Attention on Harrington Place Dasan Park Developed through Private Park Special Project

Apartments in Private Park Special Projects with a Relaxed Lifestyle Show High Subscription Rates and Market Prices

Apartments developed through the Private Park Special Project are emerging as the latest trend these days. Since the first supply in 2016, successful sales news has been heard from various parts of the country. In particular, apartments that recorded the highest number of first-priority subscription accounts in their regions have been confirmed as Private Park Special Project apartments, leading to the phrase 'Gongteukmucheong' (meaning "always subscribe to Private Park Special Project units").

In fact, Private Park Special Project apartments such as ‘Icheon Xi The Park’ in Icheon, Gyeonggi Province (15,753 first-priority subscriptions) in 2021, ‘Gangneung Lotte Castle Signature’ in Gangneung, Gangwon Province (35,625 first-priority subscriptions), ‘Iksan Xi Grand Park’ in Iksan, Jeonbuk Province (38,912 first-priority subscriptions), and ‘Wonju Musil Jeil Punggyeongchae’ in Wonju, Gangwon Province (28,873 first-priority subscriptions) supplied in July 2022, attracted the largest number of subscription accounts among apartments supplied in their respective regions at the time of sale.

This trend continues this year as well. ‘We Park Mareuk Park’ in Gwangju, supplied through the Private Park Special Project, recorded an average subscription competition rate of 8.79 to 1 and a highest rate of 22.59 to 1 (84.9D type) with 5,639 applications for 641 units in the first-priority subscription held in mid-March.

It’s not just the subscription rate that is good. Premiums were also added to the sale prices of pre-sale rights. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, a 93㎡ unit of ‘Jeil Punggyeongchae Wonju Musil’ supplied through the Private Park Special Project in Musil-dong, Wonju, Gangwon Province, in July last year was traded for 567.1 million KRW in February this year.

As more places have been occupied, testimonies about the comfort that cannot be enjoyed elsewhere have been emerging, leading the local market prices as well.

According to KB Real Estate price data, a unit of 84㎡ in ‘Uijeongbu Lotte Castle Gold Park Complex 2’ in Uijeongbu-dong, Uijeongbu-si, Gyeonggi Province, the country’s first Private Park Special Project apartment, was traded for 620 million KRW in February. Considering that the same size unit was 339.6 million KRW at the time of move-in in November 2018, this is nearly double the price. Moreover, units with good floor and orientation of 84㎡ are listed on Naver for up to 850 million KRW.

An industry official said, “Apartments supplied through the Private Park Special Project are built ‘inside’ the park, so they have superior comfort and rarity compared to apartments located near parks, which has earned great response from buyers.” He added, “Especially since they have shown steady value appreciation regardless of the real estate market situation, high interest is expected for upcoming Private Park Special Project apartments.”

Meanwhile, ‘Harrington Place Dasan Park,’ the first Private Park Special Project in Namyangju-si, Gyeonggi Province, is attracting attention. The Donong Neighborhood Park where the apartment will be built is officially about 5.3 times the size of a soccer field (7,140㎡) with a park facility area of 37,525.5㎡, and including other facilities, the total area reaches about 50,000㎡. Inside the park, there will be water play floor fountains, hexagonal pavilions, rest areas, playgrounds, as well as cultural and sports facilities, private sports facilities, and walking trails surrounding the park.

Additionally, Wangsucheon Stream flows around the apartment, and park facilities such as Donong Sports Park are nearby, allowing residents to enjoy differentiated residential comfort.

‘Harrington Place Dasan Park,’ supplied by Hyosung Heavy Industries, consists of three buildings ranging from four basement floors to 30 above-ground floors, with a total of 350 units of 84㎡ each, located in Dasan-dong, Namyangju-si, Gyeonggi Province. It is a post-sale apartment scheduled for move-in in February 2024, ensuring stability with no delays. The housing exhibition hall is planned to open in April.