enter the area closest to Bokjeong Station because it was under construction. However, walking around roughly half of the remaining site took about 10 minutes at an adult man's pace. A full circuit would likely take 20 to 30 minutes. Accessibility is expected to improve further if a path to Bokjeong Station is opened behind the development. Wirye Jungang Elementary School and Wirye Jungang Middle School are located near the site. Walking there myself took about five to 10 minutes.
The Bokjeong Station Smart City site on Sept. 18. Photo: Kwon Jun-ho While I was there, I also looked around the Bokjeong Station Smart City site, where construction is in full swing.Songpa-Wirye The Grid, being developed by Songpa Biz Cluster PFV, is a large-scale mixed-use development project covering approximately 219,000 square meters, with a total project cost in the KRW 13 trillion range.
At the site, excavators were removing rocks and leveling the land. Large rocks had been piled up along one side of the construction area, while some sections appeared to have undergone a significant amount of grading.
The site is so vast that it cannot be taken in at a glance, making me wonder how it will change after completion.
■ Popularity Boosted by Bokjeong Smart City During the Subscription Period
Inside the Hillstate Songpa The Grid construction site in Jangji-dong, Songpa District, Seoul, on Sept. 18. Photo: Kwon Jun-ho The biggest reason Hillstate Songpa The Grid ranked second in views was that its housing subscription period was underway.The development will consist of four basement levels, up to 16 aboveground floors, 10 buildings and a total of 1,393 units ranging from 34 to 119 square meters in exclusive-use area. Applications closed on Sept. 14. Prices ranged from a minimum of KRW 449.82 million for Group 1 Type 34A to a maximum of KRW 2.15595 billion for Group 7 Type 119.
It is difficult to describe the results as "good."Although the highest competition rate reached 11.7 to 1, applications closed at an average of 2.84 to 1. In detail, 3,955 applications were submitted for 1,393 units.
Community facilities include a gym, an indoor golf practice facility, a sauna, a Pilates studio, a small library and guesthouses. Move-in is scheduled for January 2031.
The winners were announced on Sept. 17, and formal contract signing is scheduled for Sept. 18 and 19. Some people have said, "I plan to sign the contract," while others say, "I'm still having second thoughts." The presence of rental housing nearby and the possibility that price appreciation will be limited because it is an officetel were cited as particular concerns.
Looking at prices in nearby developments, the presale price is not particularly low. At Songpa IPARK, a 1,357-unit development located directly in front of Jangji Station, a 59-square-meter unit recently traded for KRW 780 million. For the same floor area, the presale price at Hillstate Songpa The Grid is in the mid-KRW 900 million range.
The development of Bokjeong Station Smart City is another factor driving interest.The smart city will be developed across three blocks. Block 1, Wirye The Grid, will include office and neighborhood commercial facilities, while Block 2 will house HMG Future Complex, a hub for Hyundai Motor Group's future technology research, including software-defined vehicles and autonomous driving. Hillstate Songpa The Grid is located in Block 3. Once the smart city is completed, the on-site population is expected to reach approximately 40,000.
■ "A Considerable Number of Subscription Applications May Be Speculative" ... But Investment Prospects Are "Uncertain"
An overview of the Hillstate Songpa The Grid construction project in Jangji-dong, Songpa District, Seoul, on Sept. 18. Photo: Kwon Jun-ho Licensed real estate agents in the area expect that a significant number of the subscription applications may not have represented serious buyers.They explained that the barriers to entry were low because anyone aged 19 or older could apply, regardless of whether they had a housing subscription savings account.
Posts saying, "I won the subscription but am thinking of giving it up," can also be found easily.
Many agents acknowledged the location's advantages but remained doubtful about purchasing the units.A licensed real estate agent near the development explained, "The biggest obstacle for officetels is their poor liquidity. You need to be able to sell when you want to, but that is not easy with an officetel."
Another licensed real estate agent also offered a cautious assessment, saying, "There is development upside around Bokjeong Station, but it would be risky to buy here based on that alone. If you plan to purchase the unit and live here for a long time, there should not be a major problem. But as the time to sell approaches, you will have second thoughts." The agent added, "With the same amount of money, I would rather recommend investing elsewhere, such as in a small apartment."
What did you think of Kwon Jun-ho's "Yo-A-Jeong"? If there is any additional information you would like to know, please leave a comment anytime. Feedback is always welcome.[email protected] Kwon Jun-ho Reporter
