Signs of a Real Estate Rebound in the Seoul Metropolitan Area... Surge in Interest for Discounted Sales of 'Pyeongchon Centum First'

Recently, the real estate market has shown signs of a slowdown in its downturn, especially in the Seoul metropolitan area.

According to industry sources, apartment sale prices in Seoul fell by 0.05% this week, a smaller decline compared to last week's 0.07% drop. Similarly, new towns in the metropolitan area such as Pyeongchon, Jungdong, Ilsan, and Gwanggyo also experienced relatively reduced price drops.

Not only in the sales market but also in the subscription market, complexes with strong performances continue to emerge. In Seoul, Yeongdeungpo Xi Dignity closed with a competition rate of 198.8 to 1 in the first-priority subscription, and Olympic Park Foreon (Dunchon Jugong) recorded a competition rate of 46.2 to 1 in the non-priority subscription.

In Gyeonggi Province, a 'sold-out' complex appeared. Cheolsan Xi The Heritage, which had an undersubscription rate of 0.97 to 1 during the first-priority subscription, successfully sold out all units within two weeks after launching a first-come, first-served sale last month.

Some suggest that the government's active deregulation efforts starting this year are beginning to show effects. After the real estate market, which began a sharp decline last year, hit bottom, various easing measures including the 1.3 policy have influenced a gradual rebound, particularly in the Seoul and Gyeonggi metropolitan areas.

'Pyeongchon Centum First,' supplied in Dongan-gu, Anyang-si, Gyeonggi Province, is also reportedly showing a positive trend recently. Although it recorded disappointing results in the general subscription, during the first-come, first-served sale that began in February, prospective buyers even brought tents and lined up for tens of meters from the day before contracts started, presenting a markedly different atmosphere from the subscription.

The differing atmospheres between general subscriptions and first-come, first-served sales are largely attributed to a 10% discount on the sale price. Pyeongchon Centum First quickly responded to the unexpectedly sluggish market trend after the subscription period by deciding to reduce the sale price of all unit types by 10% before the official contract signing began.

Based on the discounted price, the average sale price for the 59㎡ exclusive type at Pyeongchon Centum First is around 710 million KRW, which is considered reasonable compared to the nearby Pyeongchon Urban First, which has been occupied for three years. In fact, Urban First's 59㎡ type was transacted at 685 million KRW this year, and as of March, the highest listing price on Naver Real Estate reached up to 750 million KRW.

An industry insider stated, "With the government's deregulation easing, consumer sentiment among housing demand groups is beginning to thaw, and signs of a gradual rebound are being detected mainly in the metropolitan area. Especially, remaining units in first-come, first-served complexes, which are available to anyone aged 19 or older regardless of home ownership or residence, are being quickly sold out."

Meanwhile, Pyeongchon Centum First is being developed through the redevelopment of the Deokhyeon district, consisting of 23 buildings ranging from three basement floors to 38 above-ground floors, with a total of 2,886 households and exclusive areas ranging from 36 to 99㎡.

This complex offers easy access to Pyeongchon infrastructure such as the Pyeongchon academy district, Lotte Department Store, and Anyang City Hall. It is also located near the planned Hogyesageori Station (tentative name) on the Dongtan-Indeokwon Line, scheduled to open in 2027, making it a prime station-area complex. Additionally, the proximity to Pyeongchon IC on the Metropolitan Area 1st Ring Expressway, National Route 1, National Route 47, and various road networks, as well as the planned administrative welfare center in front of the complex, have raised expectations among prospective buyers.

Excellent product design also enhances the value of this complex. It offers a wide range of unit sizes from small to medium, broadening choices for buyers, and secures an outstanding parking space ratio of 1.45 cars per household. The indoor gymnasium within the complex is a rare facility in Korea, equipped with LED floor lines that can be set according to the sport, allowing it to be used as a basketball court, badminton court, tennis court, and more. Additionally, a running track is installed above, becoming a symbolic facility unique to Pyeongchon Centum First.

The exterior design and landscaping suitable for a large complex are also noteworthy. To highlight the complex's prestige, a curtain wall look design was applied to some buildings, and high-end stone finishes were used in the first-floor common areas. Glass balcony windows were installed instead of steel window frames, adding a sophisticated and modern architectural aesthetic.

Pyeongchon Centum First is a post-sale complex scheduled for occupancy in November and is eligible for the special Bogeumjari Loan, which is temporarily available this year. Due to the reduced sale price, even the 72㎡ type (excluding some floors) qualifies for the special Bogeumjari Loan benefits, which offers a low fixed interest rate in the 4% range for balance loans, making it highly attractive to both actual buyers and investors.

The sale price of Pyeongchon Centum First, after applying the 10% discount, is set at an average of 28.9 million KRW per 3.3㎡. Additionally, options such as balcony expansion, which usually incur extra costs in other complexes, system air conditioners, built-in wardrobes, extended living room art walls, and wood panel finishes in the living room/kitchen are provided free of charge, enhancing competitiveness. For system air conditioners, one unit is installed free of charge in the 36㎡ and 46㎡ exclusive types, and three units in the 59㎡, 72㎡, and 84㎡ types. Premium finishing materials include polished tile art walls (applied to units 46㎡ and above) and 143mm wide hardwood flooring (applicable to 59㎡, 72㎡, and 84㎡ units).

A sales representative said, "As signs of the real estate market bottoming out and rebounding are detected, inquiries from prospective buyers nationwide checking remaining units and building numbers continue steadily. Positive responses to the discounted sale have also been confirmed, so we expect contract rates to rise quickly through this first-come, first-served sale."

To participate in the first-come, first-served sale, contracts can be made by visiting the Pyeongchon Centum First housing exhibition center, where a prize event is currently underway for visitors.