In Gangnam but not subject to 'Toheoje' regulation... Sale notice for 'Maple Jai' reserved land with soaring value

Reserved Land Exempt from Land Transaction Permission Zone Regulations
Soaring Value Amid Rising Apartment Prices in Gangnam
Other Reconstruction Complexes Also Plan to Sell Reserved Land

The reserved land of 'Maple Xi' located in Jamwon-dong, Seocho-gu, Seoul, has announced a sale notice. The Shinbanpo 4 District Reconstruction Maintenance Association recently announced the sale of 29 reserved units in Jamwon-dong, Seocho-gu, stating that bidding for units with an exclusive area of 84㎡ starts at a minimum of 4.5 billion KRW. The bidding will be conducted through an open competitive process. The bidding deadline is until the 18th of this month.

This sale is particularly noteworthy as interest in reserved land, which is exempt from regulations, is increasing following Seoul City's designation of apartments in the Gangnam 3 districts and Yongsan-gu as land transaction permission zones. Reserved land and auctions are not subject to the regulations of land transaction permission zones.

According to the sale notice, the minimum bid price for one unit of the 84㎡ type is set at 4.5 billion KRW. The 59㎡ type starts from 3.5 billion KRW. At the time of sale in February last year, the 59㎡ exclusive area was sold for 1.742 billion KRW. At that time, the market prices of nearby apartments were 2.8 billion KRW for the 59㎡ exclusive area of 'Raemian One Bailey' in Banpo-dong, Seocho-gu, and 2.35 billion KRW for the 59㎡ exclusive area of 'Banpo Xi.' Currently, the 59㎡ exclusive area of 'Raemian One Bailey' is trading at 4 billion KRW.

While apartment prices in the Gangnam area are experiencing price increases due to strengthened regulations, the value of reserved land has surged sharply. The association raised the minimum bid price for the 59㎡ type from 3.3 billion KRW to 3.5 billion KRW. The 84㎡ type was also set at 4.5 billion KRW accordingly.

Meanwhile, major reconstruction associations in the Gangnam area are also planning to sell reserved land one after another. Cheongdam Le El (Cheongdam Samik Reconstruction), Jamsil Raemian I-Park (Jamsil Jinju Reconstruction), and Seocho-gu Raemian One Pentas (Shinbanpo 15th Reconstruction) are also considering the sale of reserved land.