Selling Boom in April-May... 50,000 Houses Including Raemian Onepentas

Subscription Home Revamp and General Election Delay Lead to Concentrated Housing Sales
35 Complexes Scheduled for April, 26 for May
April Includes Grants River Park, Yeongdeungpo Central Prugio, etc.
May Features Raemian One Pentas, Reventus, etc.
Priority Supply for Newborns and Combined Spousal Points Must Be Noted

The apartment subscription site operated by the Korea Real Estate Board, ‘Chungyak Home,’ has been revamped, and due to the general election on the 10th of next month, the schedule for pre-sale units that were delayed will begin to flood the market in earnest starting next month. With 50,000 units being offered over two months until May, the interest of real demand buyers aiming to purchase their own homes has also increased.

According to Real Today and others on the 29th, 35 complexes with 29,221 units will be offered nationwide next month. In May, 26 complexes with 21,476 units will be released. The number of complexes for next month’s pre-sale is 18 more than last year, and in May, it has increased by 4.

Since the beginning of this year, as real estate transaction volumes have increased, the downward trend in sale prices has eased, bringing some warmth back to the market. Subscription competition is also fierce. According to Real Estate r114, the average competition rate for first-priority applicants in Seoul this year is 147.28 to 1, more than double last year’s rate (56.9 to 1). As a result, construction companies also seem less likely to postpone pre-sale schedules further.

Prime Seoul Reconstruction and Redevelopment Complexes Subscription Ahead

Next month, general sales will be conducted at two Seoul redevelopment complexes: ‘Grants River Park (327 units),’ redeveloped from Seongnae 5 District, and ‘Yeongdeungpo Central Prugio Weave (216 units),’ redeveloped from Yeongdeungpo 1-13 District.

Among these, Grants River Park is a mixed-use apartment complex consisting of up to 42 floors and 407 units. The sale price is expected to be in the mid-40 million KRW range per 3.3㎡ (pyeong). It was scheduled for sale last month but was postponed, raising demand interest. Yeongdeungpo Central Prugio Weave is expected to have a sale price in the mid-to-high 30 million KRW range per pyeong, with up to 33 floors and 659 units.

In May, complexes known as ‘lottery subscriptions’ due to the high expected price gains will also be offered. Representative examples include ‘Raemian One Pentas (292 units)’ in Banpo-dong, Seocho-gu, and ‘Raemian Lebentus (133 units)’ in Dogok-dong, Gangnam-gu. Raemian One Pentas is a reconstruction of Sinbanpo 15th Complex. Out of 641 units, 292 will be offered for sale. Compared to nearby complexes such as One Bailey, price gains of several hundred million KRW are expected, so subscription competition is likely to be fierce. The sale price per 3.3㎡ is expected to easily exceed 70 million KRW, surpassing the record-high sale price of ‘Maple Xi’ (67.05 million KRW per pyeong). However, since this complex is a post-sale type, applicants should consider the short period until the final payment.

In the Gangbuk area, subscriptions are scheduled for three reconstruction and redevelopment complexes: Mapo Xi Hillstate (456 units), Radius Park Prugio (718 units), and Seodaemun Central I-Park (409 units). Mapo Xi Hillstate is a reconstruction of Gongdeok 1 District, consisting of 11 buildings, up to 22 floors, and 1,101 units. The sale price is expected to be set at around 50 million KRW per pyeong. Radius Park Prugio, redeveloped from Jangwi 6 District, consists of 15 buildings, up to 33 floors, and 1,637 units, with an expected sale price in the 30 million KRW range. Seodaemun Central I-Park, located in Hong Eun 13 District, will be built with 12 buildings, up to 15 floors, and 857 units.

Check the Changed Subscription System

Checking the revised subscription system, which has been in effect since the 25th of this month, will make it easier to secure your own home. According to the improved system, even if the subscription applicant has won an apartment subscription or owns a house before marriage registration, they can still apply for subscription in the future. Even if both spouses win subscriptions, the first application will be recognized.

In the private apartment general supply point system, 50% (up to 3 points) of the spouse’s account period can now be combined, and the number of children required for special multi-child supply has been relaxed from ‘3 or more’ to ‘2 or more.’ For private apartment subscriptions, if there is a child born within 2 years from the date of the resident recruitment announcement, the applicant can be included in the ‘newborn priority supply’ category. For newlyweds and first-time special supply, 20% of the supply is allocated, with 15% for newborn priority supply and 5% for newborn general supply, and the supply order has changed to priority supply followed by general supply-lottery system.

Ham Young-jin, head of the Real Estate Research Lab at Woori Bank, advised, "It is good to familiarize yourself with the subscription system revision and find the parts that are advantageous to you. If your child was born within 2 years, you can also aim for newborn priority supply, and you can increase the couple’s subscription points. Since subscription competition is heavily concentrated in Seoul, real demand buyers aiming for Seoul apartment subscriptions need to check the supply and schedule and actively participate."