Dunchon Jugong Sale Price 38.29 Million KRW per Pyeong... 84㎡ Interim Payment Loan Not Available

[Asia Economy Reporter Hwang Seoyul] The sale price for Dunchon Jugong has been set at 38.29 million KRW per pyeong. The sale price for the exclusive area of 84㎡ is expected to exceed the mid-term loan regulation limit of 1.2 billion KRW.

On the 16th, according to Gangdong District Office and the Dunchon Jugong Reconstruction Association, the district office finalized the general sale price of Dunchon Jugong at 38.29 million KRW per 3.3㎡ (pyeong) through the Sale Price Deliberation Committee and notified the association. The association had applied for a sale price of 41.8 million KRW per pyeong to the district office, but a lower price was decided during the review and adjustment process.

Although the sale price is lower than expected, the association stated that they do not plan to raise objections. On the day the sale price review results were announced, the association notified its members that "if the association cannot bear the high-interest burden due to the tightening of real estate PF funding, it could face bankruptcy," and emphasized the need to hold the management disposition general meeting as soon as possible to successfully carry out the general sale. Due to concerns about funding difficulties, the association has decided to advance the general sale, which was originally expected in January or February next year.

Park Seunghwan, head of the Dunchon Jugong Reconstruction Association, said, "Although it would be better to receive a slightly higher sale price to reduce the additional burden on association members, many citizens are waiting for the general sale, so we plan to proceed with the general sale quickly."

With the general sale price confirmed at 38.29 million KRW per pyeong, the sale price for the exclusive area of 84㎡ is expected to be over 1.3 billion KRW. Although the government relaxed the mid-term loan guarantee regulation limit from 900 million KRW to 1.2 billion KRW in the follow-up plan after the 11th Emergency Economic and Livelihood Meeting on the 27th of last month, it seems difficult for the 84㎡ exclusive area, which exceeds 1.2 billion KRW, to benefit from this relaxation. The association stated that even if the 84㎡ exclusive area does not receive the benefit of the relaxed mid-term loan regulation, they will not lower the sale price. The sale price for the 59㎡ exclusive area, which has the largest supply volume, is expected to be around 900 million to 1 billion KRW.

The association plans to announce the resident recruitment on the 24th, conduct special supply and general sale in early next month, and proceed with contracts in January next year. However, the management disposition general meeting, originally scheduled for the 17th of next month, is expected to be postponed to the 22nd due to the sale price calculation being delayed by a week from the original plan.

The Dunchon Jugong reconstruction project is called the "largest reconstruction project since the founding of Korea," involving the demolition of 5,930 households and the construction of 12,032 households in 85 buildings with up to 35 floors above ground.

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