"Should I Have Picked One Up?" From Unsold Units to Billion-Won Premiums, The Apartment That Turned the Tables [Real Estate AtoZ]

Seoul One I-Park Dominates One in Three Pre-Sale Rights Transactions in Seoul
'Nowon-Dobong-Gangbuk' Nears the 1.5 Billion KRW Standard Unit Era
From Over 500 Unsold Units to Premium Pre-Sale Rights in Just One Year
Abundant Development Boosts: T

Just over a year ago, 'Seoul One I-Park' in Wolgye-dong, Nowon-gu, Seoul, was at the center of controversy over its high pre-sale prices, resulting in more than 500 unsold units. Now, however, the development is experiencing a dramatic turnaround. Since the pre-sale transfer restrictions were lifted, more than one-third of all apartment pre-sale rights transactions in Seoul have taken place here, and premium transactions with surcharges approaching 100 million KRW have been observed. As a result, the complex is emerging as a new landmark in the northern part of Seoul.

On the 12th, Oh Se-hoon, Mayor of Seoul (center), is listening to an official's explanation while inspecting the model house of 'Seoul One I-Park' in Wolgye-dong, Nowon-gu, Seoul. Photo by Yonhap News.

According to the Ministry of Land, Infrastructure and Transport's actual transaction price system on January 14, Seoul One I-Park recorded a total of 24 pre-sale rights transfers from December 4, when the transfer restriction was lifted, to January 13. Considering that there were a total of 65 apartment pre-sale rights transactions in Seoul during this period, more than one in three (36.9%) of the transactions took place in this complex. It is unusual for a single development to dominate transaction volume, especially as the pre-sale rights market in Seoul has cooled rapidly since the October 15 real estate measures.

An analysis of actual transaction prices shows that premiums approaching 100 million KRW are being formed for major unit types. The pre-sale right for the exclusive 84-square-meter unit was traded for up to 1.488 billion KRW, putting the Nowon-Dobong-Gangbuk (Nowon, Dobong, Gangbuk) region on the verge of entering the '1.5 billion KRW for a standard unit' era for the first time. Considering that the pre-sale price for the 84-square-meter unit ranged from a minimum of 1.27 billion KRW to a maximum of 1.414 billion KRW, a premium of at least 70 million KRW has been added. The larger 112-square-meter unit was traded at 1.89478 billion KRW, nearly 50 million KRW above the pre-sale price, showing an upward trend. Currently, the number of land transaction permit approvals for Seoul One I-Park has reached 45, indicating that the number of actual transaction registrations is expected to increase significantly.

This apartment complex, supplied by HDC Hyundai Development Company as part of the Gwangwoon University station area development project 'Seoul One,' consists of six buildings with 1,856 units, ranging from four basement levels to 47 above-ground floors. In November 2024, during the subscription period, the complex sparked controversy over its high pre-sale prices (ranging from 1.27 billion to 1.414 billion KRW for the 84-square-meter unit), the highest ever in the Nowon-Dobong-Gangbuk area. At the time, many successful applicants gave up their contracts, resulting in 558 units-30% of the total supply-being offered for non-priority subscription (so-called 'leftover pick-up'). However, with the supply shortage of new apartments in Seoul worsening and average pre-sale prices surging over the past year, the complex is now being reevaluated as "reasonably priced." Currently, all units have been sold except for a single penthouse (244 square meters).

The strong commitment to development by the Seoul Metropolitan Government is also driving up the value. On January 12, Oh Se-hoon, Mayor of Seoul, visited the logistics site at Gwangwoon University Station and emphasized, "This is the core of the major redevelopment of northern Seoul, and the map will be completely transformed by 2028." Mayor Oh also visited the model house of Seoul One I-Park. The Gwangwoon University station area, where the complex will be built, is planned to house the HDC Hyundai Development Company headquarters, a Marriott Hotel, and a large-scale shopping mall. Once the GTX-C metropolitan express railway line opens in the future, it will be possible to reach Gangnam in about 10 minutes.

Yang Ji-young, a senior expert at Shinhan Premier Pathfinder, commented, "Nowon-gu is a region where new supply is extremely rare, and Seoul One I-Park stands out for its brand, large scale, and prime location near the station. Although there was controversy over high pre-sale prices, the strong demand for new apartments in the area, combined with expectations for policy benefits from northern Seoul development, has led to the formation of a premium. The price floor is also expected to continue rising."