Suwon Sees Consecutive New Housing Launches... Will the 'Pinset Regulation' Take Effect?

Gwonseon-gu 'Ssangyong The Platinum Omokcheon Station' First Sale in Newly Designated Adjustment Area
Scheduled in Yeongtong-gu This Month... Interest in Whether Speculative Demand Can Be Curbed

[Asia Economy Reporter Choi Dong-hyun] The sales market is opening one after another in the southern Gyeonggi region, newly included in the adjusted target areas by the February 20 real estate measures. Attention is focused on whether the government's pinpoint regulations, designated to block the 'balloon effect' where speculative demand floods non-regulated areas, will show results.

According to the industry on the 6th, 'Ssangyong The Platinum Omokcheon Station,' located in Omokcheon-dong, Gwonseon-gu, Suwon City, will officially start sales with a special supply beginning on the 9th. This complex is the first case of sales in the area after the government designated Yeongtong, Gwonseon, and Jangan districts of Suwon, Manan district of Anyang, and Uiwang City as adjusted target areas on the 20th of last month. Since the 2nd, the government has also strengthened loan regulations for adjusted target areas, applying a loan-to-value ratio (LTV) of 50% for housing priced under 900 million KRW and 30% for the portion exceeding 900 million KRW.

Ssangyong The Platinum Omokcheon Station consists of 10 apartment buildings ranging from 4 basement floors to a maximum of 22 floors above ground, totaling 930 households, of which 713 are for general sale. The number of general sale units is ▲39㎡ (exclusive area) 3 units ▲59㎡A 210 units ▲59㎡B 143 units ▲74㎡ 130 units ▲84㎡A 101 units ▲84㎡B 126 units. The pure sale price, excluding options such as balcony expansion, ranges from a minimum of 252 million KRW (39㎡) to 516.9 million KRW (84㎡B).

Since there are no units exceeding 900 million KRW, all are subject to an LTV of 50%. If you win a subscription for a 500 million KRW sale price, the existing loan was up to 350 million KRW (LTV 70%), but now only 250 million KRW is available. Real demand buyers who meet all conditions such as being a household without a home, housing price under 500 million KRW, and combined annual income of the couple under 60 million KRW (70 million KRW or less for first-time buyers) receive an additional 10 percentage points on the LTV. Considering that the 84㎡ unit of the nearby 'Omokcheon Seohee Starhills,' which moved in 2016, is priced at 560 million KRW, the LTV 30% regulation applied to the portion exceeding 900 million KRW is unlikely to apply.

In Yeongtong-gu, another newly adjusted target area in Suwon, new apartment sales are scheduled this month. 'Yeongtong Xi,' located in Mangpo 5 housing development district, will be built with 653 units ranging from 59 to 75㎡. The general sale units include ▲59A㎡ 375 units ▲59B㎡ 172 units ▲75㎡ 106 units.

The market expects the sale price of Yeongtong Xi to be around 18.5 million KRW per 3.3㎡. Since all units are small to medium-sized under 75㎡, the sale price is expected to be around 400 to 500 million KRW at most. All will be subject to an LTV of 50% for interim and final payment loans. However, considering that the 75㎡ unit of the nearby 'Yeongtong I-Park Castle,' which moved in last March, is priced at 800 million KRW, the possibility that the price will exceed 900 million KRW at move-in cannot be ruled out. A representative from real estate agency A in the area said, "Recently, apartment prices near Gwanggyo Jungang Station and Mangpo Station have soared," adding, "There are many redevelopment issues around Samsung and other business districts, so inquiries from buyers are steady."

Meanwhile, none of these complexes allow trading of pre-sale rights until the ownership transfer registration is completed. Previously, adjusted target areas were divided into levels 1 to 3, and only level 1 restricted resale, but with the February 20 measures, levels 2 and 3 were all uniformly raised to level 1.

This content was produced with the assistance of AI translation services.