Recently, the preference for new apartments in the housing market has become more pronounced. Nationwide, the proportion of aging apartments is increasing every year, but redevelopment projects that can supply new apartments are not progressing smoothly due to various regulations such as the private land price ceiling system.
For this reason, new apartments introduced in supply drought areas have achieved excellent subscription results in this year's pre-sale market.
In June last year, ‘Bupyeong SK VIEW Haemoro’ supplied in Bupyeong-gu, Incheon, attracted a total of 57,621 applicants in the first priority subscription, recording an average competition rate of 105 to 1, and contracts were completed in a short period. Bupyeong-gu is an area with a high proportion of aging apartments, where demanders had a strong thirst for new apartments. However, in the past five years, the number of new apartments supplied in Bupyeong-gu was only about 1,000 households, so it is analyzed that a large number of replacement demanders flocked to this large-scale pre-sale.
A real estate expert said, “Generally, ‘supply drought’ areas with low new supply have abundant demand compared to supply,” adding, “Among areas with low supply, the more aging apartments that have been occupied for over 10 years, the more replacement demand there is to sell existing homes and move to new apartments, so interest in new pre-sales is high.”
Meanwhile, there is a prime complex that will sprinkle ‘pre-sale rain’ in supply drought areas, attracting attention. This is ‘Hyosung Harrington Place Sangmu Station’ supplied in Seo-gu, Gwangju Metropolitan City.
Seo-gu, Gwangju Metropolitan City, where ‘Hyosung Harrington Place Sangmu Station’ is being developed, is an area with abundant demanders wanting to move to new apartments due to the smooth supply of new apartments being hindered despite excellent residential conditions.
In fact, the proportion of aging apartments occupied for more than 11 years in Seo-gu reaches 85%. However, the new apartments supplied in the past five years were only about 5,800 households, making it somewhat difficult to accommodate the demand to move to new apartments.
Especially recently, Sangmu District in Seo-gu, Gwangju, was finally selected as a leading project for the ‘Urban Convergence Special Zone,’ and population inflow and housing demand are expected to increase further as a result.
Given this situation, ‘Hyosung Harrington Place Sangmu Station,’ which will be pre-sold next month, is receiving great expectations from demanders as a popular brand apartment located in the core infrastructure of Seo-gu.
In fact, the complex is being developed on the site of the former Seonam University Hospital, considered a prime location in Seo-gu, Gwangju. Currently, Sangmu Station on Subway Line 1 is accessible on foot, and when Line 2 opens in 2023, it is expected to enjoy the only transfer station location in Seo-gu.
Another advantage is the possibility of comfortable residential life in the city. Located at the foot of Baekseoksan Mountain, ‘Hyosung Harrington Place Sangmu Station’ is rich in green spaces such as Uncheon Reservoir, one of the three major lake parks in Seo-gu, Gwangju, as well as 5.18 Freedom Park, Sangmu Citizens Park, Peace Park, and 5.18 Memorial Park, making it easy to enjoy leisure and relaxation without setting aside extra time.
Many elementary, middle, and high schools such as Sangmu Elementary School, Sangmu Middle School, Chipyeong Middle School, Jeonnam High School, and Sangmu High School are located within walking distance, providing a good educational environment. In particular, the nearby academy district within Sangmu District is expected to receive strong responses from demanders with children.
Various convenience facilities already completed in Sangmu District can also be enjoyed nearby. Shopping and cultural facilities such as Lotte Mart, CGV, Megabox, and Kim Dae-jung Convention Center, as well as administrative facilities like Gwangju Metropolitan City Hall, Gwangju Family Court, and Western Education Support Office, are conveniently accessible. Especially, with Sangmu District’s final selection as a leading project for the Urban Convergence Special Zone, this area is expected to be reborn as the ‘Second Pangyo.’
‘Hyosung Harrington Place Sangmu Station,’ to be pre-sold in August, will be developed in Seo-gu, Gwangju Metropolitan City, with 7 buildings ranging from 2 basement floors to a maximum of 20 floors above ground, a total of 373 households with exclusive areas of 84 and 119㎡.
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