Prime Redevelopment and Reconstruction Sales in May Including Heukseok and Gwangmyeong New Town

[Asia Economy Reporter Onyu Lim] The housing sales that were postponed due to the spread of the novel coronavirus infection (COVID-19) are resuming. In particular, prime redevelopment and reconstruction complexes such as Heukseok New Town in Seoul and Gwangmyeong New Town in Gyeonggi Province are scheduled for sale in May.

According to Zigbang on the 10th, a total of 63,560 households will be sold across 88 complexes nationwide in May. This is an increase of more than 20,000 households compared to 42,082 households in the same period last year. The number of general sales will also increase to 50,672 households, nearly 30,000 more than the 23,257 households in the same period last year. The increase in May’s sales volume is due to the accumulation of supply postponed in March and April because of COVID-19. There are 25 complexes whose sales were postponed from April to May, totaling 24,187 households. Zigbang explained, "Nearly half of the complexes preparing for April sales adjusted their sales schedules due to the impact of COVID-19, so the sales volume in May is expected to increase significantly."

Among the sales complexes, the one attracting attention is ‘Heukseok River Park Xi’ supplied by GS Construction, which redevelops Heukseok 3 District within Heukseok New Town, Dongjak-gu, Seoul. Heukseok New Town is a new town located close to the Gangnam area, making it highly scarce and regarded as having excellent future value. Heukseok River Park Xi will be developed with 26 buildings ranging from 5 to 20 floors above ground, with units sized from 39 to 120㎡ (exclusive area), totaling 1,772 households. Among them, 357 households will be available for general sale.

In addition, in Seoul, Samsung C&T’s ‘Raemian Elinity’ will be sold, redeveloping Yongdu 6 District in Yongdu-dong, Dongdaemun-gu. There is also the reconstruction complex ‘Sinbanpo 13th Lotte Castle (tentative name)’ supplied by Lotte Construction in Jamwon-dong, Seocho-gu. Of the total 330 households sized 36 to 84㎡, 101 households will be for general sale. Furthermore, reconstruction in Jayang 1 District, Gwangjin-gu, is also planned for sale.

In Gyeonggi Province, Daewoo Construction will supply ‘Gwangmyeong Prugio Centber’ by redeveloping Gwangmyeong New Town 15 District in Gwangmyeong City. This is the first Prugio brand to be sold in Gwangmyeong New Town, which avoided the private land price ceiling system. The sale price is about 19 million KRW per 3.3㎡, approximately 2 million KRW lower than the 21 million KRW originally requested by the association. It will be developed with 12 buildings, ranging from 3 basement floors to a maximum of 37 floors above ground, sized 36 to 59㎡, totaling 1,335 households, of which 464 households will be for general sale.

Redevelopment and reconstruction complexes are popular in the sales market due to the already well-established surrounding infrastructure such as transportation, education, and living environment. Also, due to government price regulations, new apartment prices are set several hundred million KRW lower than market prices, so the subscription fever is expected to be intense this time as well. However, since the majority of general sales in maintenance projects are supplied through a point-based system, the 2030 generation and single-homeowners who can only aim for the lottery system are expected to have very few chances of winning.

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