‘65 Million KRW per Pyeong’ Jamsil The Sharp Ruben Launches First-Come, First-Served Sales (Comprehensive)

Aerial view of Jamsil The Sharp Ruben, Songpa-dong, Songpa-gu, Seoul

[Asia Economy Reporter Ryu Tae-min] Despite controversy over the high sale price exceeding 65 million KRW per pyeong, the ‘Jamsil The Sharp Ruben,’ which saw competition rates of hundreds to one in the general sale subscription, has entered a first-come, first-served sale due to the occurrence of unsold units.

According to the maintenance industry on the 13th, Jamsil The Sharp Ruben in Songpa-gu, Seoul (remodeling of Songpa Seongji Apartment), which held a general sale on the 5th and 6th, received 7,310 applications for 29 units, recording a high average competition rate of 252.1 to 1. It attracted buyers’ attention as a rare mid-to-large new construction in the Gangnam area, requiring no subscription savings account and free from resale restrictions and mandatory residence obligations.

This complex is the first vertical extension remodeling apartment in Korea. Avoiding the application of the price ceiling system, 29 units were sold at a price reaching 65 million KRW per 3.3㎡ (1 pyeong). This is over 12 million KRW higher per 3.3㎡ than the previous highest sale price of 52.73 million KRW at ‘Raemian One Bailey’ in Banpo-dong, Seocho-gu. The sale price for the 106㎡ (exclusive area) units supplied through general sale ranged from 2.5744 billion KRW to 2.647 billion KRW, far exceeding the loan limit of 1.5 billion KRW.

However, contrary to the heavy promotion of ‘first-priority subscription closing,’ it was revealed that the recruitment of 29 units for general sale failed within the contract period for winners and standby winners, undermining the initial expectations. Jamsil The Sharp Ruben announced that due to numerous unsold units, they would accept non-priority subscriptions on the 12th.

This appears to be due to many homeowners and people in their 20s and 30s aiming for short-term profits canceling their contracts. Their goal was to resell the won units at an ‘early premium.’ However, as there were no actual buyers willing to take the units at the expected price, contract cancellations continued. In fact, real estate-related online communities were filled with posts offering to sell the won units.

A sales official from Jamsil The Sharp Ruben stated, “Among the winners, many young people in their 20s are giving up contracts because they cannot cover the deposit,” adding, “It seems that most of the investment demand was aimed at short-term profits through resale before paying the deposit.”

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