GS Engineering unveils high-rise residential complex as Mok-dong redevelopment gathers pace

A 48-story residential complex offering hotel-style services and apartment-sized homes is about to enter the market in Seoul’s Mok-dong, where reconstruction projects are gathering speed.

GS Engineering & Construction previewed the model home for Mokdong Yoonseul Xi on Sept. 1. The project will rise on the former KT site in Mok-dong’s central commercial district, with three buildings and 651 residential officetel units ranging from 114 to 203 square metres.

The company has branded the development’s concept “Hypert,” combining the practicality of an apartment with high-end residential services. A sky community called Club Cloud on the 47th floor will include a wine reserve, cafeteria, party-style guesthouse and work and meeting spaces. A roughly 10,000-square-metre membership wellness club, operated by Josun Hotels & Resorts, will occupy basement levels 1 through 3.

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A loan-to-value ratio of up to 70% is possible, unlike with apartments, but the actual loan amount will vary by individual according to factors such as the debt service ratio.

Residents’ parking will sit on floors 3 through 8, while basement levels 4 through 6 will serve visitors to the commercial facilities. The lower facade, developed with artist Ned Kahn, is designed to evoke Yunseul, the sparkle of sunlight or moonlight on moving water. Interior layouts include flexible rooms, multiple balconies and premium finishes. The largest 203-square-metre duplex units will have private upper-level spaces, bathrooms, outdoor terraces and spas. Twenty-seven large duplex units will occupy floors 45 to 48.

The project is expected to publish its recruitment notice this week and accept applications next week. Applicants need not hold a housing subscription account, own a home or live in a particular area, but must be at least 19. Winners will be selected by lottery, and the development will not face the same lending restrictions as apartments. A sales representative said loans could reach a loan-to-value ratio of 70%, subject to each borrower’s debt-service limits. Prices are expected to be among the highest in Mok-dong, with estimates of 80 million to 90 million won per 3.3 square metres. The company dismissed reports that prices would approach 100 million won.

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The claim that the price will reach 100 million won per 3.3 square metres is only a rumor.