The large mixed-use complex 'Mokdong Yunsul Jais' is set to launch this month in a prime location in Mokdong, Seoul. Amid tightened apartment loan regulations, the project will be offered as officetels, allowing for a loan-to-value (LTV) ratio of up to 70%. The development aims to attract actual buyers with its spacious layouts.
On September 1, a visit to the GS Construction Mokdong Yunsul Jais model home in Yangcheon-gu, Seoul, revealed an interactive video and a model of the complex on the first floor, showcasing the overall layout and views. The third floor featured actual unit displays, highlighting larger and duplex options, which stand out from typical small officetels.
During a press briefing, Kim Pil-moon, the sales manager for Mokdong Yunsul Jais, emphasized the favorable loan conditions, stating, "Since it is classified as an officetel, the LTV can go up to 70%. While the debt service ratio (DSR) varies by individual, there are relatively advantageous aspects regarding loans." However, the actual loan amount will depend on individual DSR, income, and existing debts. An LTV of 70% does not guarantee a loan of 70% of the sale price. Buyers must consider the differences in financing, taxes, and subscription systems between officetels and apartments.
Mokdong Yunsul Jais will be built on the former KT site in Mokdong, Yangcheon-gu, with three buildings rising from six underground floors to 48 above ground. The project will include 651 officetel units with sizes ranging from 114 to 203 square meters, along with commercial and office facilities. Unlike typical officetels, this development focuses on larger units to cater to actual residents.
The model home showcased spacious living areas and practical layouts. The 114-square-meter unit features a layout similar to an apartment, while the 203-square-meter AD unit employs a duplex design to maximize space. High-quality finishes and built-in furniture are included, reducing the burden of additional options.
Located near Omokgyo Station on Line 5, the site offers easy access to major business districts like Yeouido and existing amenities such as the Hyundai Department Store Mokdong and the Mokdong academy district. The ongoing redevelopment of Mokdong New Town is also expected to generate future demand for relocation and rentals, which the sales team is closely monitoring.
The upper floors will feature community facilities for residents, including a sky community on the 47th floor of Building 102, offering views of the Mokdong area, along with dining and guesthouse amenities.
The success of the sales will likely depend on pricing and the actual financial burden on buyers. While officetels offer more flexibility in loan regulations compared to apartments, the LTV limit does not guarantee the full loan amount. Given that the units are primarily larger than 114 square meters, the final sale price will significantly influence buyer decisions.
The Mokdong Yunsul Jais model home will open on September 3, marking the start of the sales schedule.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.