Resident Recruitment Announcement After the 18th
General Sale Scheduled for the End of This Month
Aiming at Banpo Daejang Apartments
March Shinbanpo 15th 'Raemian One Pentas' and More
Gangnam Reconstruction Giants to Be Sold One After Another
“Shinbanpo Maple Xi,” which achieved the highest-ever sale price per pyeong, is drawing attention as to whether it will secure the position as the new flagship apartment in Banpo. Reconstruction complexes, dubbed “lottery subscriptions” due to the application of the sale price ceiling system allowing for capital gains, are waiting for subsequent sales.
Panoramic view of the Maple Xi construction site in Jamwon-dong, Seocho-gu, Seoul (Photo by GS Construction)
According to the Shinbanpo 4 District Reconstruction Association and GS Construction on the 4th, they plan to obtain sale approval and issue a resident recruitment announcement after the 18th. General sales are expected to begin around the end of January.
Shinbanpo Maple Xi is a complex subject to the sale price ceiling system, with the sale price confirmed at 67.05 million KRW per pyeong (3.3㎡). This is 14.33 million KRW more expensive than Raemian One Bailey, which previously held the highest price per pyeong.
The general sale units consist of 162 households, mainly small-sized units, but with an excellent location boasting double subway access to Jamwon Station on Line 3 and Banpo Station on Line 7, as well as outstanding school districts including Wonchon Elementary, Banwon Elementary, Kyungwon Middle, Woncheon Middle, and Banpo High School, the subscription competition rate is expected to be very high.
Shinbanpo Maple Xi is a complex formed by integrating Seocho-gu Jamwon-dong 8-11, 17th phase, Nokwon Hanshin Apartments, and Beni House through reconstruction. Originally scheduled for completion in August this year, the construction period has been extended, and completion is now expected in April 2025.
The sale prices are in the mid-1.2 billion KRW range for 43㎡ units, high 1.4 billion KRW range for 49㎡ units, and high 1.6 billion KRW range for 59㎡ units, with a safety margin, or capital gain, expected to be at least 500 million KRW.
Since 2009, when Banpo Xi and Raemian Prestige were completed, flagship apartments that have driven market prices have changed with each reconstruction complex move-in, such as Acro River Park in 2016.
The current flagship apartment in Banpo, “Raemian One Bailey,” located along the Han River with hotel-grade community facilities, has surpassed Acro River Park. In December last year, an 84㎡ unit was traded at 3.9 billion KRW, a 33rd-floor unit of the same size at 4.1 billion KRW, and in October, a 59㎡ unit was traded at 2.9 billion KRW. The price per pyeong fluctuates monthly but ranges between 114 million and 120 million KRW.
Major reconstruction complexes with postponed sale schedules are also lined up for sale. As early as March, “Raemian One Pentas,” reconstructed from Shinbanpo 15th phase, is expected to be sold. As a post-sale complex, 292 of the total 641 households will be sold to the general public. Although the sale price is undecided, post-sale complexes reflect construction costs, so the sale price could surpass Maple Xi. Post-sale usually occurs when construction progress exceeds 80%.
Other planned sales in Gangnam include Raemian One Perla (Bangbae 6 District) in May and Raemian Leventus (Dogok Samho) in the same month. Although the schedule is undecided, complexes expected to be supplied this year include Cheongdam Leel (Cheongdam Samik) and Acro Ritz County (Bangbae Samik).
With the overall supply volume decreasing this year, the polarization of subscription competition rates, centered on prime locations such as the Gangnam 3 districts, is expected to continue.
Doosung Kyu, head of the Mokmin Economic Policy Research Institute, explained, “The Gangnam 3 districts are areas where the sale price ceiling system applies, so although capital gains have decreased compared to before, subscription competition rates are expected to be high. Although demand is somewhat subdued due to interest rate burdens, sale prices will inevitably continue to rise, and due to supply shortages, the opportunity to secure newly built homes in desired locations is decreasing.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
