Angsana Residence Yeouido Seoul & Acro Yeouido The One Sale
High Prices for Rare New Supply in Yeouido with Han River View and Near Subway Station
[Asia Economy Reporter Noh Kyung-jo] Contrary to the notion of a stagnant real estate market, officetels and residences priced at around 100 million KRW per 3.3㎡ are being supplied in Yeouido, drawing attention. Despite ongoing negative factors in the real estate market such as additional base rate hikes expected within the year, some raise concerns about unsold units. In response, officials stated that the prices set, considering location and development conditions in Yeouido where new supply is rare, are not unreasonable.
According to the construction and real estate industry on the 17th, the residence branded under Banyan Tree Group’s Angsana started pre-sale visits for VIPs from the 4th of this month.
‘Angsana Residence Yeouido Seoul,’ constructed by Hyundai Engineering on the site of the former NH Investment & Securities building, consists of one tower with 348 units ranging from 40 to 103㎡ in exclusive area, spanning from 6 basement floors to 57 above ground. With a height of 249.9m, it is expected to represent the Yeouido skyline alongside nearby Park One (317m, 69 floors) and IFC (284m, 56 floors).
Each unit offers views of Yeouido Park, the Han River, and the city center. Leveraging these advantages, the sale price was set at over 100 million KRW per 3.3㎡, ranging from 1.45 billion KRW to 4.5 billion KRW. Despite this, it is noted for being the fourth Angsana Residence built worldwide, attracting significant attention.
A sales official said, "Targeting the high-end residential demand segment, a considerable number of contracts have been made," adding, "Some find the 2.9m high ceilings and Han River views attractive and seek these units as second homes." Since these residences are not counted as housing units and have a scheduled completion date in 2026 without resale restrictions, there are also many inquiries for investment purposes.
‘Acro Yeouido The One,’ a 29-story building on the former Yusoo Holdings site, also has prices around 100 million KRW per 3.3㎡. Prices include 1.669 billion KRW for 49㎡A, 2.022 billion KRW for 59㎡, and 4.06 billion KRW for 119㎡A. The subscription held on the 31st of last month recorded an average competition rate of 1.24 to 1. However, 7 units out of 104 for the 119㎡ category remained unsold.
Given the recent real estate market atmosphere, some say the prices are too high. Regarding this, a construction company official said, "MDM, the developer, tends to take time and likely did not set the prices low," adding, "It may take some time to sell out." DL E&C is responsible for construction.
MDM and DL E&C (formerly Daelim Industrial) also collaborated on the ‘e-Pyeonhansesang Gwangjin Grand Park’ sales project in 2019, which was also criticized for a high price of 33.7 million KRW per 3.3㎡. There were unsold units at that time, but contracts were eventually completed riding the wave of rising housing prices.
Another construction industry official said, "Apart from ongoing reconstruction in Yeouido, new supply is rare, and with many transportation benefits such as the West Line and Shinansan Line expected in the future, prices seem to have been set high," adding, "Although the Metropolitan Area Express Railway (GTX)-B is reportedly struggling to find a contractor, it is a positive factor in the long term."
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