Tower Palace After 20 Years, Overwhelming Apgujeong and Cheongdam
High-Rise Buildings in Cheongnyangni Lead Dongdaemun-gu Market Prices
Super high-rise apartments are establishing themselves as representative residential facilities in their regions. They offer a pleasant living environment with secured sunlight and views, and brand premiums are formed through the participation of large construction companies with construction know-how. As a result, super high-rise complexes in each region are recognized as landmarks, driving up housing prices within the area.
Tower Palace, which was completed over 20 years ago, recorded the highest price among apartment transactions in Gangnam-gu from January to August this year. The photo shows Tower Palace in Gangnam-gu. Photo by Jinhyung Kang aymsdream@
According to the Ministry of Land, Infrastructure and Transport's actual transaction price statistics on the 20th, among apartment transactions in Gangnam-gu from January to August this year, the highest price was recorded for ‘Tower Palace Phase 1’ with an exclusive area of 301.47㎡, at 9.9 billion KRW. Another unit in the same complex with an exclusive area of 244.66㎡ was traded at 7.45 billion KRW, overwhelmingly surpassing the transaction prices of apartments in Apgujeong-dong and Cheongdam-dong areas.
There are also places that have transformed into emerging residential areas through the occupancy of super high-rise apartments. Around Cheongnyangni Station, super high-rise apartments are moving in one after another through redevelopment and other maintenance projects. Notably, ‘Cheongnyangni Station Lotte Castle SKY-L65,’ which began occupancy in July, saw a unit with an exclusive area of 84㎡ traded at 1.656 billion KRW just before moving in. This is the highest price among apartment transactions in Dongdaemun-gu this year.
In addition, high-rise apartments with 59 floors (Cheongnyangni Station Hanyang Sujain Graciel) and 40 floors (Cheongnyangni Station Harrington Place) have been built around Cheongnyangni Station, raising apartment prices in Dongdaemun-gu.
Super High-Rise Apartments Continue ‘Sold Out’ Streak
In the sales market, apartments boasting some of the tallest heights in their regions continue to perform well.
‘Eco City Hanyang Sujain Destin,’ sold in June in the Eco City area of Songcheon-dong 2-ga, Jeonju-si, Jeonbuk, was sold out with an astonishing average competition rate of 85.39 to 1. Despite controversy over high prices at the time, this complex attracted attention as the tallest apartment in Jeonju, standing 48 floors high.
Earlier in May, ‘Shinyoung Jwell Prugio Technopolis Central,’ sold in Cheongju-si, Chungbuk, recorded an average competition rate of 73.75 to 1 and quickly completed all sales. This apartment is a 49-floor super high-rise complex, the tallest in the Cheongju area.
An industry insider said, “Super high-rise complexes attract demand not only because of their height but also due to differentiated elements such as products and community facilities,” adding, “Changes such as rising local apartment prices due to the occupancy of super high-rise apartments are also appearing, so interest in these apartments will continue.”
This fall’s sales market is also drawing attention to super high-rise apartment sales.
In Uijeongbu-si, Gyeonggi Province, POSCO E&C is selling ‘The Sharp Uijeongbu Station Link City.’ It is a large complex with a total of 1,401 households and will be constructed as a super high-rise building up to 48 floors. The complex will be located on the site of Camp LaGuardia, one of the U.S. military bases in Uijeongbu, and will be surrounded by a public complex building equipped with about 30,000㎡ of parks, sports, and cultural facilities.
In Jeongwang-dong, Siheung-si, Gyeonggi Province, Hyundai Construction is introducing ‘Hillstate The Wave City.’ This residential complex, which includes apartments and officetels, will be built up to 35 floors. It is located in Siwha MTV, developed to foster advanced industries and marine leisure tourism industries, offering views of Siwha Lake and the West Sea.
In Nonsan-si, Chungnam Province, Daewoo Construction is supplying ‘Nonsan Prugio The First.’ This apartment will be constructed as the tallest in the Nonsan area with 29 floors. Using Yeonmu-ro in front of the complex, vehicle movement is easy, and quick access to other regions is possible via the Cheonan-Nonsan Expressway and Honam Expressway.
Additionally, in Cheongju-si, Chungbuk Province, POSCO E&C plans to sell ‘The Sharp Ochang Prestige’ in the Ochang Science Industrial Complex. This super high-rise complex will be up to 49 floors high and is a workplace-residence proximity complex near secondary battery companies.
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