Buying Momentum Winds in Seoul... Hoban Construction Launches 'Hoban Summit Gaebong' First-Come, First-Served Sale

[‘Hoban Summit Gaebong’ bird's-eye view, provided by Hoban Construction]

As the Seoul real estate market has recently revived, the buying sentiment among end-users has also rapidly recovered. In fact, the Seoul apartment sales supply-demand index has surpassed the baseline for the first time in 2 years and 8 months, and fueled by strong buying demand, transactions close to previous peak prices are occurring one after another.

According to the Korea Real Estate Board, in the first week of July (as of the 1st), the Seoul apartment sales supply-demand index stood at 100.4, exceeding the baseline (100) for the first time since November 2011. The sales supply-demand index, which quantifies the ratio of demand to supply in the apartment sales market, indicates that when the index is above the baseline, there are more people wanting to buy than to sell.

Supported by strong buying demand, transactions at rising prices are also continuing. In Godeok-dong, Gangdong-gu, ‘Godeok Grassium’ saw a transaction of an 84㎡ unit (4th floor) on the 21st of last month for 1.8 billion KRW. This price is close to the previous highest price of 1.89 billion KRW. Similarly, ‘Mokdong Hillstate’ located in Sinjeon-dong, Yangcheon-gu, had an 84㎡ unit (13th floor) sold on the 21st of last month for 1.68 billion KRW, approaching the previous peak price of 1.75 billion KRW (transaction in June 2021).

A real estate expert stated, “Recently, various real estate indicators point to market recovery, and the inventory that had been stagnant in the market is rapidly being depleted. As more buyers enter the housing market quickly, prices in some popular complexes have surpassed previous peak levels.”

As the number of buyers increases, the remaining units in prime complexes supplied in Seoul are also being quickly sold out. Prices of older apartments have recovered to previous peak levels, leading to a revaluation of the pre-sale prices of unsold complexes.

The most representative example is ‘Hoban Summit Gaebong’ supplied by Hoban Construction.

This complex is located in Gaebong-dong, Guro-gu, Seoul, consisting of 3 buildings ranging from 3 basement floors to a maximum of 24 floors above ground, with a total of 317 households ranging from 49 to 114㎡ in exclusive area. Among these, 190 units are for general sale, and currently, remaining units of 84㎡ exclusive area are being sold on a first-come, first-served basis.

The average sale price of ‘Hoban Summit Gaebong’ is 29.14 million KRW per 3.3㎡, allowing contracts for the 84㎡ units at around 900 million KRW. Considering that the average sale price per 3.3㎡ of private apartments in Seoul announced by the Housing and Urban Guarantee Corporation (HUG) in May was approximately 38.7 million KRW, this price is highly competitive.

Another advantage is the affordable contract terms. ‘Hoban Summit Gaebong’ allows first-come, first-served contracts with only a 5% down payment. The remaining 90% is paid upon move-in. There is no intermediate payment, so there is no interest burden from intermediate payment loans. Additionally, pre-sale rights can be transferred before move-in, and there is no obligation for actual residence, allowing contract holders to plan their finances flexibly at the time of move-in.

The location conditions are also excellent. The complex is within walking distance to Oryu-dong Station on Seoul Subway Line 1, which provides quick access to major business districts such as Yeouido, Yongsan, City Hall, Guro, and Gasan Digital Complex. Nearby, the new Guro Line is also being promoted; this line, included in the 4th National Railroad Network Plan, connects Daeya Station in Siheung, Gyeonggi Province, through Onsu, Gaebong, Yangcheon-gu Office, and extends to Mokdong Station in Seoul.

Oryu IC, which provides access to the Nambu Beltway, is adjacent, and via the Gyeongin Expressway, Seobu Arterial Road, Seoul Ring Expressway, Olympic-daero, Gangbyeonbuk-ro, and Internal Circulation Road, it is easy to reach not only major business districts in Seoul but also the entire metropolitan area.

Oryu Elementary School and Gaebong Middle School are within walking distance, and access to Gocheok Library and the nearby Mokdong academy district is convenient. The surrounding area is rich in green spaces such as Maebongsan, Onsu Park, Oryu Station Cultural Park, and Gaebong Park, providing a pleasant residential environment. Gaebong Central Market and Gocheok Neighborhood Market are nearby, as well as Costco Gocheok Branch, I’Park Mall Gocheok Branch, NewCore Outlet Singuro Branch, Hyundai Department Store D-Cube City, Gocheok Sky Dome, Seoul Seonam Hospital, and Korea University Guro Hospital.

Many redevelopment projects are planned near the complex, and the area is expected to transform into a new residential town. The Gaebong-dong area where the complex is located has started construction on redevelopment projects such as Gaebong 5 District and Gilhoon Apartment housing reconstruction. Adjacent Gocheok-dong and Onsu-dong are also actively progressing redevelopment and reconstruction projects such as Gaebong 3 District reconstruction and Gocheok 4 District redevelopment.

‘Hoban Summit Gaebong,’ currently selling some remaining 84㎡ units on a first-come, first-served basis, is holding a gift event for customers who visit the sales center and consult. The sales centers are operating near the site in Oryu-dong, Guro-gu, and at Hoban Park in U-myeon-dong, Seocho-gu.