Despite the Sluggish Subscription Market, Model Houses Are Crowded... Visiting Indeogwon Xi SK View

Uiwang·Anyang Living Area, Newly Built Large Complex Released After a Long Time
Price Lower Than Surrounding Market... Demand for Home Purchase and Switching to New Builds Considered
Will It Navigate Smoothly Despite Falling House Prices and Frozen Subscription Atmosphere?
Special Supply Starts on the 19th, Priority Subscription on the 20th-21st

Visitors at the Indeogwon Ja-i SK View model house in Naeson-dong, Uiwang-si are receiving consultations on site. Photo by Hye-min Kim hmin@

[Asia Economy Reporter Kim Hyemin] "I've been living in an old apartment nearby for over 30 years, and now that my children have all left, I'm thinking of downsizing and moving to a new apartment. I want to start my retirement in a newly built apartment. Being farther from the station is a downside, but since it's near a forest and there's news of a subway station opening nearby, I'm torn." (A couple in their 60s living in Pyeongchon-dong, Dongan-gu, Anyang, Gyeonggi Province)

"I currently live in Seoul, but I'm seriously considering applying for the 49-type special supply for first-time homebuyers. Quite a few people commute to Seoul from around here. When I visited, I found the layout surprisingly spacious, so it's fine for living alone, and even if I get married later, it would be suitable for newlyweds. If it's too burdensome, you don't have to live there yourself." (A man in his 30s living in Eunpyeong-gu, Seoul)

On the 16th, the model house for 'Indeokwon Xi SK View' in Naeson-dong, Uiwang-si, Gyeonggi Province, was visited by over 50 people even on a weekday morning. The visitors ranged from couples in their 20s preparing for marriage, couples holding their young children's hands, groups of housewives, to middle-aged and elderly people over 60. They continuously toured the four housing types available at the model house (49㎡A, 59㎡B, 84㎡A, 99㎡A), envisioning their future homes, and carefully examined the subscription conditions and possibilities at the consultation desks on the first floor.

A couple visiting the Indeokwon Ja-i SK View model house in Naeson-dong, Uiwang-si, is examining the resident recruitment announcement. Photo by Kim Hye-min hmin@

Indeokwon Xi SK View is an apartment complex developed through the redevelopment of Naeson-dong district in Uiwang-si. GS Construction and SK Ecoplant are responsible for construction. Administrative procedures required for redevelopment have been completed, and the project is currently in the stages of relocation, demolition, and construction commencement. The complex will consist of 20 buildings ranging from 4 basement floors to a maximum of 29 floors, totaling 2,633 households. Among these, 899 units will be available for general sale: ▲39㎡ 17 units ▲49㎡ 366 units ▲59㎡ 191 units ▲74㎡ 173 units ▲99㎡ 90 units ▲112㎡ 62 units.

Visitors noted that this is the first apartment sale in Uiwang this year and the first new large-scale complex in Naeson-dong in over a decade. Although administratively part of Uiwang, the area is separated from Anyang by just one road, allowing residents to enjoy infrastructure such as the academy district of Pyeongchon New Town. While the complex is somewhat distant from Line 4's Pyeongchon Station and Indeokwon Station, the Anyang Agricultural and Marine Products Market Station on the Indeok Line is under construction just five minutes away. Naeson Elementary School and Baegun Middle and High Schools are adjacent, and behind the complex, Gyeonggi Province's first integrated future school is planned.

Many local residents who wanted to leave their old apartments and move to new ones visited the site that day. A woman in her 70s who has lived in an apartment in Naeson-dong for over 20 years said, "I want to continue living in Naeson-dong, but my current apartment is too old, and since a new complex has finally appeared, I stopped by. The apartment is attractive, but the current real estate market atmosphere is uneasy, so I'm worried." Visitors from Anyang aiming for first-priority other-area subscriptions and couples in their 20s and 30s preparing for marriage, interested in the special supply for first-time homebuyers and newlyweds since units under 59㎡ account for 78% of the special supply, were also noticeable.

The living room of the exclusive 59㎡ unit at the Indukwon Xi SK View model house. (Provided by GS Construction)

The sale price averages 28.77 million KRW per 3.3㎡. Prices are set as follows: ▲39㎡ 475 million KRW ▲49㎡ 550 million to 597 million KRW ▲59㎡ 724 million to 778 million KRW ▲74㎡ 823 million to 884 million KRW ▲99㎡ 1.124 billion to 1.210 billion KRW ▲112㎡ 1.26 billion to 1.345 billion KRW. Including balcony expansion fees ranging from 3.69 million to 16.29 million KRW, the 74㎡ units could exceed 900 million KRW. Units over 900 million KRW, such as the 99㎡, are not eligible for interim payment loans.

Opinions on the sale price were divided. A woman in her 40s who visited said, "A year ago, I would have thought it was cheap, but the recent drop in surrounding market prices is a burden," adding, "The biggest reason I'm hesitating is whether I should wait a bit longer." On the other hand, a man in his 60s said, "It's cheaper than apartments over 10 years old nearby," and "Considering the benefits of a new building, it's a reasonable price." According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, a nearby 'Indeokwon Central Xi' apartment, which is entering its 13th year, was sold for 780 million KRW for a 59㎡ unit in July.

Im Jongseung, head of sales, said, "When we prepared for sales at the end of last year, the price was more than 20% cheaper than surrounding areas, but now the gap has narrowed to about 10%," adding, "We split the deposit into two phases to reduce the initial burden, and applied deferred interest payment on 40% of the 60% interim payment." He explained that special attention was given to smaller units such as the 49㎡. Im said, "Smaller units are priced relatively cheaper, and the finishing level is not different from larger units," adding, "Various options such as imported kitchen furniture are also available."

Subscription applications will be accepted starting with special supply on the 19th, followed by first priority for the relevant area (residents of Uiwang-si for over 2 years) on the 20th, first priority for other areas (residents of Uiwang-si under 2 years and the metropolitan area) on the 21st, and second priority on the 22nd. Winners will be announced on the 28th of this month, and official contracts will be signed from the 11th to the 13th of next month. Resale restrictions are 5 years for special supply and until ownership transfer registration for general sales. There is no obligation for actual residence.

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