- Half-Price Apartments in Seoul's Neighboring Area... High Premium on Pre-Sale Rights in Geomdan New Town... No Residency Obligation, Growing Interest
- Geomdan New Town Records Best Performance Ever, First Priority Subscription on 20th (Tue), Second Priority on 21st (Wed)
Geumseong Baekjo's 'Geomdan New Town Yemiji First Foret,' launched in Geomdan New Town, is heating up as it announces the first-priority subscription on the 20th.
Even during the special supply application held on the 19th, it recorded the highest performance ever in Geomdan New Town, meeting expectations. According to the Korea Real Estate Board's subscription homepage, 'Geomdan New Town Yemiji First Foret' attracted 3,716 subscription accounts for a total of 491 special supply units, recording an average competition rate of 7.57 to 1, demonstrating its popularity.
Geomdan New Town, where 'Geomdan New Town Yemiji First Foret' is located, is situated right next to Gangseo-gu, Seoul, offering excellent accessibility to Seoul. It is also analyzed that the application of the price ceiling system resulted in a reasonable sale price of around 400 million KRW for the exclusive area of 84㎡.
‘Geomdan New Town Yemiji First Foret,’ offered by Geumseong Baekjo, consists of 10 buildings ranging from 2 basement floors to 25 above-ground floors, with a total of 1,172 households and exclusive areas ranging from 76 to 102㎡. By exclusive area, it is composed of ▲76㎡ 214 households, ▲84㎡A 510 households, ▲84㎡B 75 households, ▲102㎡A 224 households, and ▲102㎡B 149 households.
The subscription schedule will proceed with the first priority on the 20th (Tuesday) followed by the second priority subscription on the 21st (Wednesday). Winners will be announced on the 27th (Tuesday), and the official contract period will be held for five days from May 10th (Monday) to 14th (Friday).
Excellent Seoul Accessibility... Price at Half!
‘Geomdan New Town Yemiji First Foret’ is located at the gateway of Geomdan New Town, offering superior accessibility to Seoul even within Geomdan New Town. A main road is located right in front of the complex, making vehicle travel convenient, and the road between Geomdan and Gyeongmyeong-ro, scheduled to open in 2023, is expected to facilitate access to Olympic-daero and the Outer Ring Road. Furthermore, once the Won-dang to Taeri wide-area road opens in the future, access to Seoul will become even faster.
Additionally, Geomdan New Town is expected to open a new station on Incheon Subway Line 1 in 2024, which upon completion will allow travel from Gyeyang Station to Magok in about 10 minutes, Seoul Station in about 30 minutes, and Gangnam in about 40 minutes. Recently, a business agreement was signed to promote the GTX-D line, which runs from Gimpo through Bucheon, Sillim, Gangnam, and Jamsil to Hanam, raising expectations for the transportation environment in Geomdan New Town.
Despite excellent accessibility to Seoul, the reasonable price is cited as a reason attracting buyers' attention.
In fact, since the price ceiling system is applied to ‘Geomdan New Town Yemiji First Foret,’ the sale price for the exclusive area of 84㎡ is set between 390 million KRW and 444 million KRW. Compared to the actual transaction of 1.1 billion KRW in March for an 85㎡ unit on the 4th floor of Magok M-Valley 12 Complex in Seoul, this price is less than half. It takes about 10 minutes to travel from Magok Station, where that complex is located, to Gyeyang Station, where ‘Geomdan New Town Yemiji First Foret’ is located.
Also, within Geomdan New Town, high premiums on pre-sale rights ahead of the first move-in scheduled for June are another reason for attention. According to the Ministry of Land, Infrastructure and Transport's actual transaction data, the ‘Geomdan New Town Hoban Verdiem (AB15-2 Block)’ 84㎡ unit was traded for 820 million KRW (19th floor) in February, and the ‘Geomdan Kumho Eoulim Central (AB14 Block)’ 84㎡ unit was sold for 768.24 million KRW (15th floor) in February.
Rising Popularity... Surge in Subscription Eligibility Inquiries
Geumseong Baekjo is scheduled to accept first-priority subscription applications for ‘Geomdan New Town Yemiji First Foret’ on the 20th (Tuesday), and inquiries to confirm subscription eligibility are surging at the model house.
A sales official said, “As strong interest from buyers continues, inquiry calls have been nonstop, and even after doubling the number of counselors, there is no break,” adding, “Most inquiries are about subscription eligibility and subsequent contract conditions, so the actual subscription rate is expected to be quite high.”
In fact, on communities related to Geomdan New Town, posts asking about subscription eligibility and complaints about difficulty connecting due to ongoing calls have been continuously posted, expressing not dissatisfaction but regret.
Looking closely at the subscription eligibility for ‘Geomdan New Town Yemiji First Foret,’ as of the resident recruitment announcement date (April 9), 50% of the supply units by subscription priority are preferentially supplied to those who have lived in Incheon, the housing construction area, for more than two years, and the remaining 50% are supplied to those who have lived in Incheon for less than two years and other metropolitan areas (Seoul, Gyeonggi).
Subscription eligibility requires a household head without a house or with one house (subject to disposal), and subscription savings accounts must have been held for more than 24 months with the required deposit amount per region (varies by region). Those who have won another house within the past five years or belong to the same household, and those owning two or more houses (including pre-sale rights) or belonging to such households, are restricted from first-priority subscription.
The selection criteria for residents are classified according to homeownership. Non-homeowners are selected by a point system, and those belonging to a household with one house (household head) are selected by lottery. By housing type, △exclusive areas 76 and 84㎡ apply 100% point system △exclusive area 102㎡ applies 50% point system and 50% lottery system. Notably, ‘Geomdan New Town Yemiji First Foret’ is a new apartment on public land subject to the price ceiling system but has no residency obligation period.
The model house for ‘Geomdan New Town Yemiji First Foret’ is located in the Seo-gu area of Incheon and operates only online to prevent the spread of COVID-19 and for infection prevention. Model house visits will be conducted by reservation only for future contract holders. Move-in is scheduled for October 2023.
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