GS E&C has set presale prices for Mokdong Yunseul Xi, a luxury residential officetel in Seoul's Yangcheon District, at an average of about 88 million won per 3.3 square meters of exclusive floor area. For the main 114- to 115-square-meter units, the top price exceeds 3.34 billion won.
According to the presale notice GS E&C posted on the 3rd, prices for the flagship 115A type range from 2.818 billion to 3.344 billion won, the 114B type from 2.46 billion to 3.184 billion won, and the 114C type from 2.858 billion to 3.344 billion won. Units of 117 to 120 square meters are priced between 2.55 billion and 3.14 billion won depending on type and floor. Prices jump sharply for the duplex penthouses. The 198-square-meter unit is priced at 6.24 billion to 6.89 billion won, the 202-square-meter unit at 5.54 billion to 6.34 billion won, and the 203-square-meter unit at 6.14 billion to 6.79 billion won.
The complex will rise on the former KT site at 924 Mokdong, comprising three buildings with six basement levels and 48 floors above ground, for a total of 651 units. Exclusive floor areas range from 114 to 203 square meters, all mid- to large-sized. The 114B type accounts for the largest share at 208 units, while the 115A and 114C types each have 118 units. The remainder includes terrace-style units and duplex penthouses. Move-in is scheduled for December 2030.
Drawing as much attention as the prices is a product design that blurs the line between an officetel and an apartment. The 115-square-meter unit shown at the model house features a four-bay flat-plate layout with the living room and three bedrooms arranged side by side. GS E&C said the roughly 115 square meters of exclusive area, combined with about 16.5 square meters of balcony, gives residents usable space equivalent to about 132 square meters. A movable transparent partition installed between the living room and the balcony can be opened to connect the two spaces seamlessly. Every unit includes a balcony, and depending on the type, some feature balconies on two or three sides as well as duplex layouts.
The developer has also emphasized premium finishes. Major appliances including system air conditioners, refrigerators, washers and dryers, and dishwashers come as standard, along with imported kitchen cabinetry and Italian porcelain tiles and ceramic panels. Basement levels one through three will house Concord Club by Josun, a roughly 9,900-square-meter membership wellness club operated under contract by Josun Hotels & Resorts. The 47th floor will feature Club Cloud, a sky community lounge with panoramic views.
A Closer Look at the Presale Notice
1. 20% of units offered first to Seoul residents
Applicants do not need a housing subscription savings account and can apply regardless of whether they own a home, but 128 of the 651 units are set aside for Seoul residents.
2. Resale restrictions apply despite officetel status
Because the project is in a speculative overheating zone, resale is barred from the contract date until ownership registration is completed after occupancy approval. The restriction covers not only sales but also changes in rights such as gifts and joint spousal ownership.
3. Developer covers interest above 2.5% on 60% interim payments
Interim payments of up to 60% of the presale price come with deferred interest. The buyer's rate is fixed at 2.5% a year until the start of the move-in period, and the developer absorbs any interest above that level.
Because the units are supplied as officetels, subscription rules differ from those for apartments. No housing subscription savings account is required, and anyone aged 19 or older may apply regardless of home ownership. Unlike apartments, winners selected through the Korea Real Estate Board's application platform are not subject to winner registration or restrictions on winning again.
Some units, however, go first to Seoul residents. Because the site sits in a speculative overheating zone, 128 units, or about 20% of the 651 total, are offered first to people who were Seoul residents as of the 1st of this month, the date the presale was filed. Seoul residents who are not selected in that round then join general applicants in a lottery for the remaining units.
As an officetel presale in a speculative overheating zone, resale is barred from the contract date until ownership registration is completed after occupancy approval. During that period, not only sales but also gifts, joint spousal ownership and other changes in rights are in principle restricted.
On financing, the developer has eased the interest burden on interim payments. Deferred interest applies to interim payments equal to 60% of the price, with the buyer's rate fixed at 2.5% a year. If the lender's actual rate exceeds 2.5%, the developer covers the difference until the start of the move-in period. Loan eligibility and limits may vary depending on individual circumstances and lender reviews.
Applications open on the 8th through the Korea Real Estate Board's subscription platform. Each person may apply to only one group, and applying to two or more groups voids all applications. The application deposit is 3 million won for groups one through four and 10 million won for group five, which includes the penthouses. Winners will be announced on the 11th, with contracts signed on the 13th and 14th.
"This is a complex that combines a prime location at the center of Omokgyo Station and Mokdong's education and living infrastructure with differentiated product quality," a GS E&C official said. "We will do our best to establish it as a landmark representing the area, one that also offers the future value tied to Mokdong's redevelopment."
