Sale Prices Are 'Attractive', Product Appeal Is 'Record-Breaking'?Profit Expected from 'Lotto Apartments'

Average Sale Price of 15.74 Million KRW per 3.3㎡, About 1 Million KRW Cheaper Than Project Sale Price Estimation
High-Intensity Regulations Like 'Resale Restrictions' and 'Mandatory Residence Period' Avoided, Base Interest Rate Cut, Last-Chance Sale Popular
Education-Focused Complexes Near Schools and Hagwon Areas Attract Attention, First Priority Subscription on the 9th, Metropolitan Area Subscription Accounts Expected to Flood In

The sales fever for ‘Geomam Station Royal Park City Prugio’ is creating a sensation in the real estate market. Especially as the first-priority subscription approaches, expectations are rising that a premium worth hundreds of millions of won, comparable to the Gangnam area, will be attached, highlighting it as a ‘lottery apartment.’ This is due to the highly praised unprecedented design and product features, as well as its introduction at a ‘reasonable price’ lower than the surrounding market prices.

According to DK Urban Development and DK Asia, the sale price of Geomam Station Royal Park City Prugio averages 15.74 million KRW per 3.3㎡. For the most supplied unit size of 84㎡, the average price is even lower at 15.29 million KRW per 3.3㎡.

In fact, the adjacent ‘Geomam Seohae Grandble (occupied since 2003)’ 84㎡ type is priced around 16.4 million KRW per 3.3㎡. Additionally, apartments in Seo-gu Geomdan New Town where resale restrictions have been lifted are trading at around 17 million KRW per 3.3㎡, making this project even more affordable. In areas like Cheongna and Luone City, transactions are currently around 20 million KRW per 3.3㎡, and all complexes in the region with lifted resale restrictions have premiums exceeding hundreds of millions of won.

Industry insiders say that considering the outstanding product quality and future value of the complex, the sale price has been set low. In fact, the ‘project sale price calculation service’ estimated an average of 16.5 million KRW per 3.3㎡ for Geomam Station Royal Park City Prugio, but the price was set about 1 million KRW lower. Notably, the estimated price is known to be the value derived even under the sale price ceiling system, which has led to the project being called a ‘lottery apartment.’

It is also popular because it avoids strict regulations such as ‘resale restrictions on sale rights’ and a ‘5-year mandatory residence period,’ making it the last beneficiary complex. As a result, a large number of prospective subscribers from Seoul and the entire metropolitan area are expected to flock to it.

An industry official said, “This apartment supplies about 90% of small to medium-sized units under 85㎡ and offers various services of a luxury resort while keeping prices affordable, so it’s no wonder it’s called a ‘lottery.’ With the recent base interest rate dropping to 0.5% per annum ahead of strict real estate regulations, demand from buyers trying to catch the ‘last train’ in non-regulated areas is pouring in, and subscription fever is expected to intensify.”

Meanwhile, ‘Geomam Station Royal Park City Prugio’ is a mammoth complex with 4,805 households across 25 buildings ranging from 2 basement floors to a maximum of 40 floors, with unit sizes from 59 to 241㎡. It will be developed as Korea’s first resort city with views of Jeongseojin, Arabaetgil, and Gyeyang Mountain.

Samsung C&T’s resort division will create a ‘mini Everland landscape,’ and the ‘Million Park’ with nearly one million flowers and trees will be established. LG Electronics’ next-generation IoT technology will be applied. Pulmuone Food & Culture’s three-meal service and the ‘DOPDA’ concierge service will also be introduced.

Particularly eye-catching is the creation of an education-specialized complex including schools and academies. Recently, a business agreement was signed with Hana Asset Trust Co., Ltd. and the Incheon Office of Education to contribute to the safe educational environment for children and the development of education in Incheon by building and donating Handul Elementary School and Handul Kindergarten (tentative names).

On a 13,000㎡ (about 4,000 pyeong) site within the project, 38 elementary school classes, a teacher’s building, gymnasium, cafeteria, and underground parking will be newly constructed, along with a 7-class affiliated kindergarten. The plan is to prepare thoroughly so that the school can open in line with the completion of the complex.

Along with the school, an academy district directly operated by Jongno M School will be established. It will operate with a homeroom system for children from infants to elementary and middle school students, with separate evaluation and self-directed learning time for elementary and middle school classes. Additionally, a public daycare center and kindergarten will operate within the complex to address early childhood education needs. Nearby schools include Baekseok Middle School, Baekseok High School, Korea Jewelry High School within the project, and Baekseok Elementary, Dangha Middle, and Incheon Tax High School in the vicinity.

Subscription applications will be accepted starting with special supply on the 8th, first priority on the 9th, and second priority on the 10th. With a lottery ratio of 80%, even those in their 30s and 40s with low subscription scores have a high chance of winning. The loan-to-value ratio (LTV) is up to 70%.

The on-site model house operates by prior reservation to prevent the spread of COVID-19, and a cyber model house is also open simultaneously. Since the model house opened on the 29th of last month, over 100,000 people have visited the website in three days, with cumulative visitors exceeding one million.