'Reconstruction Big Fish' Eunma, Sale Price per Pyeong Reduced from 77 Million KRW to 71 Million KRW

The Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, considered a "big catch" for reconstruction, is lowering its general sale price from 77 million KRW to 71 million KRW per 3.3㎡. This decision reflects recent reductions in loan interest rates and the decline in nearby official land prices.

According to Gangnam-gu on the 10th, the district held an estimated contribution verification committee meeting for Eunma Apartment the day before and decided on this matter. Based on the adjusted sale price, the price for the "national standard size" 84㎡ (exclusive area) unit will drop from about 2.6 billion KRW to about 2.4 billion KRW, and the 59㎡ unit price will decrease from about 1.9 billion KRW to the mid-1.7 billion KRW range.

[Image source=Yonhap News]

Seoul City announced the "Eunma Apartment Reconstruction Project Maintenance Plan Decision and Maintenance Zone Designation" on the 16th of last month. When estimating the contribution amount, the general sale price was set at 77 million KRW per 3.3㎡, marking a record high and attracting attention. Despite the price reduction, this sale price remains about 14 million KRW higher than the record-high price of Raemian One Bailey (56.69 million KRW).

Built in 1979, Eunma Apartment is currently composed of 28 buildings with 4,424 households and is planned to be reconstructed into 33 buildings with 5,778 households. There is consideration to increase the number of floors from 35 to over 50. During this process, construction costs and members' contribution amounts may change later.

The contribution amount that current Eunma Apartment owners must bear will also decrease. Based on owners of 76㎡ units, the additional contribution when purchasing a new apartment is set at ▲3.16 billion KRW for 84㎡ ▲4.82 billion KRW for 91㎡ ▲7.06 billion KRW for 99㎡ units.

The Reconstruction Promotion Committee notifies members of the possibility of additional contributions and obtains consent forms for establishing the association based on this. After collecting the consent forms, the procedure to establish the association will proceed.

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