- Record-high subscription numbers gathered at Geomdan New Town's 'Geomdan Sindosi Yemiji First Foret' with high premium formation expected
- Official contracts from May 10 to 14... Model house viewing available only for contract holders
Among the second-phase new towns, apartment pre-sale rights in Geomdan New Town have attracted buyers' attention in the real estate market with premiums worth several hundred million won.
As Seoul's housing prices continue to rise, it appears that actual buyers looking to purchase their own homes have shifted their interest to Geomdan New Town.
According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, a pre-sale right for an 84㎡ unit in ‘Geomdan Kumho Eoulim Central’ located in AB14 block of Geomdan New Town, Incheon, was traded for 782.4 million won (23rd floor) last March. This amount includes a premium of about 400 million won over the original sale price (390 million won).
The situation is similar for ‘Geomdan New Town Hoban Verdiium (AB15-2 block)’, the first pre-sale complex in Geomdan New Town. In March, a pre-sale right for a 72㎡ unit in this complex was sold for 712 million won (25th floor), more than 350 million won above the original sale price (360 million won).
Experts believe that as Seoul's housing prices continue to rise, actual buyers aiming to secure their own homes have turned their attention to Geomdan New Town, driving up the value of pre-sale rights.
Additionally, Geomdan New Town, where approximately 75,000 apartment units are being developed across areas including Bullo-dong, Wondang-dong, Majon-dong, and Dangha-dong in Seo-gu, Incheon, is nearing completion. The infrastructure such as roads, parks, and convenience facilities is well established, and expectations for various development benefits such as the extension of Incheon Subway Line 1 (scheduled for 2024), GTX-D, and the Next Complex have also contributed to the positive outlook.
A real estate expert stated, “Geomdan New Town is currently taking shape as a large-scale city, and pre-sale right prices are rising. Also, since Geomdan New Town is a public land subject to the pre-sale price ceiling system, prices are reasonably set, so demand is expected to continue.”
Due to this learning effect from the rising apartment prices in Geomdan New Town, there is high anticipation for premiums on pre-sale rights for ‘Geomdan New Town Yemi Ji First Foret’, which launched sales this month.
Reflecting these expectations, on the 20th, the first-priority subscription attracted 16,908 applicants, recording an average competition rate of 24.83 to 1 and a highest rate of 41.94 to 1. Notably, this is the highest number of first-priority applicants ever recorded in Geomdan New Town.
‘Geomdan New Town Yemi Ji First Foret’ also boasts excellent accessibility to Seoul. The main road is located right in front of the complex, making vehicle travel convenient. The Geomdan-Gyeongmyeong Road and Wondang-Taeri Wide Road, scheduled to open in 2023, will provide easy access to Seoul. Additionally, a new station on Subway Line 1 is planned within Geomdan New Town.
Nearby, residents can enjoy leisure and relaxation at Seonhwangdaengi Mountain, Gyeyang Mountain, and the Gyeongin Ara Waterway Waterfront Park. All elementary, middle, and high schools are planned to be located within a 500-meter radius.
Moreover, the Next Complex, expected to form the central commercial area of Geomdan New Town, will be developed. This new-concept mixed cultural space will include shopping malls, multiplex cinemas, kids and sports theme parks, cultural facilities, and large bookstores. In addition, the Incheon District Court Northern Branch and Incheon District Prosecutors' Office Northern Branch are planned to be constructed on approximately 46,000㎡ (23,000㎡ each for the court and prosecutor’s office).
The complex will incorporate the expertise and innovative design of Geumseong Baekjo, a renowned apartment builder with 40 years of accumulated technology. All units will be primarily south-facing with wide spacing between buildings to ensure excellent sunlight and ventilation, featuring 4 to 5 BAY designs for cross ventilation. The landscaping ratio will be 45.22% (about 29,813㎡), more than double the legal minimum of 15%.
The parking lot will be 100% underground with no cars on the ground level. Four themed forests and walking trails?Healing, Family, Cooling, and Sharing Forests?will be provided in the center of the complex. For the safety and convenience of residents' children, drop-off zones and Moms’ Stations will be installed at the main and secondary entrances. Various community facilities such as a fitness center, GX room, golf practice range, senior zone, daycare center, and kids’ room will also be available.
Meanwhile, Geumseong Baekjo will conduct official contracts for ‘Geomdan New Town Yemi Ji First Foret’ located in AB3-2 block of Geomdan New Town from the 10th to the 14th for five days. The complex consists of 10 buildings ranging from two basement floors to 25 floors above ground, with a total of 1,172 units sized between 76 and 102㎡.
The model house is located in Seo-gu, Incheon. Currently, to prevent the spread of COVID-19 and for infection control, it operates only online. Model house visits will be available by reservation exclusively for contract holders.
Move-in is scheduled for October 2023.
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