‘Riversen SK VIEW Lotte Castle’ Initial Contract Rate Surpasses 90%... High Expectations for Quick Sell-Out

- Despite the market cold wave, initial contract rate very high, early sell-out expected
- Real demand-based contracts made due to regulatory easing such as relaxation of interim loan criteria

The initial contract rate for the housing redevelopment project in Jung-hwa 1 Redevelopment Promotion Zone in Seoul, ‘Riversen SK VIEW Lotte Castle,’ has surpassed 90%. Despite a cold wave hitting the Seoul subscription market and fears of unsold units spreading, buyers are signing contracts as mid-term loans have become available due to regulatory easing, and the excellent location and product quality have received favorable reviews.

[Rivercen SK VIEW Lotte Castle Perspective View (Image provided by SK Ecoplant)]

According to the sales industry, as of the 8th, Riversen SK VIEW Lotte Castle recorded an initial contract rate of 91.2%, with 457 out of 501 general sale units successfully contracted. It is expected that the remaining units will be fully absorbed through the non-ranking subscription in the future.

Riversen SK VIEW Lotte Castle is located in Jung-hwa-dong, Jungnang-gu, Seoul, consisting of a large complex with 8 apartment buildings ranging from 2 basement floors to a maximum of 35 floors above ground, with units ranging from 39 to 100 square meters in exclusive area, totaling 1,055 households. Among these, 501 units were offered for general sale.

The purchasing burden has also been significantly reduced. With the mid-term loan criteria expanded from 900 million KRW to 1.2 billion KRW, all general sale units of Riversen SK VIEW Lotte Castle are eligible for mid-term loans.

Additionally, since the complex is not subject to the price ceiling system, there is no obligation to move in or reside at the time of occupancy, allowing buyers to resolve the balance payment by finding tenants for lease. This has also acted as an attraction. In fact, it is analyzed that even buyers with low scores among preliminary winners were drawn to contract due to the new supply’s good accessibility to Gangnam in Seoul.

Meanwhile, non-ranking subscription applications for the remaining 44 units of Riversen SK VIEW Lotte Castle will be accepted through the subscription website on the 20th (Tuesday), with the announcement of winners scheduled for the 23rd (Friday).