Daechi Gumaeul 3 District 'The H Edellui' Accelerates December Sales Pace

[Asia Economy Reporter Noh Kyung-jo] 'Daechi DH Edelweiss,' a reconstruction apartment in Daechi Gumaeul 3 District, Gangnam-gu, Seoul, is accelerating preparations for year-end sales.

According to the maintenance industry on the 30th, Daechi DH Edelweiss is scheduled to be sold in December. It is also listed on Hyundai Engineering & Construction's website sales calendar. The association recently selected a partner company for general sale price calculation and review, and completed the lottery and announcement of unit numbers for association members.

This complex, which carries Hyundai Engineering & Construction's premium brand DH as a pet name, consists of 282 households from 3 basement floors to 16 above-ground floors, of which 79 units are for general sale.

Combining with the previously sold Gumaeul 1 District (Daechi Prugio Summit, 489 households) and 2 District (Daechi Le El, 273 households), approximately 1,000 new residential units will be formed. Although a surprise sale was expected in May this year, it was postponed due to overlapping issues such as government adjustments to the sale price ceiling system.

Gumaeul 3 District's project was delayed compared to other districts due to setbacks such as re-bidding for the construction company selection. In 2016, Daelim Industrial was selected as the contractor, but the contract was terminated due to disagreements over construction costs.

Daechi-dong Gumaeul was previously an old villa village. Compared to the leading apartments in the area and those undergoing reconstruction such as 'Useonmi' (Useong, Seongyeong, Hanbomi-do), Eunma, and Raemian Daechi Palace, it is located on a hill. It is not in the immediate vicinity of subway Line 3 Daechi Station or Line 2 Samseong Station.

However, considering the advantages of Daechi-dong's school district and academy area, as well as the rarity of new constructions, industry insiders expect that the 79 units for general sale will be sufficiently absorbed.

An industry official said, "Although there is an advantage with the sale price ceiling system, the loan-to-value ratio (LTV) for mortgage loans is limited, so buyers need to have enough cash prepared."