Last-Minute Prime Units in the Presale Market: Buyers Flock to Secure "Summit Limited Namcheon" Contracts

- 100% Contracted for 84㎡, 112㎡, and 122㎡ Unit Types
- Expected to Become a Landmark and Premium Property Representing Busan

Recently, there has been a significant increase in buyers seeking to secure the last remaining prime units in the presale market.

This trend is being driven by several factors, including the anticipated interest rate cuts by the United States and South Korea starting at the end of this year, the continued decrease in unsold new apartments, and expectations that housing prices may recover and rise. As a result, demand for new apartments is increasing. Notably, there is growing interest in regional metropolitan cities, which are relatively free from strict government loan regulations and are considered undervalued, rather than in the Seoul metropolitan area where regulations are concentrated.

In fact, earlier this year, "Hillstate Eoulrim" in Cheongju, North Chungcheong Province, achieved a 100% contract rate for its remaining units, and "Dongnae Sajuk Park Daekwang Rozeviang" in Dongnae District, Busan, also sold out, signaling positive momentum in the market.

An industry insider stated, "According to the Ministry of Land, Infrastructure and Transport, the number of unsold units nationwide decreased from about 72,000 in January this year to about 63,000 in June, a reduction of nearly 10,000 units in just five months." The insider added, "With high inflation and rising labor costs, there is a strong possibility that presale prices for new apartments will increase further. Therefore, it is worth considering targeting prime sites in key areas for the remaining units."

In Busan, end-users and investors are rushing to secure the last remaining units of "Summit Limited Namcheon," which recorded the best sales performance in the city this year. The 84㎡, 112㎡, and 122㎡ unit types are reportedly sold out, and with only a few units left, it is expected that all units will soon be fully contracted, with significant premiums likely to form in the future.

This project is the first "Summit Limited" site introduced nationwide by Daewoo Engineering & Construction. It consists of five buildings, ranging from five basement floors to a maximum of 40 above-ground floors, with exclusive areas from 84㎡ to 243㎡, totaling 835 units.

Located on the former Mega Mart site, a prime location within Namcheon-dong, Busan's traditional affluent neighborhood, the development attracted 16,286 applicants during the subscription in August, recording an average competition rate of 22.62 to 1 (excluding special supply, including other regions). In particular, the 84B type saw 8,380 applications for 24 units, resulting in a peak competition rate of 349 to 1.

"Summit Limited Namcheon" is highly valued for its rare, unobstructed views of Gwangandaegyo Bridge from Busan's luxury coastal residential belt, with about 88% of all units offering ocean views. The project also features ceiling heights of up to 2.8 meters and large panoramic windows measuring up to 2.4 meters in height and 1.9 meters in width, providing excellent openness and comfort. The highest-quality, high-end specifications are applied to appliances, furniture, and finishing materials, and generous parking is provided with an average of 2.17 spaces per unit.

Residents will benefit from convenient transportation, with Namcheon Station on Busan Subway Line 2 and Kyungsung University·Pukyong National University Station within walking distance. Numerous schools, including Namcheon Elementary and Namcheon Middle School, as well as the Namcheon-dong academy district, are also nearby.

Residents can enjoy top-tier community facilities, including a sky lounge with open ocean views, a guesthouse with a private jacuzzi, a golf lounge equipped with an AI-powered putting simulator, a premium cinema enhanced by Bang & Olufsen sound, and Busan's first integrated tennis facility.

A sales representative stated, "The last remaining units are being offered with special terms, including a 5% down payment, full interest-free loans for 60% of the interim payment, and the option for resale after six months." The representative added, "With its excellent location and product quality, this development is set to become a landmark apartment complex representing Busan in the future."

The gallery-style model home, "Summit Gallery Namcheon," has been set up in U-dong, Haeundae District, Busan.