Sale price 3.7 Billion KRW for 198㎡ Exclusive Area, Asking Price Soars to 6.5 Billion KRW
159㎡ Jeonse Price at 3.7 Billion KRW... 600 Million KRW Higher Than Sale Price
Establishing as a New Wealthy Neighborhood in Gangbuk... Surrounding Old Complexes Also Doing Well
A view of Acro Seoul Forest in Seongsu-dong, Seongdong-gu, Seoul, where move-ins began last month. (Photo by Ryu Taemin)
[Asia Economy Reporter Ryu Tae-min] "The jeonse price for a 159㎡ (exclusive area) is 3.7 billion KRW. The sale price also has a premium of 2 to 3 billion KRW." (Representative of Real Estate Agency A in Seongsu-dong, Seongdong-gu, Seoul)
‘Acro Seoul Forest’ in Seongsu-dong, Seongdong-gu, Seoul, which began occupancy last month, is establishing itself as a super-luxury apartment in the northern part of Seoul. Located on Ttukseom commercial land, Acro Seoul Forest is a high-rise mixed-use complex consisting of two 49-story apartment buildings and one office building. The complex includes 280 apartment units as well as office, retail, and cultural facilities.
The complex is adjacent to Seoul Forest, which spans 1.15 million square meters, and offers views of the Han River, attracting attention since its pre-sale. It is reported that many residents are high-income professionals or famous celebrities.
According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system on the 5th, the 159㎡ apartment was leased under a jeonse contract for 3.7 billion KRW in December last year. This is more than 600 million KRW higher than the pre-sale price of 3.042 billion KRW three years ago. The 96㎡ unit also exceeded its pre-sale price (1.768 billion KRW) by a large margin, with a jeonse contract signed for 2.2 billion KRW on the 27th of last month.
With the lifting of resale restrictions upon occupancy, sale prices are also soaring. A representative from nearby Real Estate Agency B said, "For the 198㎡ unit, which had a pre-sale price of 3.7 billion KRW, listings have recently appeared around 6.5 billion KRW, reflecting a premium of about 3 billion KRW," adding, "Although there are differences depending on the unit size, most have premiums of 2 to 3 billion KRW."
The Ttukseom commercial land area is becoming a new affluent neighborhood along the Han River with the addition of Acro Seoul Forest to the already occupied Galleria Foret and Trimage. The 168㎡ unit in Galleria Foret set a new jeonse record last November with a contract at 4.25 billion KRW. The 84㎡ jeonse in Trimage also traded at 2.9 billion KRW in December last year, forming prices that surpass many areas in Gangnam. Among the four commercial land plots, one undeveloped plot is planned by Booyoung Housing to build a 49-story mixed-use complex and hotel.
This price increase trend is also affecting the prices of nearby older apartments. The 84㎡ unit in Seoul Forest Hanjin Town set a new record last December with a transaction price of 1.45 billion KRW, rising 270 million KRW compared to early last year. The 84㎡ unit in Gangbyeon Geonyeong also recorded 1.675 billion KRW in the same month, increasing by more than 200 million KRW since the beginning of the year, and the 97㎡ unit in Donga Apartment rose to around 1.64 billion KRW in actual transaction prices.
A representative from Real Estate Agency B in Seongsu-dong said, "There are many places with Han River views, but it is rare to find an area like Seongsu-dong that also has a large nearby recreational space like Seoul Forest," adding, "Transportation for commuting is convenient, making the residential conditions comparable to apartments in Gangnam."
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