Seocho-gu Sale Price Confirmed After Reconsideration
32 Million Won Higher Than Maple Xi
Impact of Land Cost Assessment from 3 Years Ago
The sale price of ‘Raemian Onepentas,’ being offered in the Banpo-dong 12 area of Seocho-gu, Seoul, has been confirmed at 67.37 million KRW per 3.3㎡ (pyeong).
According to the real estate industry on the 17th, the Shinbanpo 15th Reconstruction Association notified its members of the results of the re-examination of the sale price by the Seocho-gu Sale Price Review Committee. Banpo-dong, Seocho-gu, where Onepentas is located, is an area subject to the sale price ceiling system, and the Seocho District Office finalizes the sale price after review. The association evaluated the initial sale price review results released earlier this month as lower than expected and requested a re-examination.
The sale price of Raemian Onepentas was set higher than that of Maple Xi (67.05 million KRW per 3.3㎡), which had the highest price among areas under the sale price ceiling system in February. The sale price for an exclusive 84㎡ unit is estimated to be in the 2 billion KRW range. Considering that a similar-sized unit in the nearby Raemian One Bailey recently traded for 4.25 billion KRW, it is expected that demand aiming for capital gains will flock to the subscription for this complex.
Originally, the Shinbanpo 15th Reconstruction Association intended to set the sale price at around 75 million KRW per 3.3㎡. However, the land cost estimated in 2021 became a stumbling block. The land cost at that time was known to be 41.69 million KRW per 3.3㎡. The sale price consists of land cost, construction cost, and additional costs, with land cost accounting for 70-80%, having a decisive influence on the pricing. The association requested a reassessment of the land cost appraisal from the Ministry of Land, Infrastructure and Transport and the Ministry of Government Legislation, but the government issued an authoritative interpretation that the price is set only once.
Samsung C&T and the association plan to sell 292 units for general sale as early as mid-July. This complex consists of 6 buildings, up to 35 floors, with 641 units ranging from 59 to 191㎡ in exclusive area. Move-in for association members will begin at the end of this month. A representative from nearby D real estate agency said, "Many buyers are waiting to see how many units will be available for special supply," adding, "If you pay only the deposit, you can match the jeonse price, and to win the subscription, you probably need a minimum subscription score of 75 points."
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