Gwangmyeong and Anyang in the Southwest Region
Large Complexes with Over 1,000 Households Draw Attention
Seoul's 'Lotto Sale' Continues
Subscription Competition Expected to Be Fierce
[Asia Economy Reporter Kim Hyemin] As the heatwave subsides, an unprecedented housing supply boom is set to take place in the metropolitan area this month. Around 30,000 apartment (including residential-commercial complexes) units will be released for sale in the metropolitan area alone. This is because a large volume of units delayed due to regulations such as the price ceiling system is now being released. With many large complexes of over 1,000 units included and new supply resuming in Seoul after a long pause, competition among prospective homebuyers waiting for subscription is expected to intensify.
According to Real Estate 114 on the 3rd, a total of 51,429 housing units nationwide will be supplied this month. Of these, 35,891 units, accounting for about 70%, are concentrated in the metropolitan area. The metropolitan area’s supply volume is more than three times the 9,381 units from the same period last year, marking the largest volume since statistics began in 2000. By region, Gyeonggi Province accounts for 25,702 units. Seoul and Incheon will also release 4,753 units and 5,436 units respectively.
◇ Large complexes in Gwangmyeong and Anyang attract attention = In Gyeonggi Province, large apartment complexes in the southwestern region such as Gwangmyeong and Anyang will be introduced. ‘Vermontro Gwangmyeong’ will be launched in the 2R district of Gwangmyeong-dong, Gwangmyeong City. Out of a total of 3,344 units, 726 units will be available for general sale. Notably, 78 units of medium-to-large size apartments over 85㎡ (exclusive area) are included. Half of the medium-to-large units will be allocated by lottery.
In Dongan-gu, Anyang City, where housing prices have recently surged, ‘Pyeongchon Elproud’ is scheduled for sale. This is a redevelopment apartment near Anyang Bisan Elementary School, also a mammoth complex with a total of 2,739 units. Among these, 689 units will be released to the general public. The general sale units consist of small apartments sized 49㎡ and 59㎡. Since the price ceiling system does not apply and there is no obligation for actual residence, resale is possible after registration.
New sales are also continuing in non-regulated areas of the metropolitan area. Representative examples include ‘Hillstate Monteroi’ in Mohyeon-eup, Cheoin-gu, Yongin City, and ‘Paju Munsan Station Dongmoon The East’ in Munsan-eup, Paju City. These are large complexes with 3,731 units and 1,503 units respectively. They are free from resale restrictions and loan regulations, and even those owning more than one house can apply for first-priority subscription.
◇ Fierce competition expected for ‘lottery’ sales in Seoul = In Seoul, ‘lottery’ sales subject to the price ceiling system are expected to continue. In the Goduk Gangil Public Housing District, Gangdong-gu, ‘e-Pyeonhansesang Gangil Urban Bridge’ will be offered. Although the scale is not large with 593 units, all are general sale units, increasing the chances of winning a royal building or floor. Industry insiders expect the sale price to be set at around 24 million KRW per 3.3㎡. This is about 500 million KRW lower than the nearby market price.
In Dongdaemun-gu, the ‘Imun 1 District Raemian’ (tentative name), redeveloped from Imun 1 District, is expected to open for subscription. With a total of 2,904 units, the general sale volume reaches 803 units. Kyunghee Yeo, senior researcher at Real Estate 114, said, "The supply volume released this month includes places that prospective buyers have been highly interested in," adding, "Competition is expected to be fierce accordingly."
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