6-Month Resale Restriction, Interest Rate Cuts, Attractive Sale Prices... Final Subscription Accounts Draw 'All-In' Demand

-6-month resale restriction, interest rate cuts, and attractive sale prices... Final subscription accounts attract 'all-in' demand
-Industry's first sales website surpasses 1 million visitors, model house pre-reservations sold out in 5 minutes

Geomam Station Royal Park City Prugio

DK Urban Development and DK Asia's recently opened 'Geomam Station Royal Park City Prugio' on the 29th is making a huge impact on the real estate market.

It has set unprecedented records such as 'over 1 million website visitors' and 'model house pre-reservations sold out within 5 minutes,' with phone inquiries exceeding 2,000 calls daily on average.

This is because 'Geomam Station Royal Park City Prugio' is a large-scale complex with 4,805 households, offering ocean and river views, double station access to Geomam Station and Dokjeong Station, and various leisure facilities with a resort concept, making it a 'high-end' apartment far beyond existing ones and considered the last chance to use subscription savings accounts.

Notably, inquiries are pouring in from provinces as well, indicating it is becoming a 'nationwide flagship' apartment. Ms. Jung (43, female) from Daejeon, who visited the model house last weekend, said, "I applied for the model house pre-reservation after seeing the advertisement featuring actor Lee Byung-hun on TV," adding, "Although I am not eligible to apply, it is so popular that people call it the 'Lee Byung-hun apartment,' and I think the price will rise by the time of move-in, so I plan to buy it once the resale restriction is lifted in six months."

The sale price is also attractive. The average sale price of Geomam Station Royal Park City Prugio is 15.74 million KRW per 3.3㎡, and for an exclusive area of 84㎡, the average is 15.29 million KRW per 3.3㎡. According to industry sources, the 'project site sale price calculation service' estimated an appropriate price of about 16.5 million KRW per 3.3㎡, but it was set about 1 million KRW lower. Additionally, apartments in Seo-gu, Geomdan New Town, where resale restrictions have been lifted, are changing hands at around 17 million KRW per 3.3㎡, making this price even more competitive.

Ms. Cho (35, female), residing in Seo-gu, Incheon, said, "Considering the large complex, transportation, various community facilities, and future value, the subscription competition rate is expected to be very high," adding, "In my mid-30s with low points, I have always failed, but hearing that 80% of the units are allocated by lottery, I decided to apply no matter what."

Another advantage is the reduced burden of various real estate regulations. It is also popular because it avoids strict regulations such as 'resale restrictions' and 'mandatory residence,' making it the last beneficiary of real estate policies.

First, it is not subject to the recently announced government regulation banning resale of pre-sale rights, so unlimited resale is possible regardless of the number of times after six months from the announcement of winners. Especially, with the application of the safe resale program, resale is allowed before the first interim payment. It also avoids the 'up to 5 years mandatory residence' regulation applied to apartments under the metropolitan area price ceiling system. In contrast, future apartments in Geomdan New Town, where all these regulations apply, are expected to be unable to sell pre-sale rights for up to 8 years (3 years resale restriction + 5 years mandatory residence).

A representative real estate agent in Seo-gu, Incheon explained, "It is the last large complex to avoid strong regulations, and with the recent base interest rate dropping to 0.5%, everyone is saying they will do 'Yeongkkeul' (borrowing to the limit) to secure their own home."

Meanwhile, Geomam Station Royal Park City Prugio is a mammoth complex with 25 buildings ranging from 2 basement floors to a maximum of 40 floors above ground, totaling 4,805 households with exclusive areas from 59 to 241㎡. It will be developed as Korea's first resort city with views of Jeongseojin, Arabaetgil, and Gyeyangsan.

Inside the complex, Samsung C&T's resort division's 'Mini Everland landscaping' and the 'Million Park' with nearly one million flowers and trees will be featured, along with LG Electronics' next-generation IoT technology. Pulmuone Food & Culture's three-meal service and the 'DOPDA' concierge service will also be introduced.

Especially notable is the creation of an education-specialized complex including schools and academies. Recently, Hana Asset Trust Co., Ltd. signed a business agreement with the Incheon Office of Education to build and donate Handul Elementary School and Handul Kindergarten (tentative names) to ensure a safe educational environment for children. This will establish 38 elementary school classes and 7 attached kindergarten classes within the project site, scheduled to open in line with the complex's completion.

Along with schools, an academy operated directly by Jongno M School will be established. Additionally, public daycare centers and kindergartens will operate within the complex to address early childhood education needs. Nearby existing schools include Baekseok Middle School, Baekseok High School, Korea Jewelry High School, as well as Baekseok Elementary School, Dangha Middle School, and Incheon Tax High School.

Transportation conditions are excellent. It is a station area accessible to Geomam Station and Incheon Subway Line 2's Dokjeong Station. Once the metropolitan area GTX Line B is opened, transportation will improve further. Projects such as the direct connection of the Airport Railroad and Seoul Subway Line 9, the extension of Seoul Subway Line 7 to Cheongna, and the extension of Incheon Subway Line 2 to Geomdan are also underway.

Applications will be accepted starting with special supply on June 8, followed by first priority on June 9, and second priority on June 10. The lottery allocation rate reaches 80%, providing chances for applicants in their 30s and 40s with low subscription points. The loan-to-value ratio (LTV) can be up to 70%. The ratio of preliminary winners has been expanded to 300% of the supply units, allowing residents in the metropolitan area to also aim for winning.

The on-site model house operates by reservation only to prevent the spread of COVID-19, and a cyber model house is also available. The cyber model house features announcer Lee Ji-ae, actor Jo Hyun-jae and his wife, and actor Shin Da-eun and her husband, who introduce the model, location, community, and unit types from the perspective of actual buyers through videos.