"Still the Best Location"… 40,000 People Flock to Jamrae-a Special Attack

Nearly 40,000 applicants flocked to the special supply of ‘Jamsil Raemian I-Park (Jamsil Jinju Reconstruction)’ located in Sincheon-dong, Songpa-gu, Seoul. The key factor behind its popularity is that it is a newly built apartment in a prime location, coming onto the market after a long time.

Perspective view of 'Jamsil Raemian I-Park' in Sincheon-dong, Songpa-gu, Seoul. (Provided by Samsung C&T, HDC Hyundai Development Company)

According to the Korea Real Estate Board’s subscription website on the 22nd, 39,478 people applied for the special supply of 282 units held the previous day, recording an average competition rate of 140 to 1. The category with the most applicants was the first-time homebuyer special supply, with 19,312 applicants for 50 units. The newlywed special supply also received 13,114 applications. For multi-child families, 6,229 applied for 58 units.

Before the subscription, more than 10,000 people visited the model house of this complex. Its popularity was high because it is the first new apartment in Jamsil in 20 years. The complex is located opposite the Jamsil Lotte World Tower and right in front of Mongchontoseong Station on Subway Line 8. It is also close to Olympic Park.

Although it is in the Gangnam 3 districts, the relatively lower sale price compared to Seocho and Gangnam-gu is also cited as a reason for the influx of applicants. The sale price per pyeong (3.3㎡) of this complex is set at 54.09 million KRW, with the 59㎡ units priced in the 1.5 billion KRW range and the 84㎡ units priced between 1.8 and 1.9 billion KRW. Previously, sale prices in the Gangnam area, such as Raemian One Pentas, exceeded 2 billion KRW for 59㎡ units, making it difficult to plan financing even if one won the subscription.

Capital gains are also expected. Considering that the nearby large complex Parkrio’s market price is in the 2 billion KRW range for 59㎡ units and between 2.1 and 2.1 billion KRW for 84㎡ units, a minimum profit of around 500 million KRW is anticipated just by winning the subscription.

Meanwhile, Jamsil Raemian I-Park is jointly constructed by Samsung C&T Corporation’s construction division and HDC Hyundai Development Company. It consists of 23 buildings ranging from 4 basement floors to a maximum of 35 floors above ground, with a total of 2,678 units. On this day, the first-priority subscription for the relevant area (residents of Seoul for over 2 years) is being conducted.