- Up to 230 million KRW lower supply price for exclusive 84㎡ units compared to new pre-sales
- High-end complex with build-first, sell-later method, immediate move-in, and strong product appeal
Recently, as the pre-sale price of new apartments in Bupyeong-gu, Incheon has surpassed 27 million KRW per 3.3㎡, 'Singyeomdan Royal Park City II', which offers a high-end community at a relatively affordable price, is once again drawing attention among both end-users and investors.
According to the real estate industry, the highest pre-sale price for apartments recently offered in Sangok-dong, Bupyeong-gu, Incheon reached 27.06 million KRW per 3.3㎡ (based on an exclusive area of 84㎡), which is comparable to the prices in Songdo. Including all costs such as expansion fees, options, and interim payment interest, the total pre-sale price for an exclusive 84㎡ unit amounts to approximately 970 million KRW.
In contrast, Singyeomdan Royal Park City II, supplied in the second half of 2023 using the build-first, sell-later method, is evaluated as having price competitiveness, as its price per 3.3㎡, including both balcony expansion and full options, remains around 22.1 million KRW, which is over 5 million KRW lower per 3.3㎡ than the aforementioned new apartments in Bupyeong. The total pre-sale price for an exclusive 84㎡ unit is about 740 million KRW, and immediate move-in is possible.
In particular, this complex boasts high product value for its price, as it is designed with the concept of a 'high-end resort city' and offers premium residential services such as community facilities at the level of a five-star hotel, premium lighting and landscaping design, and exclusive medical services for residents through partnerships with university hospitals.
A marketing representative stated, "There has been a noticeable increase in visitors to the housing exhibition center, not only among end-users but also among investors," adding, "Inquiries about the remaining units are also steadily increasing." The representative further explained that during consultations, more people are responding by saying, "At this price, shouldn't we buy?"
Experts are also paying attention to the potential for future value appreciation of Singyeomdan Royal Park City II. As pre-sale prices in the surrounding area have already stabilized at higher levels, there is a high possibility that new demand will flow into existing complexes that are relatively more affordable. In addition, if transportation improvements or expansion of living infrastructure are realized, the current pre-sale price should be considered as being in a 'substantially undervalued' range.
Kwon Il, team leader at Real Estate Info, said, "As pre-sale prices are rapidly rising, especially in the Seoul metropolitan area, complexes that have already been supplied are relatively stable in terms of price," adding, "With strong competitiveness in brand, product value, location, and complex scale, there is ample potential for future price increases."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
