Large-scale Apartment Complex Sales Flood the Capital Area... Seoul Faces a Sales Drought

70,000 Households to be Sold in the Capital Region Within the Year
Large Complexes Concentrated in Gyeonggi and Incheon
Major Complex Schedules in Seoul Delayed
Applicants Waiting Anxiously

[Asia Economy Reporter Kim Hyemin] Until the end of the year, large apartment complexes with over 1,000 households will continue to be offered for sale mainly in Gyeonggi Province and the metropolitan area. With the planned revision of the price calculation system, there are talks that this is the last chance to purchase a home at a price cheaper than nearby housing prices. However, relatively speaking, the supply drought in Seoul is expected to continue. Major complexes planned for sale this year are postponing their schedules one after another.

According to Real Estate R114 on the 19th, a total of 70,939 households are scheduled for sale in the metropolitan area from this month through December. This accounts for about half of the nationwide supply. In Seoul, 22,259 households are planned, while Gyeonggi and Incheon have 48,680 households scheduled.

In the Gyeonggi and Incheon areas, large apartment complexes with over 1,000 households are concentrated. First, ‘Vermontro Gwangmyeong’ in Gwangmyeong City, Gyeonggi Province, is expected to be offered for sale within the year. This complex redevelops Gwangmyeong District 2 and has a total of 3,344 households. Among them, 726 units are for general sale. It is within walking distance of Gwangmyeongsageori Station on Subway Line 7, and due to its large scale, it is known to attract great interest from prospective buyers. One union member said, "Although there is conflict between the union and the emergency countermeasure committee, the sale is likely to proceed within the year as the loan schedule cannot be delayed."

In Cheoin-gu, Yongin City, Gyeonggi Province, ‘Hillstate Monteroi’ will be offered for sale. The apartment is divided into blocks 1 to 3 and will sequentially begin the sales schedule. Altogether, it is a large complex with a total of 3,731 households. In Uiwang City, Naeson-dong area, where housing prices have recently risen sharply due to transportation benefits, the ‘Naeson District Redevelopment’ complex is preparing for sale. It is administratively close to Anyang and within distance to use Pyeongchon Station on Subway Line 4. Most of the demolition is currently complete, and the project implementation plan change approval is awaited. Once this procedure is completed, general sales are expected to proceed by the end of the year or early next year.

Additionally, in Paju, ‘Unjeong New Town Prugio Parsena’ (1,745 households) is waiting for sale. As a post-sale complex scheduled for completion in August next year, it is notable that the move-in date is less than a year away. Besides this, in Incheon, large complexes such as ▲Songdo Xi The Star (1,560 households) ▲Songdo The Sharp (1,544 households) ▲Songdo Hillstate (1,319 households) ▲Geomdan Geumgang Pentarium (1,049 households) are also scheduled for sale.

However, in Seoul, major complexes are postponing their sales one after another, increasing the likelihood that the supply drought will continue for the time being. More than 10 complexes originally scheduled for sale in the fourth quarter of this year have postponed to next year. In particular, prime complexes that prospective buyers have long awaited have been delayed one after another.

The representative case is Dunchon Jugong in Gangdong-gu, with a total of 12,032 households. Until early this year, the sales process was scheduled to begin this month, but the schedule has effectively been postponed. The schedule was delayed due to the replacement of the union executive and the process of recalculating the sale price. This complex alone has 4,786 units for general sale.

Bangbae District 5 in Seocho-gu is also experiencing delays in the sales schedule due to conflicts among union members over additional contributions. Of the total 3,080 households, 1,686 units are for general sale. Raemian Onepentace (641 households), which is reconstructing Sinbanpo 15th Complex, and Bangbae District 6 (1,131 households) are also embroiled in conflicts with construction companies, leaving their sales schedules uncertain.

In the Gangbuk area, Daejo District 1 in Eunpyeong-gu (1,971 households) has become uncertain due to conflicts among unions over increased construction costs and contribution fees. The union head has been dismissed, and the process is expected to resume once a new executive team is formed. Additionally, Imun District 1 in Dongdaemun-gu (2,094 households) has postponed its sales schedule to next year due to issues with price calculation caused by increased construction costs.

In Seoul, only Yeokchon District 1 in Eunpyeong-gu (752 households) is expected to be offered for sale next month. Excluding complexes with a high possibility of sales postponement, the number of households to be sold in Seoul within the year is unlikely to exceed 2,000.