Mapo Xi Hillstate Rachels July Sale
Expected Price Around 52 Million KRW per 3.3㎡... Highest in Non-Gangnam Area
Winner Announcement Difficult on Same Day
Radius Park at Around 35 Million KRW per 3.3㎡
Over 7 Million KRW Increase per 3.3㎡ Compared to Previous Sale Complex
In early July, two redevelopment complexes, Gongdeok 1 District and Jangwi 6 District, will proceed with sales in Seoul. Mapo Xi Hillstate Rachels is expected to have a sale price exceeding 50 million KRW per 3.3㎡ (pyeong). This is the highest sale price among apartments in Gangbuk. Since new sales are rare in Seoul and the prices of both complexes have risen by 7 to 10 million KRW per 3.3㎡ compared to the previously supplied complexes, there is keen interest in the subscription results.
According to the real estate industry on the 15th, Daewoo E&C is expected to sell 'Prugio Radius Park,' redeveloped in Jangwi 6 District, in early July, followed by 'Mapo Xi Hillstate Rachels,' constructed by GS E&C and Hyundai E&C, the following week. Prugio Radius Park plans to open its model house on the 21st, and Mapo Xi Hillstate Rachels on the 28th.
Announcing Winners on the Same Day Difficult... Subscription Starts in Week 1
There were expectations that the winner announcements for both complexes would be held on the same day, but the subscription schedule and winner announcement dates are expected to differ by more than a week. Typically, before the resident recruitment announcement is posted on the subscription website, the institutional recommendation special supply guidance is provided first. The guidance includes that the special supply application dates for both complexes are scheduled for the 1st of next month, with winner announcements on the 9th, which has become a topic among subscription applicants.
An industry insider explained, "The schedule for posting the recruitment announcement varies depending on when the sale approval is received, so it may proceed differently from the planned recruitment announcement mentioned in the institutional recommendation supply schedule."
Typically, construction companies receive sale approval the day before the model house opening, post the resident recruitment announcement, and then open the model house. Prugio Radius Park is likely to proceed with subscriptions in the first week of July, and Mapo Xi Hillstate Rachels the following week. According to housing supply regulations, the resident recruitment announcement must be made at least 10 days before the initial subscription application date.
A Daewoo E&C official said, "We are preparing to open the model house on the 21st, and if the sale schedule is not delayed by 1 to 2 weeks, the winner announcement will be held on the 9th of next month."
Soaring Sale Prices... Will Mapo Xi Hillstate Set the Highest Price in Gangbuk?
Due to rising construction costs and other factors, the sale prices of the two complexes are expected to increase by 7 to 10 million KRW per 3.3㎡ compared to nearby complexes sold a year and a half ago. Mapo The Classy, sold in December 2022, was priced at 40.13 million KRW per 3.3㎡, and Jangwi Xi Radiant was 28.3 million KRW per 3.3㎡. Compared to the end of 2022, the market sentiment has improved, and supply shortages are expected to continue, so many buyers are likely to apply.
The sale price of Mapo Xi Hillstate Rachels is expected to be set at 52 to 53 million KRW per 3.3㎡. Mapo Xi Hillstate Rachels is located at 105-84 Gongdeok-dong, Mapo-gu, Seoul, and consists of 10 buildings with 4 basement floors and 13 to 22 above-ground floors, totaling 1,101 households with exclusive areas ranging from 59 to 114㎡. Among these, 463 households with exclusive areas of 59 to 114㎡ will be sold to the general public. It is within walking distance of Aeogae Station on Subway Line 5 and just one station away from Gongdeok Station, a transfer station for Subway Lines 5 and 6, the Gyeongui-Jungang Line, and the Airport Railroad.
The sale price for the 59㎡ units is expected to be in the 1.2 billion KRW range, and for the 84㎡ units, between 1.7 to 1.8 billion KRW. Nearby, Mapo Raemian Prugio's 84㎡ unit was traded at 1.83 billion KRW last month. That complex was completed in 2014. However, since Mapo Xi Hillstate Rachels is scheduled for occupancy in the first half of next year, the payment schedule until the final payment is tight. A GS E&C official explained, "This is the first complex with over 1,000 households in Gongdeok-dong, and its location is excellent, so many applicants are expected."
The sale price of Prugio Radius Park is likely to be set in the 35 million KRW per 3.3㎡ range. This complex consists of 15 buildings with 3 basement floors and 33 above-ground floors, totaling 1,637 households, of which 718 households with exclusive areas of 59 to 84㎡ are for general sale. It is a double ultra-station complex located right in front of Seokgye Station on Subway Lines 1 and 6. The sale price for the 84㎡ units is known to be in the mid-1 billion to 1.2 billion KRW range depending on the type. At the end of 2022, the 84㎡ occupancy rights for Jangwi Xi Radiant were listed in the high 1.1 billion to 1.2 billion KRW range.
An industry insider said, "It has the best location in Jangwi New Town, and complexes priced in the 30 million KRW range per 3.3㎡ are rare among new sales in Seoul, making it a good choice for those preparing their first home," adding, "There are not many places offering more than 400 units for sale in the second half of this year."
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