[Report] New Apartments in Songdo After 2 Years... 'Jaipunggyeongchae' Bustling

5 Apartment and Officetel Complexes, 3,270 Units Supplied
Exclusive 84㎡ Mid-800 Million KRW, 101㎡ Around 900 Million KRW
First Sale in Songdo 11 District "Prices Expected to Rise Further"
Different Winner Announcement Dates Allow Two Applications Per Person

Visitors who came to the model house of Songdo Jaipunggyeongchae Grenoble are looking at the scale model.

A large apartment complex with 3,270 households will be offered for sale in Songdo after two years. On the 29th of last month, the model house for 'Songdo Xi Punggyeongchae Grenoble' in Yeonsu-gu, Incheon, attracted visitors of various age groups, including young couples carrying babies in slings, families holding their children's hands, and middle-aged visitors wearing masks, just one day before the holiday. Food trucks welcoming visitors were also stationed at the entrance of the model house.

Songdo Xi Punggyeongchae Grenoble is the first complex to be sold in Songdo District 11. It consists of a total of five complexes, including 21 apartment buildings and 2 officetel buildings, with a total of 3,270 households. The apartments are mainly medium to large-sized, with 2,728 units ranging from 84 to 208㎡, and the officetels consist of 542 units of 39㎡. Jeil Construction is responsible for the construction of complexes 1, 2, and 4, while GS Construction is handling complexes 3 and 5.

The sale price is set at 24.22 million KRW per 3.3㎡. The sale price for the 84㎡ units is in the mid-800 million KRW range, and the 101㎡ units are priced in the 900 million KRW range. The 84㎡A type, which is a preferred slab-type layout, is priced between 782 million and 864 million KRW. Six low-floor units will be supplied as terrace types, and five penthouse units ranging from 139 to 208㎡ will also be available. Balcony extensions are provided free of charge. A sales official explained, "In the case of mixed-use buildings, although the exclusive area ratio is low, the supply area is increased by 3.3 to 6.6㎡ to balance the slab-type layout and sale price."

Given the unfavorable real estate market, the developer has no choice but to be cautious in setting the sale price for such a large complex. The Songdo Global Park Veridium, which was occupied in 2017, had a real transaction price of 887 million KRW for an 84㎡ unit as of November last year, and between 860 million and 870 million KRW in July.

A sales official said, "The 84㎡ sale price is in the mid-800 million KRW range, which is reasonable compared to complexes supplied in District 6 that were priced in the 1 billion KRW range," adding, "Typically, pilot complexes lead the pricing, so the sale prices of complexes that come later may be higher. Recently, the land auction price was around 15 million KRW per pyeong, and construction and financing costs have also increased."

View of the kitchen from the living room of Songdo Xi Poonggyeongchae Grenoble 84㎡A. The dining area, which accommodates a six-person dining table, is designed with an L-shaped kitchen.

Potential buyers residing in Incheon showed interest in the newly supplied complex in Songdo after two years. A woman in her 40s living in Namdong-gu, Incheon, said, "I was interested because it is a new complex coming out after a long time. I hope the sale price will go down further, but I don't think it's an unreasonable price. Since this is the first complex entering District 11, I think the prices of complexes coming later will rise. I am considering whether to choose the 84㎡ or 101㎡ unit."

Some parents prefer Songdo considering the educational environment. Kindergarten and elementary and middle school sites are planned right next to the apartment complex. Behind the complex are the sites for Yonsei University International Campus, Incheon Global Campus, and Inha University Songdo Campus. A sales official said, "The kindergarten is undecided, but the elementary and middle schools are currently under discussion with local governments." Additionally, there are two internationally accredited schools in Songdo, which is expected to attract many buyers considering the school district.

A woman in her 40s living in Seonhak-dong, Yeonsu-gu, Incheon, said, "I am paying attention to Songdo for my children's education. Recently, the daycare center my youngest child attended is closing, and many people are moving to Songdo," adding, "Complexes 1 and 5 are close to schools, so children don't have to walk much to and from school, which is good. Even if the infrastructure is not fully developed yet, I am not too worried. Housing and various convenience facilities are all moving to this area."

The 101㎡A type alpha room set up in the model house of Songdo Jaipungyeongchae Grenoble. If you remove the alpha room and open it up to use as a living room, an additional cost will be incurred.

The model house features units of 84㎡A, 84㎡C, 101㎡A, and 111㎡. The apartments are commonly designed with a dining space opposite the living room that can comfortably fit a six-person dining table and an 'L'-shaped kitchen. The 84㎡A unit has a large window opposite the living room to allow cross ventilation. The tower-type 84㎡C unit has both regular and fixed windows on two sides of the living room to provide openness and facilitate ventilation.

The 101㎡A unit consists of a living room, three bedrooms, and an alpha room, which can be removed to expand the living room. If the alpha room is removed, the living room width becomes 7 meters; if retained, it is 4.8 meters. It is expected that the 84㎡A and 101㎡A units will be highly preferred in the subscription.

The announcement dates for winners of complexes 1 and 2 and complexes 3 to 5 are one day apart, allowing individuals to apply twice. Apartment subscriptions start with special supply on the 11th, followed by first priority on the 12th, and second priority on the 13th. The announcement dates for winners are the 20th for complexes 1 and 2, and the 21st for complexes 3 to 5. Winner contracts will be held from April 1st to 7th.