‘Changwon Lotte Castle Forest’ Nearly Sold Out with a Total of 1,965 Units

- Majority of unit types sold out through official contracts and preliminary resident lottery, some types nearing sell-out
- Last large-scale branded apartment complex in old Changwon, high premium expected through resale rights after one year

The nationwide real estate market's subscription rate averaged 0.3 to 1 in January this year. Despite this sluggish performance in the real estate market, a new housing complex with nearly 2,000 units in Changwon City, Gyeongnam Province, is on the verge of being completely sold out.

This new housing complex defying the real estate downturn is Lotte Construction's 'Changwon Lotte Castle Forest.' The complex was launched for sale at the end of December last year. This period coincided with the year-end and New Year atmosphere, compounded by triple hardships of high interest rates, high inflation, and high exchange rates, which also caused nationwide unsold units.

Nevertheless, 'Changwon Lotte Castle Forest' recorded an average subscription rate of 28.3 to 1 (with a peak of 98.7 to 1) in the first-priority application round. Compared to the national average subscription rate of 0.3 to 1 in January, this figure is more than 95 times higher.

Even as many complexes failed to exceed an average subscription rate of 1 to 1 and new housing complexes increasingly offered benefits such as discounted prices and interest-free interim payments, this complex achieved subscription rates in the tens to one range.

Currently, the entire supply of 1,965 units at 'Changwon Lotte Castle Forest' is on the brink of being fully sold out. Most unit types have been closed through official contracts and preliminary resident lottery draws, with prospective buyers flocking to the model house, and some unit types nearing closure.

In effect, nearly 2,000 units are virtually guaranteed to be fully sold even during the real estate recession.

This success is attributed to △reasonable pricing due to the application of the price ceiling system △the last large-scale branded apartment complex newly supplied in the old Changwon City area (Uichang and Seongsan districts) △and the reduction of the resale restriction period on pre-sale rights from the existing 3 years to 1 year.

Although plans for new apartment supply through reconstruction and redevelopment projects are underway within Changwon City, securing desirable units excluding those allocated to association members will be difficult.

Especially for new housing complexes, it is evident that prices will be set even higher due to the rise in land prices, increased construction material costs reflecting inflation, and high interest rates.

For buyers hoping to own a new apartment in the old Changwon City area, the scarcity and symbolic value of 'Changwon Lotte Castle Forest' make it an unparalleled option. Therefore, it is only a matter of time before more buyers compete to secure even some unit types.

Meanwhile, 'Changwon Lotte Castle Forest,' supplied by Lotte Construction, is located in Sahwa-dong, Uichang-gu, Changwon City, Gyeongnam Province. It consists of 15 buildings ranging from 4 basement floors to 29 above-ground floors, with a total of 1,965 units across two blocks, featuring exclusive areas of 84㎡ and 102㎡. The unit distribution 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.

This complex applies Lotte Construction's unique specialized design and innovative exterior, with all units primarily facing south to secure excellent sunlight and openness. It also offers views of Sahwa Park surrounding the complex, enhancing the residential value.

Featuring Lotte Construction's distinctive specialized design and original exterior, the complex includes a premium community center called the Castleian Center and landscaping that reflects the seasons.

Residents of 'Changwon Lotte Castle Forest' can walk to large supermarkets, outlets, cinemas, and hospitals, and commute to major corporate business sites (production plants) in Changwon National Industrial Complex, including LG, Hyundai, Korea GM, Hyosung, and STX.

The complex is close to Changwon General Bus Terminal and offers easy access to transportation networks such as KTX Changwon Station, KTX Changwon Central Station, Changwon-daero, Chang-i-daero, and Won-i-daero. Future transportation improvements are expected with the Bujeon-Masan double-track railway, SRT, and S-BRT.

Detailed information about 'Changwon Lotte Castle Forest' can be found on the official website and at the model house.

The expected move-in dates are May 2026 for Block 1 and February 2026 for Block 2.