Cheongdam Le El in Gangnam, Seoul Surpasses 6 Billion KRW in Sale Price
Buyers See More Than Double the Profit Even Before Moving In
The sale price of an 84-square-meter unit at 'Cheongdam Le El' in Cheongdam-dong, Gangnam-gu, Seoul, has surpassed 6 billion won. Compared to last year's pre-sale price, this represents an immediate profit of about 3.6 billion won, earning it the reputation of being a 'Gangnam lottery' property.
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on September 27, the occupancy right for an 84-square-meter unit at Cheongdam Le El was traded for 6.15 billion won on September 18. Last month, a unit of the same size was sold for 5.55 billion won, marking an increase of about 600 million won in just one month. The same unit, which was traded for 5.2 billion won in March this year, has risen by nearly 1 billion won in just six months.
The pre-sale price for this complex was set at 72.09 million won per 3.3 square meters. The highest pre-sale price for an 84-square-meter unit was 2.5457 billion won. Buyers who secured units during last year's pre-sale have already made more than double the profit before even moving in.
Perspective view of 'Cheongdam Le El' in Cheongdam-dong, Gangnam-gu, Seoul. Provided by Lotte Construction
An industry insider analyzed, "Even at the time, a profit of over 1 billion won was expected, but with the recent rise in Gangnam apartment prices, it has truly become a 'lottery apartment.'"
Cheongdam Le El is a reconstruction of the Cheongdam Samik Apartments, and will consist of nine buildings with 1,261 units, ranging from four basement levels to 35 above-ground floors. Located along the Han River, it offers permanent river views and is close to prestigious schools such as Bongeun Elementary and Middle Schools, Kyunggi High School, and Youngdong High School, as well as the Daechi-dong private education district. It is situated right next to Cheongdam Station on Subway Line 7, and features Lotte Construction’s high-end 'Le El' brand, providing luxury community facilities.
During the subscription process held in September last year, the complex was dubbed a 'lottery complex,' with 56,717 applicants vying for 85 units of the 84-square-meter size, resulting in a competition ratio of 667 to 1. The minimum winning score was 74 points, and the highest was 81 points, meaning only those with near-perfect scores succeeded in securing a unit.
Industry experts believe that the upward trend in prices is likely to continue after the scheduled move-in date in November this year.
Meanwhile, as of this year, there have been a total of 15 cases where 84-square-meter apartments have been traded for more than 6 billion won, including 'Raemian One Bailey' in Banpo-dong, Seocho-gu, and some complexes of Hyundai Apartments in Apgujeong-dong, Gangnam-gu.
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