Recently, a polarization phenomenon has emerged in the Seoul housing market.
Last month, ‘Hwigyeong Xi Decencia’ in Dongdaemun-gu, Seoul, recorded an average competition rate of 51.71 to 1 in the first-priority subscription. This contrasts sharply with ‘Elif Mia Station’ in Gangbuk-gu, which failed to close in the first-priority subscription during the same month.
The reason for the differing subscription competition rates within Seoul lies partly in the sale prices. For ‘Hwigyeong Xi Decencia,’ the sale price for an 84㎡ exclusive area was set between 834 million KRW and 976 million KRW, which was considered reasonable compared to surrounding market prices, attracting high popularity. On the other hand, ‘Elif Mia Station’ was priced at around 1.1 billion KRW for the same 84㎡ exclusive area.
An industry insider stated, “Thanks to the easing of real estate regulations, Seoul’s housing sales are recovering, but since uncertainty still persists, buyers are concentrating only on complexes with high future value.” He added, “Especially in new apartment supply, location is important, but only those with strong price competitiveness can survive.”
Doosan Construction’s ‘Saejeol Station Doosan We’ve Trezioum’ in Eunpyeong, Seoul, which will open for first-priority subscription on the 16th, is also attracting attention due to its price competitiveness.
The sale prices for this complex are reasonably set compared to surrounding market prices: △59-type at 598.2 million KRW to 679.8 million KRW △76-type at 693.7 million KRW to 778.8 million KRW △84-type at 760.6 million KRW to 885 million KRW (excluding 59T1, 84AT, BT, CT2 types).
In particular, ‘Saejeol Station Doosan We’ve Trezioum’ has drawn attention for being priced lower than recently supplied new apartments in Gyeonggi Province. The 84㎡ exclusive area of ‘e-Pyeonhansesang Yongin Station Platform City,’ launched last month in Yongin Special City, Gyeonggi Province, was priced up to 1.235 billion KRW, which is over 300 million KRW higher than this complex. It is also priced more than 100 million KRW lower than the 84㎡ exclusive area of ‘Gwangmyeong Xi The Sharp Forena’ supplied in Gwangmyeong City, which was priced up to 1.0455 billion KRW.
Comparing with surrounding market prices, the price advantage is significant. The 84㎡ occupancy rights for ‘DMC SK VIEW Art Park Foret,’ located about 1 km away from the site, were traded at 1.0909 billion KRW on the 5th, and the 5-year-old ‘Eungam Station Hyosung Harrington Place’ 84㎡ market price is 980 million KRW (based on KB Live On). Considering this, there is a price difference of about 200 to 300 million KRW, indicating strong price competitiveness.
Moreover, compared to ‘Belive Ascent’ officetels launched in Bulgwang-dong, Eunpyeong-gu, in the same month, the sale price is more than 300 million KRW cheaper. The 84㎡ exclusive area of ‘Belive Ascent’ was supplied at 1.1543 billion KRW to 1.264 billion KRW. Since officetels do not allow balcony expansion and have an actual usable area of about 25 pyeong, the reasonable sale price of Saejeol Station Doosan We’ve Trezioum stands out even more.
A sales official said, “Customers who visited the model house of Saejeol Station Doosan We’ve Trezioum were very satisfied with the price, and many expressed their intention to subscribe unconditionally.” He added, “With strong price competitiveness, excellent location conditions, and brand premium, we expect good results.”
The sales schedule for ‘Saejeol Station Doosan We’ve Trezioum’ starts with special supply on the 15th, followed by first-priority subscription on the 16th and second-priority subscription on the 17th. The winners will be announced on the 23rd, and the official contract period will be held for three days from June 5th to 7th.
The eligibility for first-priority subscription requires applicants to be at least 19 years old as of the announcement date of the resident recruitment (May 3, 2023), residing in the metropolitan area (Seoul, Gyeonggi, Incheon), and to have a subscription savings account with the required deposit amount for the region and area for at least 12 months. Both household heads and members, regardless of home ownership, including homeowners, can apply for first-priority subscription without restrictions on re-winning.
Subscription applications can be made via PC or smartphone on the Korea Real Estate Board’s subscription homepage regardless of the bank where the subscription savings account is held. Since all units are under 85㎡ exclusive area and 60% of general supply units are allocated by lottery, applicants with low scores can also expect to win. Additionally, the resale restriction period for the sale rights is one year, and there is no obligation for actual residence.
The complex will be built in Sinsa-dong, Eunpyeong-gu, Seoul, consisting of six buildings from two basement floors to 18 floors above ground, with a total of 424 households ranging from 59㎡ to 84㎡ exclusive area. Among them, 235 households will be supplied for general sale, with 40 units of 59㎡, 15 units of 76㎡, and 180 units of 84㎡.
The model house for ‘Saejeol Station Doosan We’ve Trezioum’ is currently open.
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