Gwacheon 'Jijeongta Lotto Sale' Begins... 'Jade Xi' at 21.95 Million KRW per 3.3㎡

▲ Perspective view of 'Gwacheon Jade Xi' in Knowledge Information Town S9 Block, Gwacheon-si, Gyeonggi-do (Provided by GS Construction)

[Asia Economy Reporter Lee Chun-hee] The sale price of "Gwacheon Jade Xi" in the Gwacheon City Knowledge Information Town, Gyeonggi Province, which attracted the attention of homebuyers as the so-called "Lotto Town," has been set at 21.95 million KRW per 3.3㎡. This price is less than half of the surrounding market prices.

According to industry sources on the 18th, the Korea Land and Housing Corporation (LH) decided the sale price of Gwacheon Jade Xi in the S9 block of Knowledge Information Town at the price mentioned above during the sale price review committee held the previous day. Including the balcony expansion cost, the price is about 22.4 million KRW per 3.3㎡.

This complex is a public sale apartment where LH provides the land and GS Construction handles the construction. The sale price is reviewed by LH, not the local government. GS Construction also plans to proceed with the subscription early next month at this sale price.

The sale price set on this day is about half the price considering that the average apartment market price in Gwacheon city is in the mid-40 million KRW range per 3.3㎡. For example, a 59㎡ (exclusive area) unit in the nearby Wonmun-dong Raemian Sure was actually traded for 1.227 billion KRW on the 2nd. This corresponds to about 47 million KRW per 3.3㎡. The sale price for a unit of the same size in Jade Xi is expected to be in the high 500 million KRW range.

Initially, the first sale in Knowledge Information Town was expected to be the S6 block "Prugio Bellarte." The Daewoo Construction consortium applied for an average sale price of 26 million KRW per 3.3㎡ for this complex. However, when the Gwacheon City Sale Price Review Committee set the price far below that at an average of 22.05 million KRW per 3.3㎡ (including balcony expansion costs), the Daewoo Construction consortium protested, causing delays in the schedule.

Gwacheon Jade Xi will be built with 7 buildings ranging from 2 basement floors to a maximum of 25 floors above ground, totaling 657 households. By exclusive area, there are ▲231 units of 49㎡ ▲414 units of 59㎡ ▲2 units of 59㎡T (Terrace type).

GS Construction plans not to open the model house to the public due to the COVID-19 spread but will introduce it through a YouTube live broadcast on the 21st. During the broadcast, a model house assistant will explain the floor plans while touring, and will answer customer questions in real time.