Seoul Officetel Monthly Rental Market Gains Momentum... 'Sangbong Station Bando Yubora First Live' Sale

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Recently, the monthly rent market for officetels in Seoul has been heating up. Due to the aftermath of villa jeonse frauds, jeonse demand is rapidly shifting to officetel monthly rents, and the burden of housing costs has significantly increased as the average jeonse price for Seoul apartments surpassed 24 million KRW per 3.3 square meters. Since officetel monthly rents are mainly sought after by the younger generation in their 20s and 30s, newly built officetels located near subway stations are especially gaining popularity.

According to the Korea Real Estate Board, the Seoul officetel monthly rent price index rose by 0.45% in the second quarter of this year compared to the previous quarter, which was higher than the national average increase of 0.26%. Additionally, out of 105,987 officetel lease and monthly rent transactions nationwide until May this year, about 66%, or 69,626 cases, were monthly rent transactions.

In particular, as demand for small officetels increases, high monthly rents exceeding 1 million KRW per month are also on the rise. Among 22,472 monthly rent transactions for small officetels under 60㎡ exclusive area recently recorded, 3,119 cases, accounting for 13.9%, were contracted at monthly rents exceeding 1 million KRW.

For example, an officetel near Sinchon Station with an exclusive area of 18㎡ was traded at a deposit of 10 million KRW and a monthly rent of 1.15 million KRW, and an officetel near the National Assembly with an exclusive area of 29㎡ was leased at a deposit of 20 million KRW with monthly rents ranging from 1.1 million to 1.2 million KRW.

An industry insider said, “The increase in monthly rent demand centered on small officetels in Seoul is likely to continue,” adding, “As monthly rent yields rise, investor interest in income-generating products such as newly built small officetels near subway stations is expected to grow.”

Bando Construction is currently selling ‘Sangbong Station U-Bora First Live,’ a residential officetel composed of small to medium-sized units near Sangbong Station in Jungnang-gu, Seoul. The building consists of 196 units ranging from 39 to 84㎡ exclusive area, spanning from 7 basement floors to 18 above-ground floors, and boasts the premium of being in a ‘quadruple ultra-subway station area’ and ‘quadruple ultra-shopping district.’

The project site is a shopping district officetel favored by the 20s and 30s generation. Within 120 meters is Costco Sangbong, and nearby are CGV, Jungnang Art Center, Homeplus, Enter Six, a food alley, a central commercial district, and an academy district.

The transportation conditions, which correspond to the ‘quadruple’ factor, are also outstanding. Sangbong Station, located just 160 meters away, is an ultra-subway station where you can access Seoul Subway Line 7, the Gyeongchun Line, the Gyeongui-Jungang Line, the KTX Jungang Line, and the planned GTX-B line. It is possible to reach key Seoul business districts such as Gangnam-gu Office Station, Jongno 5-ga Station, and Jamsil Station within 20 minutes. Furthermore, the GTX-B line, scheduled to open in 2030, will connect Yongsan, Seoul Station, Cheongnyangni, Sangbong, and Maseok.

‘Sangbong Station U-Bora First Live’ offers various floor plans including 1.5-room, 2-room, and 3-room units, and applies smart IoT services that allow easy control of appliances, lighting, and heating. Community facilities include a book cafe, guest rooms, and a rooftop garden.

Currently, for the last remaining units, a ‘fixed contract condition’ with a down payment and interim payment of around 20 million KRW is being offered, and for units with full payment completed by September, refrigerators and washing machines will be provided free of charge.

A sales representative stated, “As the yield on small officetels in Seoul rises, inquiries about contracts for investment purposes have significantly increased,” and added, “The remaining units are expected to sell out soon.”

‘Sangbong Station U-Bora First Live’ is available for immediate move-in, and the site is located near Sangbong Station and Costco.

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