- Seoul Major Areas Including Gangnam District Face Widespread Sales Postponements... Rising Construction Costs Increase Burden
- Reconstruction Projects Expected to Face Uncertain Progress... Sales Price Increases Unavoidable
As the soaring prices of raw materials and labor costs continue to drive up sale prices, there is a trend of postponing pre-sale launches in major areas of Seoul, including the Gangnam 3 districts. In particular, with the basic construction cost announced by the government every March and September also increasing, the rise in sale prices is expected to continue.
On the 14th, the Ministry of Land, Infrastructure and Transport announced that the basic construction cost will be raised from 1,943,000 KRW per square meter to 1,976,000 KRW. This marks an increase of about 1.7% in six months, and a 3.6% rise compared to September last year (1,904,000 KRW).
Since the basic construction cost applies to the sale prices of general apartments in areas regulated by the pre-sale price ceiling system, an increase in sale prices is inevitable. As a result, projects preparing for pre-sale in these areas are postponing their launches to next year due to concerns over reduced profitability caused by high sale prices. Some critics argue that the continuously rising construction costs are being reflected in sale prices to preserve construction expenses.
Pre-sale schedules for complexes undergoing reconstruction are also being delayed. Many residential complexes such as ‘Raemian Onepentas’ in Banpo-dong, Seocho-gu (Shinbanpo 15th reconstruction), ‘Cheongdam Le El’ in Cheongdam-dong, Gangnam-gu (Cheongdam Samik reconstruction), and ‘Acro Ritz County’ in Bangbae-dong, Seocho-gu (Bangbae Samik reconstruction) are postponing their supply. It is reported that internal issues such as design and management disposition changes, re-election of the union head, and sale price review schedules are making pre-sale difficult.
According to a real estate expert, “Recently, there is a trend to delay the pre-sale schedule from the original plan to secure profitability by applying the increased construction costs to the sale prices. Projects that were originally planned for supply are being postponed day by day due to internal union circumstances, so it is expected that the increased construction costs will be reflected in sale prices in the future.”
Consequently, among buyers, the perception that house prices are currently the lowest is growing, drawing attention to residential complexes currently on sale. Especially popular are complexes in the Yeouido area, where house prices are rising daily due to numerous development benefits, with ‘Acro Yeouido The One’ located in the very center of Yeouido attracting particular attention.
The complex is located on the former site of Yusoo Holdings in Yeouido. It consists of 7 basement floors to 29 above-ground floors, with a total of 492 units: △49A㎡ (114 units) △49B㎡ (78 units) △59㎡ (144 units) △99㎡ (52 units) △119A㎡ (26 units) △119B㎡ (52 units) △119C㎡ (26 units). DL E&C, a leading high-end residential complex constructor, is in charge of construction, raising expectations.
The complex is gaining high popularity among buyers by offering residential spaces that maximize convenience for residents. It features specialized designs with various layouts such as 4BAY and 5BAY (in some units), and provides system closets, built-in wardrobes in bedrooms (in some units), multi-purpose rooms, and dressing rooms to secure ample storage space. Additionally, various options including washing machines, dryers, kimchi refrigerators, and tall cabinets are included. The hotel-style bathroom circulation flow (in some units) and higher ceiling height (2.6m) compared to typical apartments further enhance residential comfort.
The community facility ‘Club Acro,’ accessible only to residents, is expected to amplify the luxury of the residential complex. It consists of facilities that meet the needs of actual users, such as the Acro Lounge, Open Library, Luxury Indoor Pool, Fitness and Golf Lounge, and Luxury Sauna.
In particular, Acro’s exclusive high-end rooftop garden will mark the pinnacle of high-end community facilities. It offers spaces with views of the Yeouido Fireworks Festival and the Han River, including a glamping garden with barbecue facilities, a sophisticated sky deck, and a romantic floating garden, providing a special everyday experience.
The design, which allows residents to feel the premium of the Acro brand, a triple crown winner of the world’s top three design awards (iF, Red Dot, IDEA), is also highly anticipated. The eye-catching bronze metal panel facade design harmonizes with the glass cube that appears differently depending on the light, establishing itself as a landmark in Yeouido.
The abundant future value is also noteworthy. Located at the very center of the Financial Specific Development Promotion Area, known as the heart of Yeouido International Financial City, it is expected to be favored as a live-work complex for workers in finance, fintech, and related industries. Yeouido Park, where the 2nd Sejong Cultural Center is planned, and Yeouido Hangang Park are also within walking distance, allowing residents to enjoy finance, culture, and nature all at once.
The transportation network is also a hot topic due to numerous development benefits. Yeouido Station on subway lines 5 and 9 is accessible within a 5-minute walk. Future development plans include the GTX-B line, Seobu Line, and Shinansan Line, which are expected to form a wide-area transportation network. The Yeouido Transfer Center is located within approximately 300 meters, providing convenient access to various transportation routes. Additionally, access to Olympic-daero and Seogang, Mapo, and Wonhyo bridges is easy, ensuring excellent vehicle mobility.
IFC Mall and The Hyundai Seoul, located within about 300 meters, are connected to the complex via an underground passage, allowing easy access. Nearby are the 63 Building and Yeouido St. Mary’s Hospital, providing abundant living infrastructure.
The residential officetel ‘Acro Yeouido The One’ is exempt from acquisition tax surcharges and does not require a funding plan. It is also a safe investment complex unaffected by interest rate fluctuations, currently offering benefits such as 50% of the contract deposit and 60% of the interim payment as interest-free loans. There are no additional payments except for the contract deposit until the move-in date (scheduled for December 2026), reducing the financial burden on buyers.
Meanwhile, the ‘Acro Yeouido The One’ exhibition hall is located at 63 Square, and advance visit reservations and first-come-first-served unit selection are currently underway.
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