The Seoul Apartment Subscription Market Heats Up in the Second Half of the Year

ePyeonhansesang Gangil Urban Bridge
Banpodong Raemian One Pentas, etc.
'10,000 Units' Dunchon Jugong Sale Uncertain

[Asia Economy Reporter Kim Hyemin] More than 10,000 housing units will be released in the quiet Seoul apartment subscription market in the second half of the year.

According to Real Estate 114 on the 22nd, a total of 10,983 units will be offered for general sale in 21 complexes across Seoul in the second half of the year.

In July, the first month, ‘ePyeonhansesang Gangil Urban Bridge’ located in Godeok Gangil District, Gangdong-gu, will be put up for sale. It is the last supply in the Godeok Gangil District, with 593 units available for general sale. The sale price is expected to be in the 800 million KRW range for 84㎡ (exclusive area) and in the 900 million KRW range for 101㎡. Considering that apartments previously supplied in Gangil Godeok District recorded competition rates of several hundred to one, this apartment is also expected to attract a large number of applicants.

In the Gangnam area, ‘Raemian Onepentas,’ which is reconstructing Sinbanpo 15th Complex in Banpo-dong, Seocho-gu, is waiting for sale. Out of a total of 641 units, 263 units will be offered for general sale. It is a prime location adjacent to Acro River Park, and half of the large and medium-sized units over 85㎡ will be supplied by lottery, so it is highly likely that many applicants with low scores will flock. ‘Sinbanpo Maple Xi,’ which is reconstructing Sinbanpo 4th Complex in Jamwon-dong, is also expected to be sold in the second half of the year at the earliest. Along with this, ‘The H Bangbae (Bangbae 5 District),’ considered the flagship reconstruction project in the Bangbae-dong area, is also likely to be sold within the year.

In the Gangbuk area, the redevelopment of Imun 1 District in Dongdaemun-gu, consisting of 2,904 units, draws attention. The general sale portion is 803 units. It is a super-station area right in front of Hyehwa Station on Subway Line 1.

Meanwhile, some places have been delayed, making it difficult to sell within the year, so it seems necessary to carefully monitor the trends.

Dunchon Jugong in Dunchon-dong, Gangdong-gu, which is the biggest concern in this year’s sale market, may have its sale period postponed to next year or later due to negotiations over construction costs with the contractor and issues with sale price calculation.

‘Jangwi 4 District Xi’ in Seongbuk-gu is scheduled to receive management disposition approval by the end of this year, so general sales are expected to take place early next year. ‘Jangwi 10 District Prugio’ was also initially expected to be sold this month, but it is known that sales will proceed as early as the end of this year or as late as early next year. Daejo 1 District in Eunpyeong-gu has come to a sudden halt due to internal conflicts within the association.