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Gugi-dong, A Traditional Upscale Area North of the Hangang River, Eagerly Awaits Ssangyong The Platinum Gugi-dong Jongno
High Housing Prices and Exclusive Demographic Make It a Truly Upscale Neighborhood
The Upcoming Residences Are Already All the Rage for Their Rarity in Gugi-dong
An upscale neighborhood literally means a neighborhood for the rich. However, in recent years, these neighborhoods have taken on a new meaning with distinguished qualifying conditions.
Today, the first condition that gives an upscale neighborhood authentic value is high real estate prices. Housing prices beyond reach make its residences rare and exclusive. This unreachable charm available only to the chosen few is what creates a genuine upscale neighborhood.
The second condition is the area’s demographic. Most residents in an upscale neighborhood are far from ordinary. They are, for example, company CEOs, politicians and celebrities, and prefer to get together and socialize with like-minded people, for it makes it easier for them to relate to one another while letting them develop a sense of stability and kinship.
Indeed, Seoul’s representative upscale neighborhoods, namely, Pyeongchang-dong, Gugi-dong and Hannam-dong, satisfy the above two conditions. With average housing prices per unit area of 3.3 m2 at around a whopping KRW 40 million (approximately USD 33,000), these areas are replete with large houses over 200 m2 in size and high-end rowhouses, thereby virtually denying ownership to ordinary people.
Notable figures who used to or currently live in these neighborhoods include President Moon Jae-in, who resided in Gugi-dong for four years until January 2016, and Kim Chong-in, a current resident in the same neighborhood and the former election committee chair for the United Future Party (UFP). Famous entertainers, including Yu Hae-jin, Go Doo-shim and Youn Yuh-jung, also live in Pyeongchang-dong and Gugi-dong.
“The so-called upscale areas have always been much preferred among the rich, due to their exclusive housing prices and demographics,” an industry expert said. “Given that, in the case of traditional upscale areas, most residences are rather old houses and there has always been a shortage of new ones. As such, new housing developments in these areas are something to keep an eye on.”
Amid such circumstances, Ssangyong E&C, the top leader in overseas high-end construction, has announced plans to build Ssangyong The Platinum Gugi-dong Jongno on a parcel (address: 146-1, Gugi-dong, Jongno-gu, Seoul) in Gugi-dong, a traditional upscale neighborhood in Seoul, sparking a great deal of interest among prospective buyers.
This residential complex will consist of four buildings (B1/3F) featuring 52 units with an exclusive usage area of 82-84 m2. All units will be in the compact/medium size category with an exclusive usage area of no more than 84 m2, the most popular category among real buyers.
Each unit will feature a rectangular shape with four bays, and face south for maximum sun exposure and ventilation. In addition, the kitchen and living room will belong to a single integrated space for an enhanced airy ambiance. Even the dressing room, pantry and auxiliary kitchen will feature bespoke designs that allow for maximum storage space and spatial efficiency.
In particular, Gugi-dong, home to Ssangyong E&C’s new residences, and the neighboring Pyeongchang-dong have seen no new housing offerings for years, with the percentage of houses at least ten years old a whopping 97.73 percent. Similarly, the surrounding Jongno-gu District has seen no new housing offerings, except for Gyeonghuigung Xii in 2017, with houses at least ten years old accounting for 73.66 percent of all houses in the area.
Gugi-dong is also home to beautiful natural surroundings, outstanding educational and transportation infrastructure and convenient neighborhood amenities. The upcoming complex will be surrounded by Bukhansan Mountain to the east, north and west and, to the south, will be close to Bukaksan, Inwangsan, Ansan and other major mountains in Seoul, offering gorgeous scenic views and eco-friendly experiences. In particular, being surrounded by mountains in all four directions will ensure residents enjoy clean air with low levels of fine dust and healthy living.
In addition to eco-friendliness, the location offers excellent transportation options as well. For instance, a bus stop, which gives access to major downtown areas in Seoul, is only a minute’s walk away. As for educational environment, Lycée International Xavier, Segumjung Elementary School, Sangmyung Girls’ Middle School, Sangmyung Girls’ High School and Seoul Arts High School are all within the neighborhood.
Furthermore, the complex will be an embodiment of Ssangyong E&C’s accumulated design expertise, which has been showcased in the successful completion of domestic and overseas architectural landmarks, including the Marina Bay Sands Hotel in Singapore, Ananti Cove (Hilton Busan), Dogok Rexle and Jamsil Parkrio. In particular, unlike in other high-end residences, each unit will have its own dedicated elevator, a convenience feature that can enhance privacy and help realize “smart” lifestyles.
A model house for the complex is located at 66-32, Pyeongchang-dong, Jongno-gu, Seoul.