Apartment in the Seoul Metropolitan Area Priced Around 200 Million KRW, Dongmoon Construction's 'Paju Munsan Station 3rd Dongmoon The East Central'

- Nationwide Private Apartment Sale Prices Hit All-Time High... Sale Prices in the Capital Region Continue to Rise
- Home Prices Expected to Keep Increasing Due to Rising Construction Costs and Other Factors

As private apartment sale prices nationwide hit record highs, prices in the Seoul metropolitan area continue to rise. Consequently, it is expected that the perception of “now is the time to buy a home” will spread among prospective homebuyers in the metropolitan area, drawing attention to the ‘prime’ complexes about to be supplied.

According to the Housing & Urban Guarantee Corporation (HUG)’s “September 2024 Private Apartment Sale Price Trends” data, the average nationwide apartment sale price per square meter was 5,692,000 KRW, marking a 0.16% increase from the previous month and a 13.31% rise compared to the same month last year. This is the highest sale price ever recorded, following April’s 5,683,000 KRW.

Moreover, sale prices in the metropolitan area have also shown a continuous upward trend. The average sale price per square meter in the metropolitan area was 8,448,000 KRW, up 1.70% from the previous month and a significant 23.70% increase year-on-year.

This upward trend in sale prices is expected to continue due to rising material and construction costs. The government’s annually announced standard construction cost for September (for buildings 16 to 25 floors or less, exclusive area over 60㎡ up to 85㎡, above-ground floors) recorded 2,106,000 KRW per square meter this year. Compared to last September’s announced price of 1,976,000 KRW, this is an increase of 130,000 KRW, and compared to five years ago in September 2019, when it was 1,650,000 KRW, it has risen by 456,000 KRW.

Particularly problematic are the soaring prices of cement and ready-mixed concrete (remicon). Remicon is the most significant material in all construction projects, and cement is the raw material for remicon. According to the Ministry of Land, Infrastructure and Transport, the price of Type 1 ordinary cement, which was 75,000 KRW per ton in July 2020, surged by 49.3% (37,000 KRW) to 112,000 KRW in July this year. During the same period, the price of remicon in the metropolitan area rose by 41.3% (27,400 KRW), from 66,300 KRW to 93,700 KRW per cubic meter.

A real estate industry insider explained, “Due to rising material costs, construction expenses are increasing, causing sale prices to continuously rise. Stabilizing construction material costs does not seem likely in the short term.” They added, “As a result, prospective homebuyers are showing a strong tendency to apply for pre-sale subscriptions before prices rise further.”

Given this situation, the ‘Paju Munsan Station 3rd Dongmoon The East’ complex is recognized as a prime complex for homebuyers in the metropolitan area. The model house, which opened on the 8th (Friday), is expected to attract various prospective buyers even over the weekend. Notably, it draws attention by offering a reasonable sale price in the high 200 million KRW range (based on the 59㎡ type).

‘Paju Munsan Station 3rd Dongmoon The East Central’ will be constructed with 7 buildings ranging from 2 basement floors to a maximum of 28 floors above ground, totaling 951 households. Among these, 748 units of general sale will be supplied, mainly medium to small-sized units preferred by buyers, ranging from 59㎡ to 84㎡ exclusive area.

‘Paju Munsan Station 3rd Dongmoon The East Central’ boasts an excellent location. The Gyeongui-Jungang Line’s Munsan Station is located close to the complex, allowing quick access to Seoul. Additionally, once the GTX-A line (planned) opens at Daegok Station, transfers will enable travel to Seoul Station within 40 minutes. Furthermore, transportation benefits such as the planned ‘KTX Paju extension’ and the ‘GTX Plus line plan’ are being actively promoted by local governments, raising expectations for premium value.

Especially attractive to parents is the fact that elementary, middle, and high schools are located right in front of the complex, making it a walkable school zone. Munsan Elementary School, Munsan-dong Middle School, and Paju High School are adjacent to the complex, with other educational facilities such as Munsanbuk Middle School and Munsan High School nearby, all accessible on foot. This walkable school zone allows parents to safely oversee their young children’s commute and enables children to attend school with their elementary school friends through high school for 12 years, providing emotional stability.

‘Paju Munsan Station 3rd Dongmoon The East Central’ also offers an opportunity to join the Dongmoon brand town, which Dongmoon Construction is developing around Paju Munsan Station, comprising approximately 3,000 households.

The area around Munsan-eup, Paju City, Gyeonggi Province, currently hosts ‘Paju Munsan Station 1st Dongmoon Good Morning Hill’ (occupied since 2020) and ‘Paju Munsan Station 2nd Dongmoon The East’ (occupied since 2024). Once ‘Paju Munsan Station 3rd Dongmoon The East Central’ is completed, it will form a Dongmoon brand town with about 3,000 households. With a skyline reaching up to 28 floors and the symbolic value of a brand town, it is highly anticipated to become a landmark complex in the Munsan Station area.

As a Dongmoon brand town, the complex will feature specialized designs considering residents’ convenience to provide an excellent living environment. It will apply a 4Bay floor plan (except for some types) for residents’ convenience and create a comfortable living space with cross ventilation between the living room and kitchen. Additionally, it will offer spacious and trendy spaces such as pantries and dressing rooms (varying by type), allowing residents to choose various spaces tailored to their lifestyles.

Meanwhile, various prize events are ongoing at the model house of Dongmoon Construction’s ‘Paju Munsan Station 3rd Dongmoon The East Central,’ which opened on the 8th (Friday) for visitors. The model house is located in Dayul-dong, Paju City, Gyeonggi Province.

[Perspective view of Dongmoon Construction's 'Paju Munsan Station 3rd Dongmoon The East Central', Source=Dongmoon Construction]