614 Housing Units Offered for Sale in Sewoon District After 14 Years

[Asia Economy Reporter Yoo In-ho] For the first time in 14 years, housing supply will be provided in the Sewoon Shopping Center area around Cheonggyecheon in Seoul, designated as a redevelopment promotion district in 2006.

Since it is a supply in a prime downtown location connected to Seoul's business hubs such as Gwanghwamun, Euljiro, and Myeongdong, it is expected that both actual demand and investment demand will flock to the area.

Daewoo E&C will supply the first pre-sale units of the Sewoon Redevelopment Project this month, named 'Sewoon Prugio Hericity (perspective drawing)'. The complex consists of 614 units in a structure mixed with small apartments and urban lifestyle housing, ranging from 9 basement floors to 26 floors above ground, with sizes from 24 to 42㎡ (exclusive area).

This pre-sale will offer 293 units of urban lifestyle housing. The 281 apartment units are scheduled for pre-sale next month. The remaining 40 units are rental units. Some units offer views of Namsan, and a specialized two-sided open design has been introduced.

According to a sales official, the complex is specialized by adopting Daewoo E&C's latest systems: the 5zone security system and the 5zone air-clean system. The complex is expected to be popular as a residence close to workplaces, as it is accessible to both Euljiro 3-ga Station, a transfer station for subway lines 2 and 3, and Chungmuro Station, a transfer station for subway lines 3 and 4.

In particular, the urban lifestyle housing supplied this time does not require a subscription savings account, and both individuals and corporations can apply. Urban lifestyle housing was introduced in 2009 to stabilize housing for one- to two-person households, and it is not subject to regulations such as subscription savings enrollment, housing subscription qualifications, or re-winning restrictions.

The Sewoon Redevelopment Promotion District, where the housing is located, is Seoul's largest redevelopment project in the city center, with a total development area of 438,585㎡. It is divided into eight zones (Zones 2, 3, 4, 5, 6-1, 6-2, 6-3, and 6-4), and this supply is included in Zone 6-3.

Following this pre-sale, Daewoo E&C plans to supply 700 residential-commercial complex units within the Sewoon district in the second half of the year.

Also, Hyundai Engineering plans to supply a total of 3,500 residential-commercial complex units in three phases starting as early as next month in Sewoon Zone 3.

In Sewoon Zone 4, a project is underway to build a total of nine new buildings by 2023, including two hotels, five office facilities, and two officetels. Once all ongoing projects are completed, the Sewoon area is expected to be reborn as a downtown mixed-use complex with a total of 10,000 residential units and commercial facilities.

An industry official said, "Seoul's city center has had extremely limited housing supply over the past decade despite broad demand from professionals, newlyweds, retirees, and foreigners," adding, "The Sewoon district redevelopment will solve the shortage of housing supply in the city center and serve as an opportunity to revitalize downtown Seoul."

This content was produced with the assistance of AI translation services.