[Report] "Winning Is a Jackpot"... Yeoksam Central Xi in the Heart of Gangnam Offers a '1 Billion Won Lottery' [Real Estate A to Z]

87 Units (59-122㎡) Available for General Sale
Price Ceiling System Applied... Market Value Gain Expected to Reach 1 Billion Won
Special Supply Application Begins on the 15th
"Positive Outlook for Sales Results"

Visitors are examining the model installed at the Yeoksam Central Xi exhibition hall in Daechi-dong, Gangnam-gu, Seoul. Photo by Lee Jungyoon

"Since new apartment sales in Gangnam are rare, winning the lottery for a unit is truly a jackpot. Thanks to the price ceiling system, the units are several hundred million won cheaper than nearby apartments, which is another advantage that draws my attention." (A woman in her 40s living in Yeouido-dong, Yeongdeungpo-gu)

Yeoksam Central Xi, a new apartment complex being developed through a housing reconstruction and maintenance project at 758 Yeoksam-dong, Gangnam-gu, Seoul, has begun its sales process. Due to the October 15 measures, loan restrictions have been imposed, making it virtually necessary to pay the full amount in cash. However, with the implementation of the price ceiling system, there is heightened interest as people anticipate a "1 billion won lottery windfall" from the expected price gap.

On December 12, as soon as the Yeoksam Central Xi exhibition hall in Daechi-dong, Gangnam-gu, Seoul opened in the morning, a steady stream of visitors arrived. The visitors ranged in age from elderly couples in their 60s to newlyweds with strollers. They examined the model layout, checked the direction and height of the apartment buildings, and listened to explanations from staff. From this day until December 14, only those who have made a reservation in advance can visit the exhibition hall. With over 450 reservations already made, it is now difficult to accept additional bookings.

Yeoksam Central Xi consists of four buildings with three basement levels and 17 floors above ground, totaling 237 units. Of these, 87 units with exclusive areas ranging from 59 to 122 square meters will be offered for general sale. By area, there are 10 units of 59㎡, 42 units of 84㎡A, 13 units of 84㎡B, 11 units of 84㎡C, 5 units of 84㎡D, and 6 units of 122㎡. Special supply applications will begin on December 15, followed by first-priority applications for residents of the area on December 16, first-priority applications for other areas on December 17, and second-priority applications on December 18. The winners will be announced on December 24, and the official contract period will be from January 5 to 7, 2026. Move-in is scheduled for August 2028.

Living room view of Yeoksam Central Xi with a dedicated area of 84㎡. Photo by Lee Jungyoon

The exhibition hall features sample units of the 84㎡ and 122㎡ layouts. In particular, the 84㎡ unit, which has the largest number of units available for general sale, attracted the most attention. Visitors carefully inspected the veranda, bathrooms, and kitchen. Many women showed particular interest in the storage space of the walk-in closet. The open balcony design made the usable space appear larger. Food waste disposers and storage rooms are installed free of charge, and a smart Internet of Things (IoT) system allows for control of lighting and heating. Security features such as a crime prevention intercom and an early warning system for safety accidents also stood out.

Within the complex, landscaping will include a "central plaza" and themed play areas such as the "Xi Fun Ground." The community facility "Club Xi-an" will offer amenities such as a golf practice range, fitness center, small library, study room, and coin laundry.

Visitors noted that this is the first new apartment complex to be built in Yeoksam-dong in a long time, making it a focal point of attention. According to data from Real Estate R114, 89.7% of apartment complexes in Yeoksam-dong are over 10 years old, which is higher than the Gangnam-gu average of 79.6%. A sales representative said, "Yeoksam-dong is a location with proven value, but there has been no recent supply. With the combination of the Yeoksam-dong location and the Xi brand, we expect positive sales results."

A couple in their 60s living in Seongsu-dong, Seongdong-gu, who visited the exhibition hall on this day, said, "We sold our house two years ago and have been renting since, but we came here because there is a new apartment sale in Gangnam. We are considering applying for the 59㎡ unit, but since the competition is expected to be fierce, we are not getting our hopes up too much."

Living room view of Yeoksam Central Xi with an exclusive area of 122㎡. Photo by Lee Jungyoon

The application of the price ceiling system is also an advantage. The maximum sales prices are set at 2.012 billion won for the 59㎡ unit, 2.813 billion won for the 84㎡ unit, and 3.798 billion won for the 122㎡ unit. For comparison, a 59㎡ unit in the nearby Yeoksam Raemian complex, which has 1,050 households, is listed at around 2.9 billion won, making the new units approximately 900 million won cheaper. Even Gaenari Raemian, an older apartment built in 2006, saw an 84㎡ unit sell for 3.5 billion won last month. Analysts believe that with the new construction premium, the price gap could exceed 1 billion won.

The surrounding infrastructure is another strength. In particular, the excellent educational environment attracts couples with children. Dogok Elementary School is located within a 550-meter radius. Within a 1-kilometer radius, residents have access to Yeoksam Middle School, Dogok Middle School, Dankook University-affiliated Middle and High Schools, and Jinseon Girls’ Middle and High Schools, all part of Gangnam’s prestigious "8 School District." The Daechi-dong private education district is also within walking distance. A woman in her 40s living in Jamwon-dong, Seocho-gu, said, "I have two daughters who will soon be entering middle school, so I am looking to move to an apartment near good schools and the private education district. I am considering the 84㎡ unit, and if I win the lottery, I will do whatever it takes to secure the funds and live there myself."

However, the relatively high sales prices and loan restrictions mean that only those who can raise enough cash will be able to participate in the sale. Due to the October 15 measures, the maximum mortgage loan amounts are reduced based on the home price: up to 400 million won for the 59㎡ unit and up to 200 million won for the 84㎡ unit. There is a three-year restriction on resale before the transfer of ownership registration, and a two-year mandatory occupancy period after moving in.