Ultimately, the Key Is Price... Attention on Reasonable Prices Compared to Market for 'Olympic Park Foreon'

- Olympic Park Foreon Subject to Sale Price Ceiling System... Up to 500 Million KRW Lower Than Surrounding Market Prices
- Beneficiary of Government's Eased Interim Payment Loan Regulations, A Golden Opportunity to Enter Seoul

Hyundai Engineering & Construction Co., Ltd., HDC Hyundai Development Company, Daewoo Engineering & Construction Co., Ltd., and Lotte Engineering & Construction Co., Ltd. are drawing attention with the “Olympic Park Foreon,” supplied through the Dunchon Jugong Housing Reconstruction Maintenance Project in Dunchon 1-dong, Gangdong-gu, Seoul, due to its reasonable sale price compared to surrounding market prices.

Olympic Park Foreon is subject to the sale price ceiling system, making its prices reasonable compared to nearby complexes. According to KB Real Estate market data, the sale price for Helio City in Songpa-gu, Seoul (moved in December 2018) is 1,066.67 million KRW for a 39㎡ exclusive area, 1.61 billion KRW for 59㎡, and 1.8 billion KRW for 84㎡ (as of December this year).

On the other hand, Olympic Park Foreon’s sale price for a 39㎡ exclusive area is in the mid-60 million to early 70 million KRW range, △ 59㎡ is in the high 90 million to mid-100 million KRW range, and △ 84㎡ is in the low 120 million to low 130 million KRW range, making it more than 500 million KRW more reasonable compared to the same area in Helio City.

Additionally, with the government expanding the loan allowance for interim payments to properties priced at 1.2 billion KRW or less starting November 21, benefits from this change are expected. The sale price for Olympic Park Foreon’s housing types with an exclusive area of 59㎡ or less is set below 1.2 billion KRW, making interim payment loans possible.

A sales representative stated, “Olympic Park Foreon is a newly built apartment supplied at a reasonable price compared to surrounding complexes, and as a large-scale complex with no comparable alternatives, it is expected to have high future value. Furthermore, since interim payment loans are available for housing types with an exclusive area of 59㎡ or less, many buyers see this as a good opportunity to enter Seoul.”

Meanwhile, Olympic Park Foreon consists of 85 buildings ranging from three basement floors to 35 above-ground floors, with a total of 12,032 apartment units, of which 4,786 units are supplied for general sale. Winners will be announced on Thursday, December 15, and document submission for winners will be accepted from Saturday, December 17 to Saturday, December 31 (excluding December 25). The official contract period will be held for 15 days from Tuesday, January 3, 2023, to Tuesday, January 17, 2023.

Meanwhile, the Olympic Park Foreon model house is currently open, and move-in is scheduled for January 2025.