Rising Prices of Sale and Move-in Rights... 'Mapo Xi Hillstate Rachel's' Attracts Attention

- Rising Prices of Seoul Apartment Sale and Move-in Rights Increase Entry Barriers
- 'Mapo Xi Hillstate Rachels' Records 163 to 1 Competition Rate for First Priority

As the transaction prices for pre-sale and move-in rights of new apartments in Seoul rise sharply, newly launched complexes are quickly closing contracts. Market attention is also focused on ‘Mapo Xi Hillstate Rachels,’ which is scheduled for official contracts this month.

According to actual transaction data from the Ministry of Land, Infrastructure and Transport, the move-in right for a 59㎡ unit of ‘Maple Xi,’ which was pre-sold in Jamwon-dong, Seocho-gu, Seoul in February this year, was traded for 2.7918 billion KRW in June. The general pre-sale price for the same size was in the 1.7 billion KRW range, meaning a premium of up to 1 billion KRW was added in less than six months since the general pre-sale began. Also, the move-in right for an 84㎡ unit of ‘Olympic Park Foreon’ in Dunchon-dong, Gangdong-gu, Seoul, scheduled for move-in this November, was traded for 2.2736 billion KRW in June, nearly doubling the general pre-sale price of around 1.2 billion KRW.

As the prices of pre-sold complexes’ pre-sale and move-in rights rise significantly, demand is flocking to newly launched complexes where buyers can secure new homes in Seoul at relatively reasonable prices. A representative example is ‘Mapo Xi Hillstate Rachels,’ which is set to announce winners on the 10th (Wednesday). The complex recorded an average competition rate of 163.95 to 1, with a total of 40,988 applications submitted in the first priority subscription.

This successful subscription result is analyzed to be due to it being the first large-scale new complex with over 1,000 households in Gongdeok-dong, as well as its location near a subway station. Additionally, differentiated features such as the first sky lounge in Mapo-gu have attracted buyers’ interest.

The complex is within walking distance of Aeogae Station on Subway Line 5, allowing commuting to Yeouido and Gwanghwamun business districts within 20 minutes using this line. Furthermore, Gongdeok Station, a transfer station for Subway Lines 5 and 6, Gyeongui-Jungang Line, and Airport Railroad, is just one stop away, enabling convenient travel throughout Seoul. Access to Gangbyeonbuk-ro and Olympic-daero makes vehicle travel easy as well.

Great care was also taken in the excellent product composition. First, the complex is arranged mainly facing south for superior sunlight, and an open balcony design (except for some units) is applied to provide a wider usable space. Additionally, ample storage spaces such as master bedroom dressing rooms and pantries are provided according to housing types. In particular, the 114㎡B type features a separated household structure.

Community facilities include a golf practice range and screen golf equipped with GDR, as well as various exercise facilities such as a swimming pool and fitness center. Resident lounges, meeting rooms, a small library (Kyobo Bookstore curation), study rooms, reading rooms, Moms Station, tea house, cafeteria, coin laundry, and guest house are also established. Notably, a sky lounge, the first in Mapo-gu, will be located on the 21st floor of Building 104.

Price competitiveness is also high. According to actual transaction data from the Ministry of Land, Infrastructure and Transport, a 59㎡ unit in the nearby ‘A’ apartment in Mapo-gu was traded for 1.635 billion KRW in June this year, and an 84㎡ unit in the same complex was traded for 2 billion KRW in April. In contrast, the pre-sale prices for the same sizes in Mapo Xi Hillstate Rachels are set at 1.2 to 1.3 billion KRW and 1.6 to 1.7 billion KRW respectively, which is up to 350 million KRW lower than the surrounding market prices. Additionally, it offers a rare benefit among newly launched complexes in Seoul: a 10% down payment and 60% mid-payment with interest deferred, easing buyers’ financial burdens.

A sales official said, “In the current situation where pre-sale prices continue to rise, Mapo Xi Hillstate Rachels offers a great opportunity to secure a brand-new apartment at a reasonable price compared to surrounding market prices. Given the strong support during the recent subscription, we expect contracts to proceed smoothly during the upcoming official contract period.”

Meanwhile, Mapo Xi Hillstate Rachels will be built with 10 buildings ranging from 13 to 22 floors above ground and 4 floors underground, totaling 1,101 households with exclusive areas ranging from 59 to 114㎡, of which 463 households will be for general sale. The winner announcement date is July 10 (Wednesday), and the official contract period will be held over four days from July 21 (Sunday) to July 24 (Wednesday).

The model house for Mapo Xi Hillstate Rachels is located on the 3rd floor of the Xi Gallery in Daechi-dong, Yeongdong-daero, Gangnam-gu, Seoul, and move-in is scheduled for March 2027.