As Pyeongchon Housing Prices Soar... Reserved Land Sells Out

Loan Unavailable and One-Month Balance Payment Drawbacks
But Pyeongchon Irvine First Reserved Site Winning Bid
Up to 600 Million KRW Above the Bidding Base Price

[Asia Economy Reporter Kim Hyemin] As housing prices in Anyang-si, Gyeonggi Province, continue to rise relentlessly, the sale prices of reserved lots are also soaring accordingly. There have been cases where bids exceeded the minimum bid price set by the redevelopment project associations by more than 600 million KRW. This is interpreted as reflecting the expectation that prices will continue to rise amid a shortage of available properties.

According to the redevelopment industry on the 20th, the bidding results for 19 reserved units at Pyeongchon Irvine First in Hogye-dong, Dongan-gu, Anyang-si, on the 18th showed that all lots were sold above the bidding reference price. These reserved lots, ranging from 39 to 84㎡ in exclusive area, were sold for prices 200 million to over 600 million KRW higher than the reference price.

Reserved lots are quantities left unsold by redevelopment or reconstruction associations to prepare for cases of omitted or mistaken shares of the allottee or future lawsuits, and are not offered to the general public. They have the disadvantages of not being eligible for interim payments or mortgage loans and require full payment within a month. In Seoul, reserved lots have often been priced close to market value and have recently been frequently passed over in auctions.

However, the auction results for reserved lots at Pyeongchon Irvine First contrast with this trend. The most expensive 84㎡ unit on the 20th floor, with a bidding reference price of 820,248,000 KRW, was sold for 1,480,000,000 KRW, which is 660,000,000 KRW higher. This exceeds the actual transaction price of 1,120,000,000 KRW for the same area recorded in May. Similarly, a 59㎡ unit that was traded for 900,000,000 KRW in June was sold at the highest bid of 1,071,111,000 KRW, surpassing the actual transaction price.

An official from a nearby real estate agency said, "It is the largest new apartment complex in the Anyang area, and the positive factor of the Indong Line (Indeokwon~Dongtan) opening within a 5-minute walk in 2027 seems to be reflected. The asking prices have already risen significantly." The asking price for a 59㎡ unit in the area ranges from 1,050,000,000 to 1,200,000,000 KRW amid the overheated real estate market in Pyeongchon. However, out of 3,850 households, only 14 units are currently on the market.

Yeogyeonghee, Senior Researcher at Real Estate 114, said, "The stop of the Metropolitan Area Express Train (GTX)-C line at nearby Indeokwon Station has been confirmed, and there are many remodeling issues centered around the first-generation Pyeongchon New Town, raising expectations for residential environment improvements, which is driving price increases mainly based on asking prices. This reflects the sentiment that prices will continue to rise." She added, "Despite the real estate boom, most reserved lots are being passed over in auctions. This success seems to be due to locational characteristics."

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