Gyeongnam 'Goseong Sweet M Elkru' Scheduled for Sale in August

The Gap Between New and Old Apartments Widens Every Year... 283 Million Won Difference Last Year

Popularity for newly launched apartments is rising, especially in areas densely populated with aging apartments. The demand to move from old apartments to new ones, combined with the value of scarcity, is creating a price gap in apartment sales.

Consumers' preference for new apartments can be seen in the subscription rates of newly launched complexes in areas where there has been no supply for a long time. Last year, Changwon Lotte Castle Centum Gold in Yangdeok-dong, Masanhwoewon-gu, Changwon City, which was the first new launch in four years, attracted a total of 25,831 first-priority applications (including relevant and others) for 336 households, recording an average competition rate of 70:1 and a record-breaking highest competition rate of 123.44:1 for the 99-type units. Additionally, ‘The Sharp Geochang Porciel,’ launched in May last year, was the first new complex in six years in Geochang-eup, Geochang-gun, Gyeongsangnam-do, attracting 3,489 applications for 329 households, showing a high average competition rate of 10.6:1.

The price gap between new and aging apartments has also widened. According to a survey by Real Estate R114 last year, when comparing the average apartment sale prices nationwide, the price difference between newly built apartments less than five years old and aging apartments over ten years old was about 283 million KRW, which is approximately 20 million KRW wider than the 263 million KRW gap recorded the previous year under the same criteria.

The gap between new and aging apartments is expected to continue. Since the COVID-19 pandemic, as people spend more time at home, preferences and values for apartments with innovative layouts such as ample storage space and communities that offer diverse daily activities from golf and exercise to relaxation within the complex have increased.

Amid this, ‘Goseong Sweet M Elcrew,’ scheduled for launch in August, is attracting attention. Located in Goseong-eup, Goseong-gun, Gyeongnam, ‘Goseong Sweet M Elcrew’ will be supplied by Korea Land Trust Co., Ltd. for the first time in eight years. The complex will consist of six buildings with two basement floors and up to 20 floors above ground, featuring medium to large-sized units of 84㎡ and 116㎡, totaling 435 households.

A real estate official in Goseong said, “Since there has been no new apartment supply in Goseong for eight years, there are many waiting buyers eager for new apartments. Especially, with the reliable and trustworthy Korea Land Trust as the developer and Daewoo Shipbuilding & Marine Engineering Construction, which was rated the highest in safety management in 2021, as the constructor, many inquiries are coming in because people trust the brand from both development and construction perspectives.”

Near the ‘Goseong Sweet M Elcrew’ complex, Gyeongnam Aviation High School is located right in front, and Goseong Elementary and Middle Schools are nearby. Top Mart and Hanaro Mart are within walking distance, and the complex is close to Goseong Market, which offers various living infrastructures such as Goseong-eup Health Center, Goseong County Office, hospitals, pharmacies, banks, and courts.

Cultural, tourism, and leisure facilities are also excellent. CGV Goseong is located near the complex, and residents can enjoy rich healing and cultural infrastructure such as Goseong County Sports Park, the Goseong Baseball Stadium opened in June this year, Goseong County National Sports Center, Songhak Burial Mounds, and Goseong Museum.

The complex is close to National Road 33, and quick access to nearby major cities such as Tongyeong, Daejeon, Jinju, and Sacheon is possible via Manlim IC and Goseong IC. It is also easy to move to downtown Goseong via Songhak Burial Mound Road. With the planned KTX Goseong Station, faster nationwide travel will be possible, further improving living conditions.

A representative of ‘Goseong Sweet M Elcrew’ stated, “As the first new apartment complex in Goseong-eup in eight years, we will introduce a landmark apartment that leads Goseong’s residential culture with layouts and communities never before experienced in Goseong.”