3,492 Units to Be Supplied Next Week... Seoul Q1 Pre-sales Highest Since 2002 [Real Estate AtoZ]

Two Complexes Nationwide to Supply a Total of 3,492 Units
901 Units Allocated for General Sale
9,969 Units Scheduled for Pre-Sale in Seoul in the First Quarter

Apartment buildings in Seoul. Yonhap News

Next week, a total of 3,492 units will be supplied across two residential complexes nationwide.

According to Real Estate R114 on February 7, a total of 3,492 units (901 units for general sale) in two complexes nationwide will be supplied in the second week of February. This represents an increase of 2,298 units compared with the 1,194 units supplied in the previous week.

By complex, subscription will open for "Forena The Sharp Incheon City Hall Station" in Ganseok-dong, Namdong-gu, Incheon, and "E-Pyunhansesang Centum High Avenue" in Jaesong-dong, Haeundae-gu, Busan.

Forena The Sharp Incheon City Hall Station will consist of 24 buildings with 4 basement levels and up to 35 above-ground floors, totaling 2,568 units with exclusive use areas ranging from 39 to 84 square meters. Of these, 735 units with exclusive use areas of 49 and 59 square meters will be offered for general sale.

The complex is located in a station area within walking distance of Incheon City Hall Station, an interchange station for Incheon Subway Lines 1 and 2, and Ganseok Ogeori Station on Line 1. Incheon City Hall Station is scheduled to be connected to the Great Train Express (GTX) Line B serving the Seoul metropolitan area, and once the line opens, accessibility to major business districts in Seoul, such as Seoul Station and Yeouido, is expected to improve dramatically. It also offers convenient access to the 1st and 2nd Ring Expressways of the Seoul metropolitan area and the 2nd Gyeongin Expressway via Gyeongin-ro.

Real Estate R114 explained, "Next week is right before the Lunar New Year holidays, so the pre-sale schedule will proceed only on a limited basis, and a quiet atmosphere is likely to continue," but added, "Subscription schedules will begin in earnest from mid to late February after the holidays."

Meanwhile, the volume of apartments scheduled to be put on the market in Seoul in the first quarter of this year is expected to be the second largest since 2002.

Data from RealToday, a real estate research firm, show that a total of 9,969 public and private pre-sale units are scheduled to be supplied across 12 complexes in Seoul in the first quarter. This is more than nine times the volume of the first quarter of last year (1,097 units). It is also the second-largest first-quarter figure since the company began compiling its own statistics in 2001, following the 13,188 units recorded in 2002.

"Define Yeonhui" (959 units) in Yeonhui-dong, Seodaemun-gu, which was the first apartment complex to be offered for pre-sale in Seoul this year, recently completed its subscription process. In addition, The Sharp Singil Central City, which Posco E&C plans to put on the market next month, will consist of 16 buildings with 2 basement levels and 35 above-ground floors, totaling 2,054 units with exclusive use areas ranging from 51 to 84 square meters. Of these, 477 units will be offered for general sale.