[Practical Finance] Reasonable Sale Prices and Excellent Locations... Guaranteed Success in Apartment Sales

Huigyeong Xi Decencia in Dongdaemun-gu, Seoul
60% Lottery System... Homeowners Eligible to Apply

As the housing market downturn continues, complexes with excellent locations or price competitiveness are performing relatively well in the recent pre-sale market. For example, ‘Godeok Gangil 3 Complex,’ which attracted attention as an apartment priced in the 300 million KRW range in Seoul, recorded a competition rate of 33.2 to 1 with a total of 13,262 applicants during the special supply held over two days starting from the 27th of last month.

[Image source=Yonhap News]

Riding this market trend, complexes emphasizing price competitiveness are starting pre-sales from this month. DL E&C began accepting first-priority subscription applications for ‘e-Pyeonhansesang Dongtan Park Honors,’ supplied in Dongtan 2 New Town, Hwaseong City, Gyeonggi Province, from the 14th. The complex is built on Block A56 of Dongtan 2 Residential Development District, Sindong, Hwaseong City, consisting of 13 buildings ranging from two basement floors to 12 above-ground floors, totaling 800 households. Among these, 7 buildings with 437 households will be prioritized for the first phase of pre-sale.

This complex is subject to the pre-sale price ceiling system, making its prices cheaper than those of complexes supplied in the same area. The average pre-sale price for the first phase is 15.27 million KRW per 3.3㎡, with prices set around 560 million to 590 million KRW for a 99㎡ exclusive area. This is about 30 to 50 million KRW lower than the prices of complexes supplied in Dongtan 2 New Town last year. Additionally, buyers can enjoy regulatory relaxation benefits under the ‘1·3 Measures.’

The GS Construction consortium plans to pre-sell ‘Godeok Xi Centro,’ a private-participation public pre-sale apartment in Godeok New Town, Pyeongtaek City, Gyeonggi Province, this month. It will consist of 7 buildings ranging from two basement floors to 25 above-ground floors, totaling 569 households, all with a single exclusive area of 84㎡. As a private-participation public pre-sale apartment, the pre-sale price ceiling system applies, so it will be supplied at a reasonable price.

Hyosung Heavy Industries also plans to pre-sell ‘Harrington Place Technopolis’ in Heungdeok-gu, Cheongju City, Chungbuk Province, in mid-month. It will be composed of 5 buildings ranging from two basement floors to 47 above-ground floors, including 602 apartment units (84~94㎡ exclusive area), 130 officetel units (84㎡ exclusive area), and 67 neighborhood living facilities. The pre-sale price ceiling system will be applied, so a relatively reasonable pre-sale price is expected.

‘Hwigyeong Xi Decencia’ in Dongdaemun-gu, Seoul, constructed by GS Construction, is also scheduled for pre-sale this month. Introduced through the Hwigyeong 3 Redevelopment Promotion Zone housing redevelopment project, Hwigyeong Xi Decencia consists of 14 buildings up to 35 floors, totaling 1,806 households, of which 700 households sized 39~84㎡ are for general pre-sale. The complex is conveniently located between Line 1 and the Gyeongui-Jungang Line, offering excellent transportation. It is a ‘double station area’ with Hoegi Station, served by Seoul Subway Line 1, Gyeongui-Jungang Line, and Gyeongchun Line, and Hwigyeong Station on Line 1 nearby. With recent relaxation of subscription regulations, those aged 19 or older residing in Seoul, Gyeonggi, and Incheon can apply for subscriptions even if they own a house. Moreover, 60% of the units are allocated by lottery, so even those lacking subscription points can aim to win. The average pre-sale price (based on supply area) is reportedly being adjusted around 29 million KRW per 3.3㎡.

In Geomdan New Town, Incheon, pre-sales of large complexes with over 1,000 households have begun. Geumgang Housing is supplying ‘Geomdan New Town Geumgang Pentarium 3rd Central Park’ in Block AA23, Bullo-dong, Seo-gu, Geomdan New Town. The complex consists of 10 buildings ranging from three basement floors to 25 above-ground floors, totaling 1,049 households, with 386 units of 74㎡, 346 units of 84㎡, and 317 units of 98㎡ exclusive area. The pre-sale price ceiling system applies, with prices around 480 million KRW for the 84㎡ units. The scarce 98㎡ units in the nearby area are supplied at mid-500 million KRW range. Additionally, due to regulatory relaxation, the condition to dispose of existing houses upon winning the subscription (for one-house owners) has been removed. Subscriptions started with special supply on the 13th and first priority on the 14th via the Korea Real Estate Agency’s subscription homepage.

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