SH Discloses Sale Cost of Segok 2 District... 10 to 12 Million KRW per Pyeong

[Asia Economy Reporter Kim Min-young] Seoul Housing and Communities Corporation (SH Corporation) has additionally disclosed the land development costs included in the apartment sale prices. This is the third disclosure following the release of data for Godeok Gangil Complex 4 in December last year, and Ogeum Complexes 1 and 2, as well as Hangdong Complexes 2 and 3 in January. This time, the disclosure includes Segok 2 District complexes 2, 3, 4, and 6, which are public housing projects in the Gangnam area.

According to SH Corporation on the 24th, the sale price per square meter for Segok 2-1 Complex and 2-3 Complex was 3,144,000 KRW and 3,253,000 KRW, respectively. When converted to price per pyeong (3.3㎡), it ranges from approximately 10.39 million to 10.75 million KRW. The sale price includes both land development costs and construction costs. At the time, the sale price per pyeong was set between 13.55 million and 13.56 million KRW. The profit margin on sales for Segok 2-1 and 2-3 Complexes reached between 20.7% and 23.3%.

The sale price per square meter for Segok 2-4 Complex and 2-6 Complex was 3,294,000 KRW and 3,856,000 KRW, respectively. The price per pyeong for Segok 2-4 Complex is 10.89 million KRW, and for Segok 2-6 Complex, it is 12.74 million KRW. The sale price per pyeong ranged from 14.10 million to 14.94 million KRW, with profit margins between 9.6% and 27.1%.

The Segok 2 District complexes 1, 3, 4, and 6 included in this disclosure were sold between 2013 and 2014. Among the eight apartment complexes in the entire district, these were developed and sold directly by the corporation.

The sale price data is organized and disclosed in 21 categories, consistent with the Hangdong and Ogeum districts data released in January, following the SH Corporation’s five major innovation plans announced by the Seoul Metropolitan Government on November 9 last year.

Land development costs are broken down into 10 categories, including land price, development costs, and relocation measures, while construction costs are divided into 11 categories based on the contract details, covering construction work costs and indirect expenses.

As with previous disclosures, the design and contract details, as well as the usage of sales profits for the four complexes, are also made available on the corporation’s website.

Kim Heon-dong, President of SH Corporation, stated, "Even in the Gangnam area, construction costs (building expenses) are similar to those in other regions. We will now strive to supply higher quality housing, even if it requires a bit more investment."

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