Price Ceiling System Boosts Popularity of 'ePyeonhansesang Geomdan Ecovista' Through Word of Mouth

by Jung Jin

Published 14 Mar.2024 10:40(KST)

[e-Pyeonhansesang Geomdan Ecovista Perspective View]

'e-Pyeonhansesang Geomdan Ecovista,' which is scheduled for a formal contract on the 26th of this month, is attracting attention for its unprecedentedly affordable sale price. This is because the prices of new apartments to be supplied in the future are expected to rise further due to increases in construction material costs and the government's strengthened building regulations.

According to the industry, prices of major construction materials such as cement and aggregates have risen by approximately 12% and 8%, respectively, compared to last year. In the metropolitan area, the supply price of ready-mixed concrete was additionally increased by 5.6% in February. Furthermore, the labor costs for construction workers applied in the first half of this year have risen by about 6% compared to the first half of last year.

The Ministry of Land, Infrastructure and Transport reflected these changes by raising the basic construction cost in March this year from the previously announced 1,976,000 KRW per square meter to 2,038,000 KRW, an increase of 3.1%. This is the second-highest increase ever, following the 3.42% rise in September 2021. The basic construction cost serves as the standard for calculating the sale price of apartments subject to the price ceiling system.

Industry insiders explain that construction costs inevitably rise significantly due to the addition of government regulations. In December last year, the government announced stricter standards for floor noise and stated that only newly built apartments meeting these standards would receive completion approval. Starting next year, the scope of mandatory Zero Energy Building (ZEB) certification, which minimizes energy use and utilizes renewable energy, will be expanded.

The problem is that the burden of increased sale prices caused by the sharp rise in construction costs is passed directly to the buyers. As a result, the perception that "sale prices are cheapest today" is spreading, prompting real estate buyers to hurry to secure their homes.

In Incheon, 'e-Pyeonhansesang Geomdan Ecovista' by DL Construction is gaining attention. It is supplied at a reasonable price compared to surrounding market prices due to the application of the sale price ceiling system, and considering future apartment prices, it is expected that prices like this will be hard to see again.

'e-Pyeonhansesang Geomdan Ecovista' is located in Majon-dong, Geomdan New Town, and consists of 11 buildings ranging from 3 basement floors to 20 above-ground floors, with a total of 732 households. It features a variety of unit sizes, from the popular 84㎡ to the scarce 99㎡ and 119㎡ units within Geomdan New Town.

The sale price for the 84㎡ units at 'e-Pyeonhansesang Geomdan Ecovista' is set in the high 400 million KRW to low 500 million KRW range. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, 84㎡ units in Geomdan New Town have been traded at 600 to 700 million KRW earlier this year, and listings on Naver Real Estate go up to 800 million KRW, making this price significantly more affordable.

A sales official emphasized that 'e-Pyeonhansesang Geomdan Ecovista' is the last opportunity to enter Geomdan New Town this year. Although there is information circulating about sales in blocks AA28 and AA32 in the second half of the year, there is no official announcement on the construction companies' websites, and nothing has been confirmed. Even if sales proceed in the second half, considering the rising trend in prices, they are expected to be more expensive than 'e-Pyeonhansesang Geomdan Ecovista.'

'e-Pyeonhansesang Geomdan Ecovista' is attracting more attention as a first-tier brand apartment rarely seen in Geomdan New Town. Expected to live up to the reputation of Korea's first apartment brand 'e-Pyeonhansesang,' it features the innovative 'C2 House' design applied to all units.

First, it offers a 4-bay, slab-type, cross-ventilation structure (except for some types), which is advantageous for lighting, ventilation, and airflow. Spacious storage spaces such as a large entrance pantry and alpha rooms (in 99㎡ and 119㎡ units) are also provided. The kitchen features large wide windows offering an open view, and the dressing room includes windows for easy management.

The master bedroom has half-windows allowing flexible furniture arrangement. The 84㎡C and 99㎡B units have a connected living room-kitchen-dining room (LDK) layout, providing excellent openness. The 119㎡ unit is a scarce size in Geomdan New Town and offers an open balcony, which can be used as a space for family healing and relaxation.

A 'Smart Clean & Care Solution' to manage indoor and outdoor air quality will also be introduced. Additionally, residents will be able to access the main entrance and call elevators via smartphones. Other systems planned for residents' safety and convenience include △ standby power cut-off system △ security sensors on lower and top floors △ entry and exit management system △ high-resolution CCTV (2 million pixels), among others.

The community facilities are also a highlight. They will include △ fitness center △ GX room △ indoor golf practice range △ screen golf △ small library (lounge cafe) △ study rooms and reading rooms, an education center composed of shared offices and kids cafes, and a wellness center including a senior lounge and senior book cafe, catering to residents of various age groups.

'e-Pyeonhansesang Geomdan Ecovista' will conduct formal contracts from the 26th to the 29th of this month. The housing exhibition hall is located in Wonchang-dong, Seo-gu, Incheon, and move-in is scheduled for July 2026.