The First 'Gangnam 3 Districts' Housing Supply This Year... A Total of 39,000 Units Nationwide in November

Songpa Munjeong-dong 'Hillstate ePyeonhansesang Munjeong'
Lower Sale Price About 300 to 400 Million KRW Cheaper Than Market Price

Next month, the first new apartment complexes in the Gangnam 3 districts (Gangnam, Seocho, Songpa) of Seoul this year will be launched, drawing attention. Since new constructions are being supplied in the Gangnam area for the first time in 2 years and 4 months and the price ceiling system is applied, it is expected to record a triple-digit competition rate.

View of apartments from Lotte World Tower Seoul Sky in Songpa-gu, Seoul.

According to real estate research firm Realtoday on the 30th, Hyundai Engineering & Construction and DL E&C plan to open a cyber model house for ‘Hillstate e-Pyeonhansesang Munjeong’ located in Munjeong-dong, Songpa-gu, Seoul. This complex consists of 14 buildings from basement level 2 to ground level 18, with a total of 1,265 households, and 299 units with exclusive areas of 49 to 74㎡ will be offered to the public. It is the first complex to be sold in the Gangnam 3 districts this year and will be subject to the price ceiling system. The sale price is expected to be reasonably set about 300 to 400 million KRW lower than the surrounding market prices.

The complex includes a daycare center and is within walking distance to Munjeong Elementary and Middle Schools, with nearby schools such as Mundeok Elementary, Gaju Elementary, Songpa Middle, and Munjeong Middle also located close by. However, the distance to the subway stations is somewhat far, so it is not considered a station-area complex. The nearest subway station, Munjeong Station on Line 8, is about a 20-minute walk (1.3 km), Geo-yeo Station on Line 5 is a 22-minute walk (1.4 km), and Police Hospital Station on Line 3 is about a 25-minute walk.

Including ‘Hillstate e-Pyeonhansesang Munjeong,’ 44 locations nationwide are scheduled to supply a total of 39,484 households (including rental units, excluding officetels, based on first-priority subscription) in November. Among these, 32,443 units are for general sale. The metropolitan area accounts for 20,281 units (62.5%) of the general sale supply, while the provinces account for 12,162 units (37.5%).

This is about an 88% increase compared to the 17,254 units supplied in October. The market sentiment has revived, and many complexes that postponed their sales in the first half of the year are expected to be supplied in large numbers within this year.

By city and province, Gyeonggi Province overwhelmingly accounts for the largest share with 15,316 units (20 locations, 47.2%), followed by Incheon with 3,617 units (4 locations, 11.1%), and Chungnam with 3,203 units (3 locations, 9.9%). In Seoul, where many buyers are waiting, 1,348 units (4 locations, 4.2%) are scheduled.

A Realtoday official said, "Due to the continuous rise in sale prices and the high-interest rate trend, price resistance in the sales market has increased," adding, "In November, with the price ceiling system complexes in the Gangnam area being launched and a large volume of supply, prospective buyers will have many options, intensifying the selection process based on sale prices."

Among metropolitan area complexes, Daewoo E&C will introduce ‘Uijeongbu Prugio Clasiel’ in Geum-o-dong, Uijeongbu-si, Gyeonggi Province. The complex consists of 4 buildings from basement level 5 to ground level 42, with exclusive areas of 84 to 110㎡, totaling 656 households. Some units offer views of Buyongcheon Stream and Cheonbosan Mountain, and the complex is located in a prime station area near Dong-o Station on the Uijeongbu Light Rail Transit.

Lotte Construction will supply ‘Sosa Station Lotte Castle The Newel’ in Sosa-bon-dong, Bucheon-si, Gyeonggi Province. The complex consists of 6 buildings from basement level 3 to ground level 35, with exclusive areas of 59 to 132㎡, totaling 983 households. It is within walking distance to Sosa Station, a transfer station between Subway Line 1 and the Seohae Line.