Supply of Apartments Halted in Mapo... High-End Urban Lifestyle Housing 'Billiv The Able' Draws Attention

It is becoming increasingly difficult to find new apartments in Seoul. Especially in the highly preferred ‘Mayongseong’ area, no new supply has been made in recent years, causing not only the sale prices but also the jeonse (long-term lease) prices of existing homes to rise.

According to an analysis by real estate research firm Realtoday of the Korea Real Estate Board’s subscription website, from January 2017 to the present (as of May 31, 2022), a total of 1,590 units were supplied to the public in seven complexes in the ‘Mayongseong’ area. In particular, since the ‘Yongsan Parkview Desiang’ was launched in the second half of 2019, no new apartment supply has been made, resulting in nearly three years of no supply.

Demand to enter ‘Mayongseong’ continues to increase steadily, but with no supply at all, the previously supplied apartments are continuously setting new record prices.

As new apartment supply in the ‘Mayongseong’ area is not smooth, urban lifestyle housing and officetels resembling apartments are filling the gap. These products are developed in prime locations with dense transportation and convenience facilities, and they can also be expected to have luxurious qualities.

The most representative example is the urban lifestyle housing ‘Build The Able’ being developed in a prime location in Mapo-gu. This complex, consisting of one building from six basement floors to 23 above-ground floors, includes 299 urban lifestyle housing units (including rental units) and 34 officetel units. It has received great response from buyers due to its luxurious qualities and specialized design.

The complex is characterized by being located in the Sinchon area of Mapo-gu, which has abundant living infrastructure. It has a double station area location within walking distance of Sinchon Station on Subway Line 2 and Sogang University Station on the Gyeongui-Jungang Line. Large commercial facilities such as Hyundai Department Store and E-Mart, as well as various convenience facilities including CGV, the Gyeongui Line Forest Trail, and Sinchon Severance Hospital, are also within walking distance, promising a convenient living environment.

The interior is composed of small to medium-sized units with exclusive areas of 38 to 49 square meters, catering to the recently increased number of one- to two-person households. Additionally, a ceiling height of 2.6 meters, which is 30 cm higher than typical apartments, has been applied to maximize the sense of space and openness. High-end living brands such as the German furniture brand ‘Nolte’ and the Italian faucet brand ‘Gessi’ have been applied throughout to add a touch of luxury.

Generous service areas are also noteworthy. ‘Build The Able’ offers service areas of up to 5.99 pyeong (19.8 square meters) depending on the type. For example, the smallest unit, the 38㎡B type, has a balcony extension that makes the bedroom depth about 5.6 meters, allowing for versatile space utilization.

The financial burden is also low. ‘Build The Able’ allows mid-term payment loans and even offers interest-free benefits on mid-term payments. Additionally, free balcony extensions and full-option free provisions effectively reduce the actual sale price.

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