'Cash-Rich' Crowd Flocks to One Bailey... Next Noteworthy Pre-Sale Complex

Onepentas, Maplejai, and Dunchon Jugong Upcoming for Sale

Rendering of Raemian One Bailey

[Asia Economy Reporter Tae-min Ryu] The sale of ‘Raemian One Bailey’ in Banpo-dong, Seocho-gu, Seoul, which attracted market attention with an expected price gain of over 1 billion KRW upon winning, closed on the 17th with 36,116 applicants competing for 224 units in the first-priority subscription, resulting in an average competition rate of 161.2 to 1. In particular, the 46㎡ (exclusive area) units, of which only 2 were supplied, attracted 3,747 applicants, recording a maximum competition rate of 1,873 to 1. The average winning score also reached 72.9 points, with some winners achieving a perfect score, drawing attention in the subscription market once again to the ‘lottery sale’ complexes in the Gangnam area.

In the Banpo area where Raemian One Bailey is located, ‘Raemian One Pentas’ is scheduled for sale in the second half of this year. This complex, which is a reconstruction of ‘Sinbanpo 15th,’ consists of a total of 641 units, of which 263 units will be sold to the general public. Notably, 39 units exceed 85㎡, and half of these will be supplied by lottery, making it possible for single-homeowners or non-homeowners with low subscription scores to have a chance to win. The sale price is expected to be similar to that of Raemian One Bailey.

Perspective View of 'Sinbanpo Maple Ja-i' in Seocho-gu

‘Sinbanpo Maple Xi,’ located in Jamwon-dong, Seocho-gu, Sinbanpo 4 District, is also expected to start sales as early as the second half of the year. Sinbanpo 4 District is a large-scale project integrating seven complexes and commercial areas, including Sinbanpo 8th, 9th, 10th, 11th, and 17th phases, Nokwon Hanshin, and Benny House, to build 29 buildings with up to 35 floors above ground, totaling 3,685 units. Among these, 236 units are planned for general sale.

The ‘largest reconstruction since the era of Dangun,’ Dunchon Jugong in Gangdong-gu, is also awaiting sale. It consists of 85 buildings and 12,032 units in total, with 4,786 units available for general sale. Especially, the highly preferred 59㎡ and 84㎡ units are expected to be 1,488 and 1,237 units respectively. Although construction began at the end of 2019, the sale schedule was delayed due to deliberations over the sale price under the price ceiling system. At the end of last month, a new union executive team was formed, and it is known that they are rushing the sale.

However, there are forecasts that the sale timing may be further delayed considering various factors such as government control over sale prices. If land prices continue to rise, the sale price set by the price ceiling system may increase, leading the union to postpone the sale. Additionally, unlike One Bailey, complexes subject to the price ceiling system later on must comply with mandatory residence requirements, which should also be noted.

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