Record-High Pre-Sale Price 'One Bailey' Subscription on 17th... Only Cash-Rich Buyers Over 1 Billion Won Eligible

224 Households for General Sale... Average Sale Price 56.53 Million KRW per 3.3㎡
Minimum Sale Price Exceeds 900 Million KRW, No Interim Loan Allowed... Will It Become a 'Cash-Rich Feast'?

[Asia Economy Reporter Tae-min Ryu] Raemian One Bailey in Banpo-dong, Seocho-gu, Seoul, will accept first-priority subscription applications on the 17th. The average sale price is 56.53 million KRW per 3.3㎡, which is about half the price compared to nearby market prices. However, since all units exceed 900 million KRW and loans are not available, it is expected to be a party only for 'cash-rich' people who have more than 1 billion KRW.

According to the sales industry on the 7th, Raemian One Bailey received approval for general sales from Seocho-gu Office on the 4th. The first-priority subscription will be held on the 17th, and the announcement of winners is scheduled for the 25th of this month. A total of 224 units ranging from 49 to 74㎡ (exclusive area) will be released for general sale.

The sale price of this complex is the highest ever, averaging 56.53 million KRW per 3.3㎡. The prices by area are set as follows: ▲49㎡ type from 900.5 million KRW to 923.7 million KRW, ▲59㎡ type from 1.295 billion KRW to 1.425 billion KRW, and ▲74㎡ type from 1.72 billion KRW to 1.76 billion KRW. In comparison, the nearby Acro River Park apartment has a market price exceeding 100 million KRW per 3.3㎡, so this is effectively considered a 'half-price apartment.' It is expected that buyers will enjoy capital gains of 1 to 1.5 billion KRW.

However, the entry barrier for subscription is high. Even the smallest 49㎡ unit among the general sale units exceeds 900 million KRW in sale price, so interim payment loans are not available. If the market price exceeds 1.5 billion KRW at the time of move-in, mortgage loans for the remaining balance are also not possible. There are no special supply or lottery units. Since this complex is subject to the price ceiling system, a mandatory residence period of three years is imposed, making it impossible to handle the remaining balance by renting out to tenants at move-in. In fact, only cash-rich buyers with 1 to 1.5 billion KRW in cash available from the deposit to the final payment can apply.

Jeong Ji-young, CEO of I'm Happy and a subscription expert, said, "Investors with high subscription scores and sufficient cash are expected to flock. A score in the 70s is stable, and at least mid-60s are needed to have a chance of winning."

Meanwhile, in the second half of this year, another 'Banpo's biggest catch,' Raemian One Pentas (Sinbanpo 15th), is preparing for general sales subject to the price ceiling system. Raemian One Pentas is scheduled for a lottery of union members' unit numbers in September, and general sales are expected to begin as early as November.