GS Construction to Launch "Changwon Xi The Sky" in January
12,719 Applicants Flock to First-Priority Subscription for "Changwon Central I-Park" in Seongsan-gu
Despite the government's announcement of the October 15 measures, the upward trend in housing prices remains strong, particularly in Seoul's Gangnam area.
According to the Korea Real Estate Board on December 17, Seoul recorded a 0.18% increase in the second week of December, with the three Gangnam districts posting the highest growth rates, maintaining a strong market. This trend is evident not only in Seoul but also in various regions across the country.
In Changwon, Seongsan-gu recorded a 0.15% increase, marking the 22nd consecutive week of rising sales prices. In neighboring Busan, Haeundae-gu posted the highest growth rate at 0.18%. In each region, the most sought-after neighborhoods are also showing strong housing prices.
The main reason is the popularity of owning a single, high-quality property. Rather than owning multiple homes, buyers prefer to invest in one property that, despite its higher price, is expected to appreciate in value.
This trend is clearly reflected in actual transaction prices. In Gyeongnam, the highest-priced apartment based on the standard 84-square-meter unit is Yongji The Sharp Lake Park in Seongsan-gu. A recent transaction for the 84-square-meter Type B unit was completed at 1.145 billion won, translating to 33.67 million won per 3.3 square meters. In Busan, Marine City Xi in Haeundae-gu was sold for 1.45 billion won, or 42.64 million won per 3.3 square meters, showing that Seongsan-gu and Haeundae-gu are aligning in terms of regional price levels.
The popularity of a "single, smart property" is also evident in the pre-sale market, which reflects future value. On December 9, Changwon Central I-Park, despite its record-high pre-sale price of 26.87 million won per 3.3 square meters, attracted 12,719 applicants, resulting in a record-high competition ratio of 706 to 1.
Most notably, a perfect-score subscription account of 84 points was submitted, highlighting the scarcity and value of apartments in Seongsan-gu. In the past four years, only about four complexes in Seoul have received perfect-score accounts, and this is the first time for Gyeongnam, making it highly symbolic.
Although Seongsan-gu is the most preferred area in Changwon, the supply of new apartments is not sufficient. Most of the land available for housing is supplied through redevelopment, but the process is slow, and in many cases, less than 10% of the units are available for general sale.
There were no new apartment launches in Seongsan-gu in 2024, and this year, only Changwon Central I-Park (1,509 units) and Seongsan The Liv Forest (258 units) were supplied, but general sales were limited to just 294 units, highlighting the constraints.
Amid this supply drought, GS Construction's upcoming "Changwon Xi The Sky" project, scheduled for launch in January next year, is attracting attention as a highly desirable single property.
"Changwon Xi The Sky" is planned for the central business district (CBD) of Seongsan-gu, which boasts excellent accessibility to Changwon City Hall, Lotte Department Store, Lotte Mart, and Sangnam Market. The district unit plan restructuring project led by Changwon City is also expected to enhance the city's competitiveness.
Located on the former Changwon Hotel site, "Changwon Xi The Sky" will be built at 99-4 Jungang-dong, Seongsan-gu, Changwon. The project will consist of five basement floors, up to 49 above-ground floors, four buildings, and a total of 519 units (84㎡ and 106㎡ exclusive area).
GS Construction has applied specialized designs to make "Changwon Xi The Sky" a landmark representing Changwon, featuring a distinctive exterior, a sky lounge, three-sided balconies for all units, and 2.4-meter-high ceilings to provide spacious living environments.
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