Seoul's Hot Housing Market Now in 'Gangdong-gu'... Growing Interest in 'The Sharp Gangdong Central City' Sale

- Revived Seoul Housing Market Attracts Many Applicants with Hundreds-to-1 Competition Rates
- New Apartments in Gangdong-gu, the Only Non-Regulated Area Among Gangnam 4 Districts, Draw Attention Amid Growing Interest

The Seoul pre-sale market is showing a rapid recovery and continues to attract strong interest. In this context, new apartment pre-sales are scheduled in September in Gangdong-gu, the only non-regulated area among the four Gangnam districts, drawing much attention.

In fact, the Seoul pre-sale market continues to experience a favorable trend. Especially with a large number of applicants entering the market, pre-sale complexes are enjoying continuous success. According to data from Real Estate R114, 53,571 applicants flocked to the Seoul pre-sale market in the first half of this year, more than double the 21,699 applicants in the second half of last year.

This momentum is accelerating in the second half of the year. The Seoul pre-sale market in the latter half has seen triple-digit competition rates, reflecting the changed atmosphere. For example, in July, Dongdaemun-gu’s ‘Cheongnyangni Lotte Castle High Luce’ closed its first priority subscription with an average competition rate of 242.3 to 1 and sold out, while ‘Yongsan Hoban Summit Edition’ supplied in Yongsan-gu the same month also sold out with an average competition rate of 162.6 to 1. In August, ‘Cheonggye SK View’ recorded an average of 183.4 to 1.

An industry insider said, “Along with the real estate recovery, concerns about supply shortages and rising pre-sale prices have led demanders to quickly enter the subscription market, intensifying competition.” He added, “Especially in Seoul, excluding the Gangnam area, this subscription boom continues, so strong interest is expected to persist throughout the remaining second half of the year.”

Meanwhile, Gangdong-gu in Seoul is attracting attention as the next area to continue this trend. As the only non-regulated area among the four Gangnam districts, the entry barrier to subscription has lowered, and new apartment supply is anticipated.

In Gangdong-gu, POSCO E&C plans to pre-sell ‘The Sharp Gangdong Central City,’ built through the Cheonho 4 District Urban Environment Improvement Project in September.

The Sharp Gangdong Central City will be developed in Cheonho-dong, Gangdong-gu, Seoul, with 6 basement floors to a maximum of 38 floors above ground, consisting of 670 households with exclusive areas of 84 and 59 square meters. Among them, 168 units will be available for general pre-sale. A notable feature is that all units are small to medium-sized apartments, which are highly preferred by consumers.

The Sharp Gangdong Central City boasts convenient transportation conditions, especially with a station area location within walking distance of Cheonho Station, a transfer station for subway lines 5 and 8, and Gangdong Station on line 5, providing excellent access to Gangnam. Additionally, it is close to Olympic-ro, Cheonho-daero, Cheonho Bridge, and Gwangjin Bridge, and near Gangil IC, Amsa IC, and Seo Hanam IC, offering excellent metropolitan transportation networks.

Residential convenience is also high. Within a 500-meter radius are abundant infrastructures such as Hyundai Department Store, E-Mart, 2001 Outlet, Seongnae and Gobundari Traditional Markets, and medical facilities like Gangdong Sacred Heart Hospital are nearby. Furthermore, surrounding areas are densely populated with elementary, middle, and high schools, libraries, and private education facilities, creating an excellent study environment for children.

Moreover, the Cheonho-dong area where the complex is located is forming a new residential town in the Gangnam living area through large-scale residential development projects, so related benefits are expected.

Furthermore, since the complex is located in a non-regulated area, subscription conditions are relaxed, attracting attention. The first priority qualification requires a subscription savings account membership period of 12 months or more, meeting the deposit requirements by region and area, and applicants must be 19 years or older residents of Seoul or the metropolitan area. Both household heads and members, as well as homeowners, can apply for first priority subscription. Additionally, there are no restrictions on re-winning, and no obligation for actual residence applies. The resale restriction period is one year.

The representative of C Real Estate Agency near Cheonho Station said, “Even within the new residential town in Cheonho-dong, the double station area location is already attracting much interest.” He added, “Especially since Gangdong-gu is the only non-regulated area among the four Gangnam districts, investment conditions are relatively favorable, leading to considerable inquiries from investors.”

The model house for The Sharp Gangdong Central City will be located at The Sharp Gallery 2.0 in Jagok-dong, Gangnam-gu, Seoul, and is scheduled to open in September.