"Sold Out Upon Release" Over 5,700 Households for Sale in Geomdan New Town in the First Half of the Year

[Asia Economy Reporter Jo Gang-wook] The housing sales in Geomdan New Town, which saw a heated subscription frenzy last year, are resuming. Geomdan New Town continues to attract steady attention due to its abundant transportation benefits and price competitiveness resulting from the application of the price ceiling system, drawing significant interest to the upcoming housing complexes.

According to real estate market analysis firm Real Estate Info on the 12th, from this month through June, a total of 5,724 units (apartment basis) are scheduled for general sale in Geomdan New Town. This number surpasses the total units sold last year (5,046 units, private sector basis).

Major complexes include Jeil Construction's plan to launch 'Jeil Punggyeongchae Geomdan 2nd Phase' in Geomdan New Town AB18 block this month. With exclusive areas of 74, 84, and 110㎡, the total of 1,734 units is the largest among private apartments in Geomdan New Town. A large-scale neighborhood park (planned) will be located on the north side of the complex, and the complex will feature a daycare center (in progress), with kindergarten and elementary, middle, and high school sites (planned) right next door, offering a one-stop school zone.

In the same month, Geumgang Housing plans to introduce a total of 547 units, including 483 apartments and 64 officetels, under the name 'Geomdan Station Geumgang Pentarium The Siglo 2nd Phase' in RC4 block. Hyundai Construction will supply a total of 1,535 units of Hillstate brand apartments in AA16 block. Additionally, Woomi Construction plans to sell 875 units in AB17 block in April.

All complexes sold out last year with double-digit competition rates... Private pre-sale in January also a success

According to the Korea Real Estate Board's subscription website, a total of six complexes with 5,046 units (excluding local housing association complexes) were sold in Geomdan New Town last year, all closing with first-priority subscriptions at double-digit competition rates.

‘Geomdan New Town Yemi Ji First Foret,’ which opened the sales in April last year, attracted 16,908 first-priority applicants, achieving an average competition rate of 24.83 to 1 and selling out completely. In the same month, ‘Geomdan New Town Woori Lin Parkview,’ supplied in two complexes (1st and 2nd), successfully closed first-priority subscriptions with competition rates of 22.87 to 1 (1st complex) and 21.22 to 1 (2nd complex), respectively.

Also, the mixed-use complex ‘Geomdan Station Geumgang Pentarium The Siglo,’ supplied in May, recorded the highest average competition rate of 57.18 to 1 in Geomdan New Town last year and sold out. In December, Jeil Construction’s ‘Jeil Punggyeongchae Geomdan 1st Phase’ attracted a record 31,374 subscription applications, the highest in Geomdan New Town, and sold out with an average competition rate of 43.39 to 1. Additionally, ‘e-Pyeonhansesang Geomdan Urban Centro,’ supplied in December, also closed first-priority subscriptions with an average competition rate of 43.49 to 1.

This subscription fever in Geomdan New Town continued this year as well. The private pre-sale apartments ‘Jeil Punggyeongchae Geomdan 3rd Phase,’ ‘Geomdan New Town Joongheung S-Class,’ and ‘Geomdan Hoban Summit 5th Phase,’ which announced recruitment at the end of last year and accepted subscriptions in January, collectively received 65,391 applications (including duplicate subscriptions) for first-priority general supply.

Among the complexes, Jeil Punggyeongchae Geomdan 3rd Phase showed the highest average competition rate of 81.88 to 1, followed by Joongheung S-Class and Geomdan Hoban Summit 5th Phase with 43.01 to 1 and 41.22 to 1, respectively.

Steady interest due to transportation network expansion and price merits... Popularity expected to continue this year

Market observers widely expect the subscription fever in Geomdan New Town to continue this year. The reasons cited include further expansion of transportation infrastructure and the price merits brought by the price ceiling system.

In fact, Geomdan New Town is experiencing various transportation benefits. The Incheon Urban Railway Line 1 Geomdan extension line, connecting Gyeyang Station to Geomdan, is currently under construction with a target opening in 2024.

Additionally, the Ministry of Land, Infrastructure and Transport finalized the 4th Metropolitan Area Wide-Area Transportation Implementation Plan last year, proposing the extension of Seoul Subway Line 5 to Gimpo and Geomdan as a conditional additional review project. The ‘Western Metropolitan Express Railway,’ formerly known as the GTX-D line, has seen renewed expectations as presidential candidates from both major parties have pledged direct connections to Gangnam.

An industry insider said, "Geomdan New Town has seen steady price increases, and new complexes are priced lower than market prices due to the price ceiling system, allowing buyers to enjoy capital gains. For real demand buyers facing increased financial burdens due to DSR regulations, the reasonable prices and excellent accessibility to Seoul and Incheon are key factors. Therefore, the Geomdan sales market is expected to maintain steady popularity this year as well."

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