Mokdong Yunseul Xi, a large officetel complex going up in Seoul's Yangcheon district, drew bids of up to 32 to 1 in its subscription period. The response came even though the average presale price reaches about 88 million won per 3.3 square meters of exclusive floor area, a level that puts it among high-end residential offerings, and market watchers attribute the interest to the rarity of newly built large units in the Mokdong area.
According to the Korea Real Estate Agency's subscription portal (Cheongyakhome) on the 9th, Group 1 units, measuring 115 square meters of exclusive area in the A type, recorded the highest ratio at 32 to 1 under the priority bid reserved for Seoul residents. Group 2, covering 114-square-meter B type units, came in at 20.3 to 1, and Group 3, covering 114-square-meter C type units, at 20.7 to 1, leaving every main sales group with double-digit ratios.
Demand concentrated in particular on the priority round for Seoul residents. Large new residential offerings are scarce in the Mokdong area, and with rebuilding projects of aging apartment complexes advancing one after another, analysts see buyers moving to trade up to newer housing while keeping their existing neighborhood and school district.
Interest ran high even before the subscription opened. According to the property information app Hogangnono, Mokdong Yunseul Xi drew 68,395 visitors between the 31st of last month and the 6th of this month, the most of any complex nationwide. The model house, open from the 3rd to the 6th, also attracted buyers from Mokdong and elsewhere in Seoul and the surrounding metropolitan area.
Product differentiation is cited as another factor behind the strong turnout. Mokdong Yunseul Xi applies balconies to every unit and, depending on the type, adopts four-bay layouts and balconies on two or three sides. Some units are built as duplexes. Although classified as an officetel, the project promotes floor plans and space efficiency closer to those of mid-to-large apartments.
Community facilities have been sharply expanded. Floors one through three below ground will house Concorde Club by Josun, a roughly 3,000-pyeong membership wellness space operated under contract by Josun Hotel & Resort. It will include a swimming pool, a fitness center, a golf practice range and a sauna. On the 47th floor of Building 102, a sky community called Club Cloud will offer a cafeteria, a guest house and work and meeting spaces.
Sales terms include deferred interest payments on intermediate installments and a fixed rate of 2.5% a year. Major appliances, including system air conditioners, a refrigerator, an all-in-one washer-dryer and a dishwasher, come as standard.
Built by GS E&C, Mokdong Yunseul Xi is being developed on the former KT Mokdong site, with six basement levels and up to 48 floors above ground across three buildings, comprising 651 units ranging from 114 to 203 square meters of exclusive area. Winners will be announced on the 11th, with contracts signed on the 13th and 14th. Move-in is scheduled for the second half of 2030.
