'Brighton Yeouido' Completion Delayed... Apartment Sales Uncertain Early Next Year

Extension of Construction Period Due to Yeonam and COVID-19
Scarcity of New Apartments in Yeouido Raises Interest in Sale Prices

[Asia Economy Reporter Noh Kyung-jo] The completion date of the 'Brighton Yeouido' residential-commercial complex, originally scheduled for April next year, has been postponed to August, making the apartment sales schedule, initially set for February, uncertain.

A representative from Shinyoung stated on the 22nd, "We notified the Brighton Yeouido officetel contract holders by mail on the 18th about the change in the completion date due to the extension of the construction period," adding, "During construction, we encountered bedrock, and the COVID-19 pandemic caused work stoppages, which delayed the schedule." They also mentioned that there are no concerns considering the recent real estate finance market conditions.

Accordingly, the apartment sales schedule may be pushed to the second half of the year, as post-sale is generally aligned with the completion and move-in period. The representative said, "Sales can proceed once the construction progress exceeds 80%, but we are reconsidering the timing. We cannot give a definite answer yet." Since this is not a reconstruction or redevelopment project, conflicts with the association are not a consideration.

Brighton Yeouido, built on the former MBC headquarters site, consists of two apartment towers up to 49 floors above ground, one officetel, and one office building. The officetel (849 units, exclusive area 29?59㎡) was sold out in July 2019. The average sale price was 43.05 million KRW per 3.3㎡, with units of 59㎡ priced between 730 million and 860 million KRW.

Although apartment sales were also planned at that time, negotiations with the Housing & Urban Guarantee Corporation (HUG) on the sale price were not smooth, causing delays. Subsequently, the government implemented the sale price ceiling system, designating Yeouido-dong as an applicable area, leading to a shift to post-sale. This was recorded as the first case of choosing post-sale among complexes subject to the private land sale price ceiling system. The apartments consist of a total of 454 households with exclusive areas ranging from 84 to 136㎡.

The last new apartment in the Yeouido area was 'Yeouido Xi,' sold in 2008. This is also why expectations for Brighton Yeouido apartments are high. Consequently, the sale price is expected to be set high. Although it is not located in a prime station area near Yeouido Station on subway lines 5 and 9, it offers convenient access to commercial facilities such as IFC and The Hyundai Seoul (Park One), and elementary, middle, and high schools are within walking distance. Above all, Yeouido is expected to benefit from future development due to transportation advantages and numerous reconstruction complexes.

A construction company official said, "We are closely watching how the Brighton Yeouido apartment sale price will be set," adding, "Since new apartments are very scarce in the area, although there will be a time lag, it will serve as a benchmark for Yeouido reconstruction complexes."

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