- 'Lotte Castle' Brand Premium Showing Strong Home Price Growth Despite Recession Drives 100% Sell-Out
- 'Changwon Lotte Castle Forest' Expected to Peak 'Lotte Castle' Value Based on Rarity and Symbolism
In January of this year, the nationwide average competition rate for first-priority subscription recorded 0.3 to 1, indicating a worsening sales market. However, Lotte Construction, a major domestic construction company, has been showing strong performance in Changwon City, Gyeongnam Province, leveraging its ‘Lotte Castle’ brand.
Recently, they supplied ‘Changwon Lotte Castle Forest’ across two blocks in the Uichang-gu area of Changwon City, totaling around 2,000 households, and despite the real estate downturn, achieved a remarkable 100% sell-out.
However, the real estate industry had anticipated such results early on. Previously, the ‘Lotte Castle’ apartments supplied by Lotte Construction in the Changwon area each commanded high premiums regardless of the current real estate recession after their sales. The ‘Changwon Lotte Castle Forest’ also benefited from the reduction of resale restrictions on pre-sale rights to one year, making it a complex that fully enjoys the ‘Lotte Castle’ brand premium, which was the prevailing opinion.
According to the Ministry of Land, Infrastructure and Transport’s apartment actual transaction prices, the 99.7㎡ exclusive area of ‘Changwon Lotte Castle Centum Gold’ supplied in Masanhwoeun-gu, Changwon City, was traded at a record high of 605.45 million KRW in June last year. The previous transaction was 539.31 million KRW in January of the same year. Compared to the initial transaction price in April 2021 (462 million KRW), a premium of approximately 143.45 million KRW was added within 1 year and 2 months. Currently, this complex has such high demand for actual residence that no properties are available for transaction.
Also, the 100.42㎡ exclusive area of ‘Changwon Lotte Castle The First’ supplied in the same Masanhwoeun-gu was traded at a record high of 556 million KRW in August last year, forming a premium of 166 million KRW compared to the previous transaction (390 million KRW in June 2020). Likewise, many buyers have shown interest, but no sellers have come forward, and no transactions have occurred since the record high.
Some expect that the ‘Changwon Lotte Castle Forest’ supplied in the Uichang-gu area of Changwon City this time will offer value surpassing the previously expressed ‘Lotte Castle’ brand premium in the market.
The reason is that ‘Changwon Lotte Castle Forest’ is a park apartment developed under a rare private park creation special project within Changwon City, and it is also regarded as the last large-scale branded apartment complex newly supplied in the old Changwon City area. From the buyers’ perspective, ‘Changwon Lotte Castle Forest’ is essentially the complex where they can fully enjoy the pinnacle of the ‘Lotte Castle’ brand premium.
Proving this, after opening, about 10,000 prospective buyers visited the model house over three days, achieving an average subscription competition rate of 28.3 to 1 and a peak of 98.7 to 1 in the first-priority subscription. During the official contract period, most housing types were closed early, and during the lottery for remaining units (due to disqualification or contract cancellation), the enthusiasm of buyers peaked until midnight, prompting local police and fire departments in Changwon to intervene to maintain order.
Despite the downturn, this complex demonstrated the intense enthusiasm of buyers eager to secure units enjoying the ‘Lotte Castle’ brand premium, achieving the great feat of 100% sell-out.
A Lotte Construction sales official stated, “Word of mouth spread that this is the optimal complex to enjoy the ‘Lotte Castle’ brand premium, which includes product composition, design, and philosophy, leading to early sell-out despite the recession. To repay this support, we will ensure thorough construction so that it becomes an unparalleled complex where the ‘Lotte Castle’ brand premium and value can be fully enjoyed in Changwon City.”
Meanwhile, Lotte Construction’s ‘Changwon Lotte Castle Forest’ is being built in the Sahwa-dong area of Uichang-gu, Changwon City, Gyeongnam Province, consisting of 15 buildings from 4 basement floors to 29 above-ground floors, with exclusive areas of 84 and 102㎡, across two blocks, totaling 1,965 households.
Not only does it feature Lotte Construction’s differentiated specialized design and unique exterior design, but it also secures views of Sahwa Park surrounding the complex, enhancing the value of residential life. The complex includes a premium community center called Castleian Center and landscaping that reflects the seasons.
Within walking distance, residents can access large supermarkets, outlets, cinemas, and hospitals. Convenient commuting is possible to the Changwon National Industrial Complex, where major companies such as LG, Hyundai, Korea GM, Hyosung, and STX have production plants. Additionally, the Changwon General Bus Terminal is located in front of the complex, and transportation networks such as KTX Changwon Station, KTX Changwon Central Station, Changwon-daero, Chang-i-daero, and Won-i-daero are easily accessible, making the residential value exceptional.
Detailed information about ‘Changwon Lotte Castle Forest’ can be found by visiting the model house or through the official website.
The expected move-in dates are May 2026 for Block 1 and February 2026 for Block 2.
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