52,000 Nationwide Households for Sale in April... "Massive Postponement of March Sales Due to COVID-19"

Spring peak season coincides with COVID-19, more than triple the scale compared to the same period last year
Only 32% of the scheduled March supply was actually sold
Zigbang "High possibility of changes in April supply schedule as well"

Comparison of Nationwide Apartment Supply Volumes in 2019 and April 2020

[Asia Economy Reporter Onyu Lim] Due to the impact of the novel coronavirus infection (COVID-19), many housing sales scheduled for March were postponed, and a total of about 50,000 households are set to be sold in April. This is more than three times the scale compared to the same period last year. However, as the application of the private land sale price ceiling system has been delayed, redevelopment and reconstruction maintenance project associations are postponing their general meetings, causing significant volatility in the sales schedule.

According to Zigbang on the 30th, a total of 52,000 households are scheduled for sale in 53 complexes nationwide in April. Among them, 35,772 households are for general sale. Compared to the same period last year, total sales and general sales increased by 38,103 households (273%) and 24,411 households (215%), respectively.

Major Complexes with Changed Sale Schedules Among March Planned Complexes

The increase is largely due to the spring peak season and the postponement of March sales caused by COVID-19. Originally, 33,433 households in 44 complexes nationwide, including 27,689 for general sale, were scheduled for sale in March. However, actual sales reached only about 32% of that. Sales were made in only 14 complexes, totaling 10,584 households, with 7,723 for general sale. Among the complexes scheduled for sale in March, 16 complexes with a total of 14,455 households postponed their schedules to April, and the remaining complexes are adjusting their schedules to the first half of the year.

By region, 37,665 households are preparing for sale in the metropolitan area, accounting for 72% of the total. In the metropolitan area, only in Gyeonggi Province, 17,202 households are scheduled for sale, including Wirye New Town Umi-rin 2nd Phase in Hakam-dong, Hanam-si. In Seoul, 12,709 households are preparing for sale, including the reconstruction of Gaepo Jugong 1 Complex in Gaepo-dong, Gangnam-gu. Given the difficulty of marketing such as opening model houses realistically, sales are expected to be concentrated mainly in the metropolitan area, which has relatively high attention. In the provinces, 14,414 households are planned for sale, with Busan having the largest number at 2,910 households.

However, the delay in applying the private land sale price ceiling system from April 28 to July 28 is a variable. Earlier, the Ministry of Land, Infrastructure and Transport extended the grace period for applying the private land sale price ceiling system by three months due to disruptions in schedules such as association general meetings caused by COVID-19. Ham Young-jin, head of Zigbang Big Data Lab, explained, "Maintenance project apartments that were rushing to announce recruitment by the end of April are currently adjusting their schedules," adding, "There are seven complexes scheduled for sale in April in areas where the price ceiling system applies, and with more time for general meetings and model house openings, it is highly likely that sales schedules will be postponed." Due to the impact of COVID-19, the trend of replacing offline model houses with cyber model houses is expected to continue in April as well.

Major Apartments Scheduled for Sale in April 2020

◆Gaepo Jugong 1 Complex Reconstruction in Gaepo-dong, Gangnam-gu, Seoul= The Gaepo 1-dong Jugong Apartment Housing Reconstruction Maintenance Project Association is implementing the project, and Hyundai Construction is the contractor. Out of a total of 6,702 households, 1,235 households are for general sale. The units range from 34 to 179㎡ (exclusive area). Due to the impact of COVID-19, the association general meeting date has been postponed, and the sales schedule may also change.

◆Heukseok 3 Xi in Heukseok-dong, Dongjak-gu, Seoul= The Heukseok 3 Redevelopment Promotion Zone Housing Redevelopment Maintenance Project Association is implementing the project, and GS Construction is the contractor. Out of a total of 1,772 households, 364 households are for general sale. The units range from 59 to 120㎡.

◆Wirye New Town Umi-rin 2nd Phase in Hakam-dong, Hanam-si, Gyeonggi Province= All 420 households are for general sale, with units ranging from 90 to 119㎡.

◆Yangju Okjeong New Town Jeil Punggyeongchae in Okjeong-dong, Yangju-si, Gyeonggi Province= All 2,474 households are for general sale, with units ranging from 74 to 101㎡.

◆Sanseong Station Central Park Xi & Prugio in Sinheung-dong, Sujeong-gu, Seongnam-si, Gyeonggi Province= The Korea Land and Housing Corporation and Sinheung 2 District Housing Redevelopment Maintenance Project Association are implementing the project, and GS Construction and Daewoo Construction are the contractors. Out of a total of 4,774 households, 1,718 households are for general sale. The units range from 51 to 84㎡.

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