‘Songdo Zai Punggyeongchae Granoble’, Model House Crowded Even After Officetel Contracts

by Jung Jin

Published 27 Mar.2024 11:05(KST)

‘Songdo Jaipunggeungchae Grenoble’ is bustling with visitors coming to submit documents at the model house as the officetel follows the apartment’s success.

[Model House View of 'Songdo Xi Punggyeongchae Grenoble' During Document Submission Period]

According to Cheongyak Home, nearly 5,000 subscription accounts were concentrated in the apartment subscription for ‘Songdo Jaipunggeungchae Grenoble,’ showing a strong performance. On the 14th, when the officetel subscription was held, 3,808 applications were received for 542 units, closing with an average competition rate of 7.03 to 1. It is reported that despite the downturn in the officetel market, most units have been contracted, bringing the project close to a complete sell-out.

In particular, the apartment subscription showed higher preference among local residents compared to other complexes. In the first-priority subscription, 2,916 accounts were submitted by applicants residing in Incheon, accounting for 72% of all first-priority applicants. This is analyzed as local residents flocking due to the excellent residential environment and future value recognized within Songdo. In contrast, the previously supplied ‘Hillstate Lake Songdo 4th’ had only 47% of first-priority applicants from the local area, while Songdo Lux Ocean SK View and The Sharp Songdo Arc Bay accounted for 43% and 36%, respectively.

A real estate expert said, “It is rare for the model house to be crowded during the document submission period, which shows how high the expectations of the buyers are for ‘Songdo Jaipunggeungchae Grenoble.’ Especially, recognized for its excellent location, product quality, and future value, the subscription success relay continues from apartments to officetels, and interest is expected to lead to contracts.”

Document submission for the ‘Songdo Jaipunggeungchae Grenoble’ apartment winners will be held from the 24th (Sunday) to the 30th (Saturday), and the official contract period will be conducted for seven days from April 1st (Monday) to April 7th (Sunday). The payment terms include a 10% deposit split into two installments, with the first installment being 5%, reducing the initial financial burden. The resale restriction period is six months, and all types come with a free balcony expansion benefit.

For the officetels in complexes 3 and 5, first-come, first-served unit designation contracts are underway for some remaining units. Officetels have no resale restrictions (upon full payment of the deposit) and offer financial benefits such as 60% interest-free intermediate payments.

Songdo Jaipunggeungchae Grenoble is a project integrating five complexes, making it the largest scale development in Songdo District 11. It consists of 23 buildings (21 apartment buildings and 2 officetel buildings) ranging from two basement floors to a maximum of 47 floors above ground, totaling 3,270 households, including 2,728 apartments with exclusive areas of 84 to 208㎡ and 542 officetel units with exclusive areas of 39㎡.

‘Songdo Jaipunggeungchae Grenoble’ is located on the waterfront, the core of the green infrastructure in Songdo District 11, providing a pleasant residential environment. Some units offer permanent waterfront views.

Excellent educational and living infrastructure is also one of the complex’s strengths. It is adjacent to Yonsei University International Campus, Incheon Global Campus (State University of New York, George Mason University, Ghent University, University of Utah), and Inha University Open Innovation Campus (Inha University Songdo Campus). The 800-bed Songdo Severance Hospital began construction in December 2022 within walking distance and is currently under construction. Large shopping facilities such as Homeplus, Hyundai Premium Outlet (Songdo branch), and Triple Street are conveniently accessible.

The transportation network is also favorable. It is convenient to access Aam-daero, which connects to the 2nd Gyeongin Expressway, 3rd Gyeongin Expressway, and Yeongdong Expressway via Incheon New Port Road and Songdo Bio Road. Using Songdo Science Road, it is easy to move throughout Songdo.

The model house for ‘Songdo Jaipunggeungchae Grenoble’ is located in Songdo-dong, Yeonsu-gu, Incheon.