‘Elip Mia Station’ Sale... Market Interest in Overcoming High Price Controversy
Published 19 Apr.2023 06:00(KST)
Updated 19 Apr.2023 10:01(KST)
'Elif Mia Station,' located near Mia Station on Subway Line 4 in Mia-dong, Gangbuk-gu, Seoul, is set to be offered for sale this month. However, apart from its location, there are concerns about the high sale price. If it sells out completely, it could serve as a barometer for the Seoul sales market, drawing significant attention.
According to the Korea Real Estate Board's subscription website on the 19th, KT&G will launch Elif Mia Station (constructed by Gyeryong Construction Industry) on the site of the former Gungjeon Hall (Gungjeon Wedding Hall) in Mia-dong, Gangbuk-gu, Seoul (lots 195, 194-2, etc.). The special supply subscription will begin on the 24th, followed by the first priority on the 25th and the second priority on the 26th.
Elif Mia Station is a residential-commercial complex consisting of three buildings, ranging from five basement floors to 24 above-ground floors, with a total of 260 units sized between 49 and 84 square meters. Of these, 34 units are public rental housing, and 226 units are available for general sale.
Elif Mia Station is receiving market criticism for its high sale prices, similar to Kantabil Suyu Palace and Hanwha Forena Mia, which were previously offered in Gangbuk-gu.
A representative from a nearby real estate agency, A, said, "The location is good, but the high sale price is expected to lead to unsold units. Like Kantabil Suyu Palace and Hanwha Forena Mia, discounted sales through non-priority subscriptions might be necessary to generate some demand."
According to the resident recruitment announcement for Elif Mia Station, the sale prices by unit type are set as follows: 49㎡ units range from 600 million to 631 million KRW, 59㎡ units from 728 million to 793.5 million KRW, 74㎡ units from 914.9 million to 970.4 million KRW, and 84㎡ units from 1.0872 billion to 1.1427 billion KRW.
Including the paid option for balcony expansion, the sale prices increase further. The balcony expansion fees by unit size are 8.4 million KRW for 49㎡, 22.5 million KRW for 59㎡, 25.4 million KRW for 74㎡, and between 26.3 million and 26.7 million KRW for 84㎡ units.
These prices are similar to the initial sale prices of Kantabil Suyu Palace (78㎡ units priced between 1.0163 billion and 1.1478 billion KRW) and Hanwha Forena Mia (around 1.15 billion KRW for 84㎡ units), both of which experienced large-scale unsold inventories due to high prices.
Kantabil Suyu Palace and Hanwha Forena Mia conducted nine and five rounds of non-priority subscriptions, respectively, due to large-scale unsold units, but unsold units still remain.
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