Half-Price Market in Seoul Living Area... Catch the 'Lotto' in Hanam and Wirye

Wirye Umirin 2nd Phase 420 Households for Sale
Under 900 Million KRW, Interim Payment Loan Available
Market Price 30%, Expected Profit 500 Million KRW
Half by Lottery... Fierce Competition

End of This Month Hana Gamil Hanyang Sujain
84㎡ Single Area 512 Households Supplied
Around 600 Million KRW, Half of Nearby 1.3 Billion KRW

Aerial view of Wirye New Town Umirin Phase 2.

[Asia Economy Reporter Donghyun Choi] As prime housing complexes located on the southeastern boundary of Seoul city are consecutively opening for subscription, the attention of prospective buyers is intensifying. Since these complexes are effectively within Seoul’s living area and are being offered at prices as low as half of the surrounding market rates, fierce competition for subscriptions is expected.

According to industry sources on the 14th, WooMi Construction will open a cyber model house on the 15th for 'Wirye New Town WooMiLin Phase 2,' located in A3-2 Block, Hakam-dong, Hanam-si, Gyeonggi-do, and will begin sales. This complex is the last private sale in Northern Wirye, consisting of 7 buildings with 420 units ranging from basement level 2 to 25 floors above ground. The units are all medium to large-sized, with ▲90㎡A 47 units ▲102㎡A 163 units ▲102㎡B 66 units ▲119㎡A 144 units.

The average sale price per 3.3㎡ for Wirye WooMiLin Phase 2 is set at 19.98 million KRW. The highest price is 899 million KRW, which is below 900 million KRW, allowing for mid-term loan eligibility. Considering that the apartment prices in nearby Hakam-dong were 31.15 million KRW per 3.3㎡ as of the end of last month, this is about 30% cheaper. Compared to the 101㎡ units of Wirye Green Park Prugio, which moved in 2016, the 102㎡ units in WooMiLin Phase 2 are priced in the mid-700 million KRW range, so local real estate agents expect a capital gain of 400 to 500 million KRW upon winning the lottery.

Especially, half of the general sale units (369 units) will be allocated by lottery, so many subscription holders with low scores are expected to apply. Previously, in February, 'Wirye Joongheung S-Class' recorded an average competition rate of 104.3 to 1 with 44,449 applicants in the first-priority lottery. For Wirye WooMiLin Phase 2, 30% of the total units are allocated to residents of Hanam-si with at least one year of residence, 20% to residents of Gyeonggi-do with at least one year of residence, and the remaining 50% will be supplied to residents of the entire metropolitan area including Seoul, Incheon, and Gyeonggi-do. However, since this complex is supplied at less than 80% of the surrounding market price in a speculative overheated district, resale is prohibited for 10 years. The regulation to strengthen the mandatory residence period for first-priority metropolitan area subscriptions to two years has not yet been implemented, so only one year of actual residence is required. A representative from A real estate agency in the area said, "Wirye still lacks transportation infrastructure, so it has high potential value. Once the Wirye tram and Wirye Sinsa Line open, the value of the complex will increase further."

At the Hanam Gam-il district, Hanyang will offer 'Hanam Gam-il Hanyang Sujain' for sale at the end of this month. This complex consists of 5 buildings from basement level 1 to 29 floors above ground, with 512 units all sized 84㎡. The Hanam Gam-il district borders the Seoul city boundary and is effectively considered part of the Gangdong-gu living area. The total housing construction scale in the district is about 13,000 units.

The average sale price per 3.3㎡ for Gam-il Hanyang Sujain is expected to be around 18 million KRW. For the 84㎡ units, the price is estimated to be in the low to mid-600 million KRW range. Among nearby complexes, the 84㎡ pre-sale rights for 'e-Pyeonhansesang Songpa Park Central,' which is scheduled for move-in this June, are currently priced in the 1.3 billion KRW range. Winning the lottery means being able to purchase a new home at about half the surrounding market price, so many prospective buyers are expected to use their subscription accounts. Previously, 'Hanam Powell City,' supplied in this area, sold out with a highest competition rate of 92 to 1 during the first-priority subscription in 2018, attracting about 50,000 applicants. At that time, three winners had perfect scores (84 points), which was a hot topic. A company representative said, "Gam-il Hanyang Sujain is the complex that can most centrally enjoy the premium of the Gam-il housing district, with access to Songpa and Gangnam via Hanam IC and Gangdong-daero. It has various residential infrastructures such as transportation, education, commercial facilities, and historical cultural parks, so inquiries from prospective buyers are steady."

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