Convenient Commute Officetel 'Hillstate Cheongnyangni The First' Attracts Attention

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Demand is focusing on officetels that offer convenient commuting. For residential officetels popular among younger generations, commuting time is not only directly linked to the 'quality of life' but is also considered the most important factor influencing future demand influx.

According to a survey conducted on 1,324 people by the public opinion research firm ‘Korea Gallup Poll Research Institute’ on the 27th of last month, the main factors considered when deciding on housing were ▲convenience of transportation (52%) ▲proximity to workplace (47%) ▲accessibility to living convenience and commercial facilities (40%) ▲housing price (29%) ▲pleasant residential and natural environment (23%) ▲excellent school districts and educational conditions for children (17%).

In particular, as the availability of personal leisure time has come to determine quality of life, demand for complexes with excellent workplace proximity has increased. Transportation accessibility is also clearly reflected in market performance.

This interest can also be confirmed through subscription competition rates. According to data from the subscription website, the average competition rate for the ‘Geomdan New Town Lotte Castle Nextiel I·II·III’ officetels, developed by Lotte Construction (implemented by Next V City PFV) and launched in February, was 4 to 1 (2,778 applicants for 682 units). For the representative residential officetel size of 84㎡, 577 applicants applied for 40 units, recording a 14 to 1 competition rate.

A real estate expert said, “Recently, as demand for work-life balance has increased, there is a stronger tendency to prefer complexes close to workplaces,” adding, “Nearby complexes to subway stations have shown high sales and occupancy rates, confirming this trend.”

In fact, complexes located in or near subway station areas advantageous for commuting are attracting significant interest from many demanders.

As the popularity of officetels continues, the ‘Hillstate Cheongnyangni The First’ officetel complex near Cheongnyangni Station, which has many development benefits, has reportedly attracted high interest by surpassing a 90% balance payment rate just three months after move-in began. Additionally, over 95% of commercial facility contract holders have completed their balance payments, further increasing investor interest.

‘Hillstate Cheongnyangni The First’ is gaining even more attention not only because it is a subway station area officetel but also due to abundant nearby development benefits.

In fact, the Cheongnyangni Station area has ongoing development plans, which are expected to increase its future value. Construction companies have already been selected and projects are underway for Cheongnyangni District 6 (GS Construction), Districts 7 and 8 (Lotte Construction), and Jegi Districts 4 and 6 (Hyundai Construction and SK Eco Plant). Additionally, redevelopment projects such as Miju Apartment and Jeonnong Districts 9 and 12 are continuously progressing, which is expected to further enhance the area's value.

Especially, a massive transportation benefit is awaiting at Cheongnyangni Station. Besides the six lines currently operating at Cheongnyangni Station?Line 1, Suin-Bundang Line, Gyeongui-Jungang Line, Gyeongchun Line, KTX Gangneung Line, and Jungang Line?four new lines are planned: the Metropolitan Area Express Railway (GTX) Line B (Songdo-Maseok), GTX Line C (Deokjeong-Suwon), Myeonmok Line (Cheongnyangni-Sinnae-dong), and Gangbuk Transversal Line (Cheongnyangni-Mokdong). A complex transfer center connecting these lines will also be constructed. Eventually, Cheongnyangni Station will become a 'transportation hub' where 10 lines (including planned ones) stop. Only three places in Seoul?Seoul Station, Samsung Station, and Cheongnyangni Station?will have two GTX lines stopping. According to the Ministry of Land, Infrastructure and Transport, Cheongnyangni Station had 150,000 daily users in 2020, which is expected to increase to 300,000 by 2030.

Moreover, within a 3km radius of the project site, there are seven universities including Korea University, University of Seoul, Sungshin Women’s University, Hanyang University, Kyung Hee University, Hankuk University of Foreign Studies, and KAIST, providing abundant demand from professors, researchers, faculty, and students, which is expected to continuously increase the area's value.

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