'Seocho Lotte Castle Art Palace' to Go on Sale Next Month; All 146 General-Sale Units Are Small [Real Estate A to Z]

An Alternative to the 70-Point Cutoff: 60% Lottery Allocation
Move-In in February Next Year; Near a Subway Line 3 Station

Lotte Engineering & Construction announced on October 26 that it will begin sales next month of Seocho Lotte Castle Art Palace in Seocho-dong, Seocho-gu, Seoul. Targeting households of one to three people, all units offered for general sale will be small apartments with exclusive areas of 60 square meters or less. The complex is subject to the price cap system, and construction has already been completed, allowing residents to move in immediately after signing a contract.

The complex consists of two buildings with five basement levels and up to 36 floors above ground, and has a total of 835 units. Of these, 146 will be offered for general sale. The units for general sale will have exclusive areas of 35 to 46 square meters. By unit type, there will be 24 units of Type 35; 24 of Type 37A, 31 of Type 37B, and 22 of Type 37C; 31 of Type 39; and 14 of Type 46.

Bird's-eye view of Seocho Lotte Castle Art Palace in Seocho-gu, Seoul. Lotte Construction

The complex is being supplied under the Seoul Metropolitan Government's Youth Safe Housing program. The program is a housing supply initiative designed to ease the housing burden on young people and newlyweds. Private developers build homes near subway stations and offer them at prices below those of nearby properties.

The 146 units being offered are for general sale and are standard apartments whose buyers will own the title. The application process is also the same as for other apartments, and anyone who meets the eligibility requirements can apply through ApplyHome, the Korea Real Estate Board's subscription portal.

Construction of the complex has already been completed, allowing prospective buyers to inspect the finished complex and its surroundings in person before deciding whether to apply. Move-in is scheduled for February 2027, so the period between the sale and move-in will be short. Households of three or four people with school-age children need to consider their children's education, moving schedules, living space, and other factors together. By contrast, one- to three-person households, including young people starting their careers and newlyweds, have more flexibility when deciding to move. Young prospective buyers who previously struggled to compete in Gangnam-area housing subscriptions because of the points-based system are expected to emerge as a key group of applicants.

All unit types at Seocho Lotte Castle Art Palace are small apartments with exclusive areas of 60 square meters or less, and 60% of the units offered through the general supply will be allocated by lottery. Unlike recent major housing developments in the Gangnam area, where the cutoff score for successful applicants under the points-based system has been around 70 points or higher, making it difficult for applicants with scores in the 30-to-50-point range to qualify, the lottery system offers a chance to win regardless of an applicant's score.

The complex is located near Nambu Terminal Station on Subway Line 3. From nearby Seoul National University of Education Station, one stop away, passengers can transfer to Line 2 and quickly reach the business district around Gangnam Station. Line 3 also provides convenient access toward Express Bus Terminal and Apgujeong. Seoul Nambu Terminal is right next door, making travel to destinations throughout the country, including the Seoul metropolitan area, convenient. The complex is also close to Nambusunhwan-ro, Seochojungang-ro, and the Seocho Interchange on the Gyeongbu Expressway.

The business districts around Gangnam and Seoul National University of Education stations, as well as the legal district in Seocho-dong, are nearby, and demand from people working in the area is expected to be strong. Cultural facilities such as the Seoul Arts Center and the National Gugak Center, along with green spaces such as Umyeonsan Mountain, are just across the road. Residents can also enjoy convenient access to the shopping and medical facilities of the Gangnam area.

If the Seoul section of the Gyeongbu Expressway undergrounding project, currently being pursued by the Seoul Metropolitan Government and planned to run from Hannam Interchange to Yangjae Interchange, gets underway in earnest, the residential environment in the area is expected to improve further, including through the creation of parks above ground.

Depending on the unit type, storage areas such as dressing rooms and pantries have been included, and basement storage units for residents help make better use of interior space. The complex also offers specialized spaces for everyday use, including a fitness center, lounge cafe, cooking room, party room, community lounge, and yoga and meditation room. Each floor also has a rest area and meeting room. Rather than simply being small apartments with reduced living space, the units expand residential amenities through a variety of shared spaces, reflecting the lifestyles of one- to three-person households.

A sales representative said, "As newly built small apartments in a prime location in Seocho-dong, these homes are subject to the price cap system, have a high proportion of units allocated by lottery, and offer quick move-in. We expect strong interest from young people starting their careers and newlyweds looking to move into Gangnam." The representative added, "This will be a rare opportunity to buy a newly built apartment in Gangnam at a reasonable price."

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