- Soaring Future Value of Newly Built Apartments
- Premiums of Hundreds of Millions Due to Supply Shortages and More
The key keyword in this year's real estate market is the 'Eoljuksin' craze, meaning a strong preference for new constructions no matter what, with a hot subscription fever continuing for newly launched apartments.
(According to Cheongyak Home) In the third quarter (July to September), 15,718 units of newly launched apartments in the metropolitan area received 685,903 first-priority subscription applications, recording an average competition rate of 44 to 1. Compared to 171,529 first-priority applications received in the third quarter of last year, subscription demand has surged by more than 300%.
Also, recently, the resale restriction was lifted on the 138㎡ exclusive unit of ‘Lotte Castle Eastpole’ in Gwangjin-gu, Seoul, which traded at 2.8491 billion KRW, forming a premium of over 400 million KRW. The 99㎡ exclusive unit of ‘Raemian La Grande’ in Dongdaemun-gu also sold at around 1.5 billion KRW, with a premium of 200 million KRW compared to the original price.
The increase in demand for new apartments can also be seen in existing apartments where move-ins have been completed. According to real estate R114 surveys, from January to September this year, the average price of new apartments in Seoul under 5 years old rose by 27.1%, while buildings over 10 years old increased by only 0.5%.
An industry official said, “As the preference for new constructions spreads, a supply shortage compared to demand is appearing,” adding, “Newly launched complexes in excellent locations are seeing soaring subscription competition rates, and premiums of several hundred million KRW are forming on resale rights, continuously increasing the value of new constructions.”
In Jung-ri Land Development District, Icheon, Gyeonggi-do, which is attracting attention as a location adjacent to Seoul, Shinan plans to open the model house for ‘Shinan Insville Prestige’ Block A-2 on November 1 (Friday) and start the full-scale sales schedule. It will be the first in Jung-ri District to consist only of 59㎡ exclusive units, which have a strong real demand base. A total of 523 units of a single housing type will be offered for general sale.
‘Icheon Jung-ri Land Development District’ is a core project aimed at building a planned city with a population of 350,000 in Icheon-si, Gyeonggi-do. Approximately 60 hectares in Jung-ri-dong and Jeung-il-dong will be developed with about 4,400 households.
‘Shinan Insville Prestige’ is concentrated with various convenience facility sites such as commercial land and public office land nearby, and kindergarten and elementary school sites are easily accessible on foot. Also, a pleasant neighborhood park is planned right next to it, allowing residents to enjoy a comfortable green premium through walking and exercising during leisure time.
The complex applies a park-style design with no cars on the ground, features a south-facing layout with excellent lighting and ventilation, a slab-type specialized design, and uses eco-friendly finishing materials for furniture, wallpaper, and flooring. It also maintains clean indoor air with an automatic indoor ventilation unit. Various community facilities are planned, including a fitness center, golf practice range, small library, care center, and Mom’s Station.
The transportation environment is also advantageous. The Gyeonggang Line Icheon Station, which allows travel to Pangyo Station in Pangyo New Town, Gyeonggi-do within 30 minutes, is within a 10-minute walk. Excellent wide-area transportation networks such as the Jungbu Expressway (Seo-Icheon IC), Yeongdong Expressway (Icheon IC), and Seongnam Icheon Road are also available.
The model house for ‘Shinan Insville Prestige’ in Icheon Jung-ri District is located near Emart Icheon Branch in Jeungpo-dong, Icheon-si.
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