Despite High Interest Rates and Local Unsold Units, 'Changwon Lotte Castle Forest' Forecasts Success from First Day of Contracts

- 'Changwon Lotte Castle Forest' Attracts High Demand on First Day of Contracts, Showing Contrast with Local Unsold Housing Market
- Benefiting from Reduced 1-Year Pre-Sale Transfer Restriction... Official Contracts Held for 7 Days Until February 3 (Fri)

Lotte Construction's 'Changwon Lotte Castle Forest,' supplied through a private park development special project in Sahwa-dong, Uichang-gu, Changwon-si, Gyeongnam, is showing a smooth progress from the very first day of the official contract signing.

'Changwon Lotte Castle Forest' began official contract signing with the winners at the model house on January 28th (Saturday). Contrary to the chilly subzero weather, the atmosphere at the model house was so heated that it reminded visitors of an early summer.

On the first day alone, numerous contractees gathered to sign contracts during the seven-day official contract period running until February 3rd (Saturday), signaling a rare positive sign in the frozen housing market.

The real estate industry had anticipated this smooth progress from early on.

This is because 'Changwon Lotte Castle Forest' recorded an average competition rate of 28.3 to 1 and a highest competition rate of 98.7 to 1 in the first-priority subscription held on January 3rd (Tuesday), with a total of 26,994 applicants (13,238 for Block 1 and 13,756 for Block 2) competing for 952 units across two blocks.

Additionally, this complex is subject to the price ceiling system, resulting in a reasonable sale price compared to surrounding market prices, and is regarded as the last large-scale new apartment supply in the old Changwon city area (Uichang-gu and Seongsan-gu) with a total of 1,965 units fully offered to the general public.

In fact, Uichang-gu in the old Changwon city area (Uichang-gu and Seongsan-gu) has no ongoing reconstruction or redevelopment projects, and although Seongsan-gu has 23 reconstruction projects underway (including 3 with construction start reports), there is currently no complex planning to supply as many as 1,965 units to the general public rather than to association members like 'Changwon Lotte Castle Forest.'

Moreover, due to the government's real estate regulation easing measures announced on January 3rd (Tuesday), the resale restriction period for pre-sale rights has been reduced from 3 years to 1 year, and those holding pre-sale rights for over a year are exempt from the heavy capital gains tax on transfer of pre-sale rights, making this official contract signing expected to proceed even more smoothly.

A sales official stated, "This is a large-scale 'Lotte Castle' brand apartment supplied in a highly preferred area of Changwon city, and with the government's regulatory easing, we expect good results in the official contract signing amid high interest from buyers aiming for both residence and investment."

Meanwhile, 'Changwon Lotte Castle Forest' is an apartment complex consisting of 15 buildings from 4 basement floors to 29 above-ground floors, with exclusive areas of 84㎡ and 102㎡, divided into two blocks, totaling 1,965 units. The number of units per block is △ Block 1: 851 units of 84㎡ and 116 units of 102㎡, totaling 967 units, and △ Block 2: 854 units of 84㎡ and 144 units of 102㎡, totaling 998 units.

The complex is within walking distance to large supermarkets, outlets, cinemas, and hospitals. It is also adjacent to the Changwon National Industrial Complex, where major corporate production plants are located.

Changwon General Bus Terminal is located close to the complex, and transportation facilities such as KTX Changwon Station and KTX Changwon Central Station provide convenient access to major cities. Additionally, major roads like Changwon-daero, Changi-daero, and Won-i-daero are nearby, allowing easy travel to regions such as Busan and Gimhae.

'Changwon Lotte Castle Forest' is conducting official contract signing at the model house for seven days from January 28th (Saturday) to February 3rd (Friday). Visitors can check finishing materials, models, and units at the model house, and units can also be viewed through the cyber model house available on the website.

To prevent the spread of COVID-19, only the winning applicant (or their proxy) and one accompanying person are allowed to enter the model house for contract signing, and visits are only possible on the designated date and time reserved in advance.

The expected move-in dates for 'Changwon Lotte Castle Forest' are May 2026 for Block 1 and February 2026 for Block 2.