Yongsan Wonhyo Lumini Commercial Facility Tenant Recruitment

Commercial facilities near subway stations are showing resilience despite the economic downturn, continuing to thrive not only in official land prices but also in the sales market.

According to data from the Korea Real Estate Board, among medium-to-large commercial buildings in Seoul, the lowest vacancy rate in the third quarter of 2021 was recorded in the Sanggye Station commercial area (0.9%), followed by the Mangwon Station commercial area (1%). Additionally, Guro Digital Complex Station (2.1%) and Sillim Station (3.7%) were also among the top areas with low vacancy rates. Notably, the vacancy rates either gradually decreased or remained stable as the quarters progressed.

In the case of the Sanggye Station commercial area, a large residential town has been established near the station, resulting in abundant demand and high foot traffic. Furthermore, it is equipped with diverse infrastructure facilities such as large supermarkets, hospitals, and restaurants, which enhance its customer attraction power. Especially, the demand has increased further with the commencement of move-ins to large-scale new apartment complexes nearby. For the Guro Digital Complex Station commercial area, the presence of a large residential town, residential officetels, and numerous office facilities secures a rich and stable hinterland demand, which is considered the reason for its low vacancy rate.

Subway station-area commercial facilities are also enjoying favorable conditions in the subscription market. According to industry sources, ‘Gwacheon Centum Square’ (average competition rate 168:1), which sold out within three days of its launch this month, is located just one minute away from Gwacheon Knowledge Information Town Station on Subway Line 4, scheduled to open in 2025. Additionally, ‘Lotte Castle De Mer Avenue’ (highest competition rate 73:1), launched in June last year, is adjacent to Busan Station and Choryang Station on Busan Subway Line 1, and ‘Hills Avenue Square Mall’ (highest competition rate 32:1), launched in October of the same year, is located right in front of Sungui Station on the Suin-Bundang Line.

As the value of commercial facilities near subway stations is being proven, Lotte Construction is attracting attention from demanders for tenant recruitment of apartments and commercial spaces at the Namyeong Station area youth rental housing project ‘Yongsan Wonhyo Lumini.’

‘Yongsan Wonhyo Lumini’ consists of a total of 752 households from basement level 6 to ground level 29 and 20 neighborhood living facilities on the 1st and 2nd floors. It is planned to offer residential services and designs suitable for the main tenant age group of people in their 20s and 30s.

Located just 150 meters from Namyeong Station on Subway Line 1, it is an ultra-station-area complex that allows access to central business districts such as Jongno and City Hall within 15 minutes. Within an 800-meter radius, four lines (Samgakji, Hyochang Park, Sookmyung Women's University, Namyeong Station) provide excellent accessibility to major downtown and business facilities such as Yongsan, Seoul Station, Yeouido, and Mapo.

Shopping, cultural, and convenience facilities are located about 1 km away at Yongsan Station and Seoul Station, and Sookmyung Women's University is within walking distance. Additionally, nearby green spaces such as Hyochang Park and the Yongsan War Memorial are accessible on foot. The complex also offers excellent access to the Han River via public transportation, allowing residents to enjoy a pleasant leisure lifestyle.

The 1st and 2nd floors of ‘Yongsan Wonhyo Lumini’ will house 20 neighborhood living facilities. These facilities have an exclusive hinterland demand from the 752 households within the complex, as well as from nearby office workers and university students at Yongsan Police Station and Sookmyung Women's University.

In particular, ‘Yongsan Wonhyo Lumini’ plans to present a high-quality themed shopping area through exterior design and MD composition that actively reflect the sensibilities and trends of single- and two-person households, rather than typical neighborhood living facilities within a complex.

The subscription for ‘Yongsan Wonhyo Lumini’ is scheduled to take place in February.

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