Although Prices Are 100 Million KRW Higher Than in 2022,
No Residency Requirement and Safe Profit Margin Possible
'Riversen SK View Lotte Castle,' located near Jungnang Line 7 subway station, will conduct an additional sales offering. The initial plan to supply the units as long-term lease housing was canceled, and the units are now being released for general sale.
According to Cheongyak Home and other sources on May 24, Riversen SK View Lotte Castle will accept applications for special supply on June 2 and for first-priority general subscription on June 4. The announcement of successful applicants will take place on June 12, and contracts will be signed from June 23 to 25.
The available units for sale are as follows: 8 units of 39㎡, 1 unit of 49㎡, 9 units of 59㎡, 3 units of 70㎡, 6 units of 84㎡, and 3 units of 100㎡. Among these, 16 units are allocated for special supply.
The sale prices are approximately 100 million KRW higher than during the initial offering in 2022. The prices by unit size are: 39㎡ at 478.4 million to 509.6 million KRW, 49㎡ at 660.8 million KRW, 59㎡ at 805.4 million to 888.4 million KRW, 70㎡ at 913.3 million to 972.9 million KRW, 84㎡ at 1.081 billion to 1.0957 billion KRW, and 100㎡ at 1.2541 billion to 1.2802 billion KRW. Balcony expansion costs are not included in these prices.
Based on the current transaction status of sales rights for Riversen SK View Lotte Castle, it is expected that buyers could realize a profit margin of at least 100 million KRW, and in some cases, over 200 million KRW.
Looking at transaction records, on April 28, a sales right for an 84㎡ unit was traded at a record high of 1.2 billion KRW. On April 19, a 59㎡ sales right was sold for 962 million KRW, and on April 28, a 100㎡ unit reached a record price of 1.4 billion KRW. The asking prices for sales rights are currently in the range of 1.04 to 1.1 billion KRW for 59㎡ units, and 1.17 to 1.25 billion KRW for 84㎡ units.
As the complex is nearing completion, successful applicants must pay a 10% down payment after signing the contract and the remaining 90% by the designated move-in date. The resale restriction period is one year, but there is no restriction on winning again. Since the price ceiling system does not apply, there is no mandatory residency period, and it is possible to lease out the unit after winning the subscription. The asking price for jeonse (long-term deposit lease) is in the 500 million KRW range for 59㎡ units and in the 700 million KRW range for 84㎡ units.
Unlike non-priority supply, applicants must meet requirements such as the subscription savings account holding period to qualify for first-priority status. For special supply categories such as elderly parent support and first-time homebuyers, as well as for first-priority general supply, applicants must have held a subscription savings account for at least 12 months and have deposited at least the required amount based on region and unit size. For institution-recommended, multi-child families, and newlywed couples, applicants must have held the account for at least 6 months and meet the deposit requirements by station and unit size.
Riversen SK View Lotte Castle is being supplied through the Jungnang-gu Junghwa-dong 331-1 Junghwa 1 Redevelopment Promotion Zone Housing Redevelopment Project. The complex consists of 8 buildings with 2 basement levels and 35 above-ground floors, totaling 1,055 units. The initial sales offering took place in November 2022, and the complex is scheduled for completion next month.
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