- "Deeply Feeling the Contracted Current Market Sentiment" Deokhyeon District Housing Redevelopment Maintenance Project Association Decides on 10% Sale Price Discount
- Considering Balcony Expansion, Free System Air Conditioner Provision, and Increased Sale Cost, Decision is Reasonable
‘Pyeongchon Centum First,’ the first housing complex to be sold in Anyang, Gyeonggi Province in 2023, announced on February 4th through the regular general meeting of the association members that it has decided on a 10% discount on the sale price. The Deokhyeon District Housing Redevelopment Maintenance Project Association, which unusually approved the price discount quickly before the formal contract, decided on a discount at a reasonable level compared to the surrounding market prices considering the current market situation, which is expected to rekindle demand interest in the complex.
Pyeongchon Centum First is a redevelopment complex in Anyang’s Deokhyeon District, consisting of 23 buildings ranging from 3 basement floors to 38 above-ground floors, with a total of 2,886 households and exclusive areas ranging from 36 to 99㎡. Residents can easily access the abundant infrastructure of Pyeongchon New Town, including the Pyeongchon academy district, Lotte Department Store, and Anyang City Hall. It is also highly rated for its excellent location as a station-area complex near the planned Dongtan-Indeokwon Line’s Hogyesageori Station (tentative name), scheduled to open in 2027.
However, upon the announcement of the recruitment notice, there was some public opinion that the sale price was somewhat high considering the current market situation. The sale price for the main type, the 59㎡ exclusive area, was set at approximately 740 million to 800 million KRW, averaging 796.89 million KRW, which is higher than the market price of the nearby newly built A complex completed in 2021.
Nevertheless, the situation is expected to turn around in the future. The Deokhyeon District Housing Redevelopment Maintenance Project Association, which is in charge of the project, recognized the recent sluggish market sentiment and actively decided on a 10% discount to overcome this situation.
As a result, the average sale price per 3.3㎡ will drop from 32.11 million KRW to 28.9 million KRW. The 59㎡ type will be priced between 669.6 million KRW and 727.2 million KRW, averaging 717.21 million KRW, which is about 80 million KRW lower than the initial sale price. The 84㎡ type’s sale price will decrease to an average of 947.72 million KRW.
Pyeongchon Centum First offers optional products such as balcony expansion, system air conditioners, built-in wardrobes, extended living room art walls, and wooden panel finishes for the living room/kitchen areas free of charge, which usually incur additional costs in other complexes.
In fact, after the discount, the sale price of the 59㎡ Type A averages around 710 million KRW, and even with balcony expansion, three system air conditioners, and built-in wardrobes added, the price does not change. In Complex A, the balcony expansion costs 9 million KRW, three air conditioners cost 4.8 million KRW, and built-in wardrobes are priced at 1.05 million KRW; selecting all these options would raise the sale price to about 810 million KRW. Compared under the same conditions, Pyeongchon Centum First is supplied at a lower price.
Additionally, under the original sale price, the special Bogeumjari Loan was only applicable up to the 59㎡ type, but with the discounted sale price, it is now applicable to the 72㎡ type as well, raising expectations among waiting contract applicants.
A real estate expert in Anyang stated, “Since Pyeongchon Centum First has been evaluated as excellent in terms of location and product, the decision to discount the sale price by 10% is expected to be a turning point that can change the market atmosphere going forward. Investors who hesitated thinking ‘now is the right time to buy’ because the special Bogeumjari Loan is only temporarily available this year may also join the contracts.”
Meanwhile, the Deokhyeon District Housing Redevelopment Maintenance Project Association announced that the 10% discount will also be applied equally to those who won the subscription lottery. To this end, the document submission period will be extended to February 10th, and the formal contract period will be changed to five days from February 13th to 17th. This will be notified through approval of the recruitment notice correction.
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