Kumho Construction Nears Early Sell-Out of 'Gangneung Gyodong Kumho Eoullim Olympic Park' Pre-Sales

Aerial view of 'Gangneung Gyodong Kumho Eoullim Olympic Park'
[Photo by Kumho Construction]

[Asia Economy Reporter Ryu Tae-min] Kumho Construction announced on the 8th that ‘Gangneung Gyodong Kumho Eoullim Olympic Park,’ currently being sold in Gyodong, Gangneung-si, Gangwon-do, is nearing a complete sell-out.

‘Gangneung Gyodong Kumho Eoullim Olympic Park’ consists of 4 buildings, ranging from 2 basement floors to 20 above-ground floors, with a total of 346 households. By exclusive area, there are 245 units of the 84㎡ type and 101 units of the 118㎡ type. Contracts for the remaining unsold units are currently underway. All types were fully subscribed in the first priority during the initial subscription phase, with the highest competition rate reaching 20.7:1. Kumho Construction stated that within less than 4 weeks after the official contract, the contract rate exceeded 95%.

Kumho Construction provided contract holders with benefits such as a fixed amount for the first deposit and 0% interest on 60% of the intermediate payments to reduce the financial burden on buyers due to rising interest rates. Additionally, the sale price was evaluated to be lower than the surrounding apartment market prices, attracting genuine buyers’ interest.

The excellent location also had a significant impact on the near sell-out. The Gyodong area in Gangneung-si, where the complex is located, is the most preferred residential area within Gangneung-si. Since October 2021, there has been no apartment supply in the Gyodong district, drawing genuine buyers’ attention to new sale complexes.

Moreover, the Olympic Park is located right in front of the complex, and facilities such as Gangneung Art Center and Gangneung City Culture and Arts Center are nearby, providing excellent conditions for transportation, education, and culture. Also, the nearby KTX Gangneung Station is expected to benefit from the Gangneung station area development.

A Kumho Construction official said, “Although unsold units are increasing nationwide, ‘Gangneung Gyodong Kumho Eoullim Olympic Park’ proceeded with contracts in a short period and is close to a complete sell-out,” adding, “We will provide the best residential services to residents by creating the highest quality and living environment.”