"Large and Mid-Sized Officetels Soar in Value; Is It Time to Apply at the Last Minute?..." "Okjeong Central Station D'TRE II" Closes Applications Oct. 20

Successful applicants announced October 26; contract signing October 28–29
Presale rights do not count toward homeownership, and there is no owner-occupancy requirement
Apply up to four times per person without a housing subscription account... appl

DaeBang Construction is accepting subscription applications through today (Oct. 20) for Okjeong Central Station D'TRE II, amid strong interest from prospective buyers. The project is being built on the last privately sold housing site in Okjeong New Town, Yangju, Gyeonggi Province. Successful applicants will be announced on Oct. 26, and contracts will be signed over two days, Oct. 28 and 29.

Okjeong Central Station D'TRE II comprises 853 units (exclusive area of 119 square meters, types OA, OB and OC) within Okjeong Central Station D'TRE, a complex of 18 buildings rising up to 49 stories above ground and extending five stories underground. Sales began when the project opened its model home on Oct. 8.

Recently, steep increases in the sale prices of large officetels have drawn growing interest from prospective buyers. As the officetel market, once grouped under the single category of rental-income properties, has diversified by unit size, prices for large officetels have continued to rise. According to KB Real Estate, the average sale price of very small officetels with an exclusive area of 30 square meters or less fell by KRW 2.56 million, from KRW 190.16 million in September last year to KRW 187.6 million this year. By contrast, the average price of large officetels with an exclusive area of more than 85 square meters rose by KRW 104.2 million over the same period, from KRW 1.28891 billion to KRW 1.39312 billion. The sale price index released by KB Real Estate on Oct. 14 also showed a 1.22% decline for very small officetels, while the index for large officetels rose by 8.15%.

Statistics from the Korea Real Estate Board show the same trend. The sale price index for officetels with an exclusive area of more than 85 square meters in the Seoul metropolitan area rose 2.3%, from 99.25 in May last year to 101.55 in September this year, marking 14 consecutive months of gains since August last year. A comparison of the indices at the end of each quarter shows that the rate of increase widened from 0.45% in the second quarter to 0.59% in the third quarter of this year. The response in the subscription market has also been strong. Mokdong Yoonseul Xi, a residential officetel in Yangcheon-gu, Seoul, with units ranging from 114 to 203 square meters in exclusive area, received 3,788 applications for 651 units when subscriptions opened last September.

In particular, apartment supply is limited in prime locations in new towns, while competition for subscription score points is fierce. As a result, more and more end users are turning to large officetels, which offer access to well-developed infrastructure but have relatively lower barriers to entry.

As prices for large officetels rise, Okjeong Central Station D'TRE II is positioned competitively, offering units with an exclusive area of 119 square meters starting in the KRW 400 million range. The design focuses on apartment-style living, with three bedrooms, two bathrooms, a dressing room and a pantry. It is also the first development in Okjeong, Yangju, to feature an indoor balcony design. The balcony area is approximately 6 pyeong under the area criteria for balconies and similar structures in the Enforcement Decree of the Building Act, allowing residents to use the space in various ways to suit their lifestyles, including for laundry and drying, storage, or a home cafe.

Another factor behind the continued interest in the final days of applications is the low barrier to entry. Anyone aged 19 or older who lives anywhere in South Korea can apply without a housing subscription account, and each person can submit one application per group, for a maximum of four applications. Homeowners and multiple-home owners can also apply, and there is no restriction on winning again. Unlike apartment subscriptions, which closely consider housing subscription accounts, score points and whether applicants own a home, the process has a lower barrier to entry, allowing people with insufficient score points or who already own a home to apply without difficulty.

There are also fewer financial obligations after being selected. Holding a sales right does not count toward the number of homes owned, so it does not affect applications for other apartments, and there is no owner-occupancy requirement. Applicants will also have the opportunity to choose their preferred building and unit number directly if any units remain. As this benefit is available only to those who apply, many prospective buyers are hurrying to submit their applications through the final day.

Another advantage is that the officetel is part of a complex being developed alongside a large-scale apartment community. The complex will include community facilities such as a six-lane indoor swimming pool, fitness center, sauna, golf lounge, multipurpose gym, small library, and kids' room and family cafe. There will be 1,463 parking spaces for 853 units, or about 1.72 spaces per unit, and 10 elevators in each building.

Financial costs have also been reduced. The project is offering an interest-free loan for interim payments for a limited time, along with complimentary options worth approximately KRW 40 million.

The site is directly in front of Okjeong Central Station on Line 7, a provisional station name that is planned but not yet operational. DaeBang Construction has signed a business agreement with Yangju City to build a passage connecting the complex to the station. If the planned Deokjeong-Okjeong Line goes ahead, residents will be able to reach Deokjeong Station in one stop. The transport network is also expected to allow transfers at Deokjeong Station to the planned GTX-C line and Seoul Subway Line 1. Okjeong Lake Park lies to the east of the complex, while Okjeong New Town's central commercial district, with its concentration of academies and commercial facilities, is to the south. Schools ranging from elementary to high school, a library and other educational and everyday amenities are also nearby.

A sales representative said, "We have received steady inquiries from end users since the first day of applications. Today is the last day to apply, so we hope you will not miss this opportunity to secure a large officetel in a prime location in central Okjeong, with prices starting in the KRW 400 million range."

The model home is open in Okjeong-dong, Yangju, Gyeonggi Province.

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