Seoul Reconstruction and Redevelopment Projects Lined Up for Sale After Seollal Holiday

This Month's Sales: Gyeonghuigung Yubora and Granz Riverpark

As high interest rates persist and construction costs rise, the housing sales market is becoming polarized. Nevertheless, redevelopment and reconstruction maintenance projects in Seoul are achieving superior sales performance.

Perspective View of Gyeonghuigung Yubora

Last year, redevelopment and reconstruction sales complexes led the subscription market. In December last year, 'Cheonggye Riverview Xi' in Yongdap-dong, Seongdong-gu, Seoul, attracted 18,255 subscription accounts for 397 households (excluding special supply), recording an average competition rate of 45.98 to 1 in the first priority.

'Cheongnyangni Lotte Castle High Luce,' introduced through a redevelopment project in Cheongnyangni-dong, Dongdaemun-gu, Seoul, also recorded an average competition rate of 242.29 to 1 in the first priority. It was the third highest subscription competition rate among apartments sold nationwide last year.

Maintenance projects such as redevelopment and reconstruction are located in the old downtown area, offering excellent locations. Residents can enjoy sufficient living infrastructure in an improved residential environment without waiting for the establishment of transportation, education, and convenience facilities after moving in, making these projects popular among buyers. Price increases due to improved residential environments can also be expected.

After the Lunar New Year holiday, redevelopment and reconstruction complexes in Seoul will proceed with sales one after another.

Bando Construction will sell 'Gyeonghuigung Ubora,' redeveloped from Yeongcheon District in Seodaemun-gu, in February. It consists of a total of 199 households with exclusive areas of 59 to 143㎡ and 116 officetel units with exclusive areas of 21 to 55㎡. The sales volume includes 108 apartments of 59 and 84㎡ and 11 officetel units of 21 to 22㎡ available for general sale. Gyeonghuigung Ubora is a double-station complex within walking distance of Dongnimmun Station on Line 3 and Seodaemun Station on Line 5. It offers quick commuting to Seoul’s three major business districts: CBD, YBD, and GBD. Geumhwa Elementary School is within walking distance, and Gyeonggi Elementary, Dongmyeong Girls' Middle School, and Inchang Middle and High Schools are nearby. Large medical facilities such as Kangbuk Samsung Hospital and Severance Hospital are conveniently accessible, and Independence Gate Cultural Park is located right in front of the complex, providing a pleasant residential environment.

In Gangdong-gu, DL E&C plans to sell 'Granz River Park,' redeveloped from Seongnae 5 District, this month. Cheonho Station, served by subway lines 5 and 8, is nearby, making travel to Jamsil, Gwanghwamun, and Yeouido convenient. Convenience facilities such as Hyundai Department Store, E-Mart, and Gangdong Sacred Heart Hospital are close. It also offers abundant green spaces like Pungnap Neighborhood Park and Olympic Park. Of the total 407 households ranging from 36 to 180㎡ exclusive area, 327 are for general sale.

GS Construction and Hyundai Construction will sell 'Mapo Xi Hillstate,' reconstructed from Gongdeok 1 District in Mapo-gu. Of the total 1,101 households with exclusive areas of 59 to 114㎡, 456 are for general sale. It is located in the station area of Gongdeok Station, served by four lines: Lines 5 and 6, Gyeongui-Jungang Line, and Airport Railroad. All school districts from elementary to high school are nearby, and public institutions such as the Seoul Western District Court and Seoul Western District Prosecutor's Office are also close.