Move-in for Cooperative Members Starts November 30
Post-Sale with Exclusive 84㎡ Units Around 1.3 Billion KRW
[Asia Economy Reporter Noh Kyung-jo] The general sale price of 'Mapo The Classy,' which recently began move-in, has been set at over 40 million KRW per 3.3㎡.
According to related industry sources on the 4th, the Mapo District Sale Price Deliberation Committee resolved on the 22nd of last month to set the general sale price of Mapo The Classy at 40.13 million KRW per 3.3㎡, and approved it on the 28th.
Mapo The Classy is the only reconstruction complex (Ahyeon 2 District) within Ahyeon New Town in Mapo-gu, Seoul. Out of a total of 1,419 households, 53 are post-sale units. The move-in period is until February 5th of next year, and the union members began moving in from the 30th of last month.
Applying the newly set sale price, an 84㎡ unit (exclusive area) is priced in the 1.3 billion KRW range, exceeding market expectations. Although the announcement for recruiting residents has not yet been made, no changes are expected.
Initially, the general sale price was expected to be in the 900 million KRW range for an 84㎡ unit. This was because the union member sale price was in the 600 million KRW range (about 19 million KRW per 3.3㎡). However, due to the immediate move-in availability in Mapo and the small number of general sale units, the union reportedly wanted a price level of around 40 million KRW per 3.3㎡.
In the end, despite some construction cost additions being disallowed, the general sale price was set higher than expected. It is about 85% of the market price of surrounding complexes. The reconstruction of Dunchon Jugong in Gangdong-gu (Olympic Park Foreon) recently set its general sale price at 38.29 million KRW per 3.3㎡, which some considered high, but compared to that, Mapo The Classy is 1.84 million KRW more expensive per 3.3㎡.
An industry official explained, "Both Mapo The Classy and Olympic Park Foreon are subject to the price ceiling system. Due to increases in construction material and labor costs, the basic construction cost regularly rises, and with institutional improvements, the sale prices seem to have come out higher than expected."
Mapo The Classy is scheduled to go on sale within this month. The resale restriction period is 8 years, and the final payment is due during the move-in period. Due to the post-sale nature, the final payment process proceeds quickly.
Although the real estate market is sluggish, it is expected that subscription accounts will flood in. The official said, "The flagship apartment in the area, Mapo Raemian Prugio 84㎡, is trading at 1.7 to 1.8 billion KRW. Since the sale price is relatively low, many demanders wishing to live in Mapo are expected to apply."
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