Despite the prolonged economic downturn and the political vacuum caused by the presidential impeachment, which have increased uncertainty in the real estate market, the enthusiasm in Seoul's housing sales market remains strong.
On the 6th, DL E&C announced that all 140 units of the general sale for ‘Acro Ritz County’ in Bangbae-dong, Seocho-gu, Seoul, were fully contracted through official contracts and preliminary tenant agreements. This complex recorded a high competition rate of an average of 483 to 1 and a peak of 826 to 1 during the first-priority subscription on December 10 last year, followed by a complete sell-out in a short period.
This result, achieved amid the initial phase of the impeachment crisis when public confusion was at its peak, supports the forecast that the fervor in Seoul's housing sales market will not easily subside.
Moreover, this year’s Seoul housing sales market will continue to see a series of large-scale complex supplies that attract strong demand. In particular, there is a significant volume of supply in the Gangnam area, where there is abundant waiting demand. First, in mid-this month, Raemian One Perla (1,097 units) by Samsung C&T Construction Division in Bangbae-dong, Seocho-gu, will open the market. The hot sales momentum in Bangbae-dong is expected to continue from last year’s D.H. Bangbae to this year’s Acro Ritz County.
In May, Lotte Construction plans to sell Jamsil Le El (1,865 units), a reconstruction of Miseong Clover in Sincheon-dong, Songpa-gu, and in June, DL E&C will supply ‘Acro Road Seocho (1,161 units)’ in Seocho-dong, Seocho-gu.
In the second half of the year, Hyundai Construction’s ‘Banpo D.H. Class T (5,007 units)’ in Banpo-dong, Seocho-gu, GS Construction’s Bangbae Forest Xi (2,177 units) in Bangbae-dong, Seocho-gu, and Samsung C&T Construction Division’s Raemian Trini One (2,091 units) in Banpo-dong, Seocho-gu, are scheduled to launch.
An industry insider said, “Seoul has a particularly high interest in the housing sales market due to a shortage of supply, and especially for large complexes near subway stations in the Gangnam area, high future value appreciation is expected, so fierce competition beyond last year’s level is anticipated.”
Along with this, there is another notable new supply in Seoul this year. The spotlight is on the large-scale subway station complex ‘Isu Station Herid,’ which offers excellent location and access to the Gangnam living area. Currently, it is being sold with great popularity and is expected to be an attractive option for both actual users and investors.
‘Isu Station Herid’ is located in Sadang-dong, Dongjak-gu, Seoul, and is a large complex consisting of 10 buildings, ranging from three basement floors to 29 above-ground floors, with a total of 965 units sized between 59 and 138 square meters. Among these, 89 units are public rental housing, and 876 units are supplied to the general public.
This project is supplied as a subway station area public housing project, with Isu Station on subway lines 4 and 7 located about a 3-minute walk away. This provides convenient access to Banpo Station (about 7 minutes), Seocho Station (about 10 minutes), and Gangnam Station (about 14 minutes), making commuting to Seoul’s central business districts very convenient. Additionally, the nearby Seoripul Tunnel offers excellent access to Gangnam, and major roads such as Olympic-daero, Nambu Sunhwan-ro, and Gangnam Sunhwan Expressway make travel to Seoul and the metropolitan outskirts easy.
Parents with young children need not worry about safe commuting and education. Samil Elementary School is located right in front of the complex, allowing safe walking commutes, and many schools such as Sadang Middle School, Kyungmoon High School, and Seomun Girls’ Middle and High School are clustered nearby, with good access to the Banpo-dong academy district.
Moreover, Samil Park is located very close by, and nearby are Seoul’s representative recreational spaces such as the National Cemetery and Banpo Hangang Citizen’s Park, making it convenient for leisure and relaxation. The location, bordering both Banpo and Bangbae, also provides abundant living infrastructure in the Gangnam area, including Shinsegae Department Store Gangnam Branch, Gangnam St. Mary’s Hospital, the Seoul Arts Center, and E-Mart.
The price, which reduces the burden on buyers, is also a strong point. The project is conducted as a regional housing association project and is supplied at a reasonable price compared to the surrounding area, so high capital gains are expected upon moving in. In particular, since the 19th Architectural Committee of Seoul City conditionally approved the construction review for the Isu Station area long-term lease housing project on December 3, project stability is guaranteed, and project promotion is expected to gain momentum.
Additionally, most units are oriented southward, which is advantageous for lighting and ventilation, and the wide distance between buildings securing open views and sightlines is excellent. Furthermore, depending on the size and type, specialized features preferred by buyers are added, enabling excellent space utilization. Community facilities that enhance resident satisfaction, such as a fitness center, indoor golf practice range, GX room, daycare center and senior zone, small library, and individual storage units, will also be provided.
Meanwhile, the ‘Isu Station Herid’ housing sales office is located in Seocho-gu, Seoul, and is operating successfully.
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