High Cost-Effectiveness and Excellent Space Design Highly Preferred by Newlyweds and 2-3 Person Households... Strong Performance in the Subscription Market
‘Bupyeong Castle & The Sharp First, 728 Units of Exclusive 59㎡ Out of Total 1140 Units Representing a High Proportion
Apartment units with a exclusive area of 59㎡, which offer high cost-effectiveness and psychological satisfaction, are gaining popularity. This is because recent subscription competition rates in various locations have shown figures comparable to the widely preferred and most common exclusive area of 84㎡ among small to medium-sized units.
In May, the ‘DMC SK View I-Park Foret’ in Susaek-dong, Eunpyeong-gu recorded a competition rate of 1053.5 to 1 for the 59㎡A unit, surpassing the average competition rate (340.3 to 1), 76㎡ (640.8 to 1), and 84㎡A (976 to 1). Additionally, in April, the ‘Bupyeong Station Hanla Vivaldi Treviant’ in Bupyeong, Incheon saw a flood of applicants for the 59㎡A (794.5 to 1) and 59㎡B (542 to 1) units, showing a significantly higher competition rate compared to the average 84㎡ rate of 299.5 to 1.
In these cases, the general sale units of 59㎡ were limited to single digits, but the popularity remained strong even in complexes where the number of general sale units was large.
At ‘Lake County,’ a redevelopment project in Geoje 2 District, Yeonje-gu, Busan, the 59㎡A unit attracted a total of 19,093 applicants for 262 units, resulting in an average competition rate of 72.8 to 1. Newly launched apartments such as ‘Shin Dongtan Foret Xi’ (269 units, 40.2 to 1), ‘Geomam Station Royal Park City Prugio Phase 1’ (322 units, 19.1 to 1), and ‘The H Firstier I-Park’ (495 units, 14.3 to 1) also demonstrated the popularity of the 59㎡ units.
One of the reasons for the popularity of the 59㎡ units is that they have a relatively low cost burden while showing a high price appreciation rate. According to an analysis of KB Real Estate market price data, the average sale price increase nationwide for apartments by area from three years ago (November 2017) to this November showed that the 59㎡ units rose by 33.08% (from 203.44 million KRW to 270.74 million KRW), which is higher than the increase for small to medium units (60~85㎡, 23.32%) and medium units (85~102㎡, 19%).
An industry insider said, “The 59㎡ units are perceived as priced within a manageable range for newlyweds or young buyers through a combination of their own capital and loans, and they have the advantage of lower financial burdens such as acquisition tax and property tax. Also, they offer practical and highly usable layouts that overcome the limitations of small size with excellent spatial design, so their popularity is expected to continue.”
Accordingly, attention is focused on the new apartment complex ‘Bupyeong Castle & The Sharp First,’ where the proportion of general sale units with an exclusive area of 59㎡ is high.
Lotte Construction and POSCO Construction plan to launch ‘Bupyeong Castle & The Sharp First’ in December, located at 104 Cheongcheon-dong, Bupyeong-gu, Incheon. This complex is part of the Cheongcheon 1 District redevelopment project and consists of 12 buildings ranging from 2 basement floors to 29 above-ground floors, with a total of 1,623 units. Among these, 1,140 units with exclusive areas of 59 to 84㎡ will be offered for general sale. The distribution by exclusive area is △59㎡ 728 units (63.9%) △72㎡ 202 units (17.7%) △84㎡ 210 units (18.4%), showing a significantly high proportion of 59㎡ units.
‘Bupyeong Castle & The Sharp First’ is attracting strong interest from local and metropolitan buyers due to its convenient access to Seoul’s Gangnam area and reasonable prices that make it possible to own a newly built apartment. With large-scale redevelopment projects underway, the Cheongcheon and Sangok-dong areas are preparing to transform into a mini new town-level emerging residential district with about 15,000 households. Moreover, the planned opening of Sangok Station on Line 7 in the first half of 2020 near the complex is highly anticipated. Once Sangok Station opens, direct access from Bupyeong, the old downtown of Incheon, to Seoul’s Gangnam will be possible, greatly improving transportation convenience.
The extension of the Airport Railroad to Seoknam Station on Line 7 and Cheongna International City Station is also planned, which is expected to further enhance the transportation environment. Additionally, the complex is located near the Gyeongin Expressway and the Metropolitan Area 1st Ring Expressway, with easy access to Bupyeong-daero, making road transportation convenient as well.
‘Bupyeong Castle & The Sharp First’ boasts not only location and transportation advantages but also excellent design and various other benefits.
It will be the first in Incheon to install a food waste conveyance system inside each unit. Instead of taking food waste outside, residents can dispose of it by placing it into a food waste inlet in their kitchens, which is then collected by a central processing facility. This system eliminates food waste within the complex, ensuring a clean environment free from odors and allowing for easy food waste disposal. Furthermore, with the entire parking lot located underground, the complex will be car-free on the surface, creating a safe environment for families with young children.
The complex layout mainly features south-facing slab-type buildings with wide distances between buildings, securing views and sunlight, making living conditions comfortable. Especially, since general sale units account for about 70% of the total, even non-members of the redevelopment association can acquire units with good floors and orientations. Typically, in redevelopment projects, association members occupy the royal buildings and floors, leaving general buyers with lower floors or less favorable orientations. However, ‘Bupyeong Castle & The Sharp First’ has more general sale units than association units, with all types evenly distributed across all buildings, including high floors available for general sale, broadening choices for prospective buyers preparing for subscription.
Rich infrastructure supporting convenient living further underscores the excellence of ‘Bupyeong Castle & The Sharp First.’ San-gokbuk Elementary School and Cheongcheon Middle School are within walking distance, and excellent school districts including Incheon Foreign Language High School, Sale High School, and Myeongshin Girls’ High School are nearby. It is also easy to access academies near Bupyeong Station and Gulpocheon Station. Convenience facilities such as Lotte Mart, Eyesville Outlet, and CGV Bupyeong are close by, along with abundant green spaces like Wonjeoksan Park, Jangsu Mountain Incheon Butterfly Park, and Moegol Playground.
Meanwhile, the model house for ‘Bupyeong Castle & The Sharp First’ will be located at 62 Bu-il-ro 205beon-gil, Bucheon-si, Gyeonggi-do (near Songnae Station).
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