- Total 4,805 units ranging from 59 to 241㎡, largest supply complex this year, model house opens on the 29th
- 90% supply under 85㎡, average 15.29 million KRW per 3.3㎡ for 84㎡ units, 10% down payment, 60% interest-only deferred payment applied
‘Geomam Station Royal Park City Prugio,’ regarded as this year’s biggest apartment sale and emerging as the top apartment complex nationwide, has begun its sales.
DK Urban Development and DK Asia announced on the 29th that they have opened the model house for ‘Geomam Station Royal Park City Prugio’ in the Baekseok-dong 170-3 area of Seo-gu, Incheon, and have started full-scale sales.
Constructed by Daewoo E&C, this apartment complex consists of 25 buildings ranging from 2 basement floors to a maximum of 40 floors above ground, with a total of 4,805 units sized between 59 and 241㎡, making it a mammoth-scale complex. It is being developed as Korea’s first resort city, offering ocean views (Jeongseojin) and river views (Ara Waterway) at a glance. Notably, 90% of the units are small to medium-sized, under 85㎡, which are popular among younger buyers.
The average sale price is 15.74 million KRW per 3.3㎡, and for an 84㎡ unit, the average price is 15.29 million KRW per 3.3㎡. The payment plan includes a 10% down payment and 60% of the intermediate payment with interest deferred.
The lottery system accounts for 80% of the total, providing chances for people in their 30s and 40s with low subscription scores to win. The loan-to-value ratio (LTV) can go up to 70%. The ratio of backup winners has been expanded to 300% of the supply units, allowing residents in the metropolitan area to also have a chance to win.
The main reason this complex is attracting attention is that it is being developed as a ‘high-end’ apartment that is on a different level from existing housing in terms of scale, views, transportation, and living infrastructure. Samsung C&T’s resort division is introducing the first ‘Mini Everland landscaping’ within an apartment complex and ‘Million Park’ landscaping, planting nearly one million flowers and trees. LG Electronics is applying next-generation IoT technology, and Pulmuone Food & Culture’s three-meal service is offered at reasonable prices. Jongno M School’s directly managed academy will also be established, and the ‘DOPDA’ concierge service will be provided free of charge for three years.
In addition to the existing Baekseok Middle School, Baekseok High School, and Korea Jewelry High School, a new (tentatively named) Handeul Elementary School and (tentatively named) Handeul Kindergarten will be newly built through a donation method and are scheduled to open upon completion.
Transportation conditions are also favorable. It is adjacent to Dokjeong Station on Incheon Subway Line 2, and through the planned direct connection project between Geomam Station’s Incheon Airport Railroad and Seoul Subway Line 9, it will be connected to Gangnam without transfers.
Since it is not subject to the government’s recently announced regulation banning resale of pre-sale rights, unlimited resale is possible after six months from the announcement of winners, regardless of the number of times. Especially, with the application of the safe resale program, resale is possible before the first intermediate payment. Also, it is not subject to the ‘maximum 5-year residence obligation’ regulation applied to apartments under the metropolitan area price ceiling system, attracting interest from both actual users and investors.
Kim Jung-mo, chairman of DK Urban Development and DK Asia, said, “As a Life City Creator building the city, we will create Korea’s first ‘next-generation resort city’ closest to Seoul, beyond the fourth generation of apartments for modern people.” He added, “We plan to develop it as Incheon’s first nationwide ‘top apartment complex’ where residents can solve everything within the complex by providing various services previously only available at luxury resorts.”
The model house is located in Baekseok-dong 57-4, Seo-gu, Incheon, and operates by advance reservation to prevent the spread of COVID-19, with a cyber model house opening simultaneously.
At the cyber model house, videos featuring announcer Lee Ji-ae, actor Jo Hyun-jae and his wife, actor Shin Da-eun and her husband, and others introduce the model, location, community, and unit types from the perspective of actual buyers.
Applications will be accepted starting with special supply on June 8, followed by first priority on June 9, and second priority on June 10. Move-in is scheduled for June 2023.
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