Competition for subscription to apartment complexes in Gangnam, Seoul is becoming fiercer by the day. As apartment prices in Gangnam are rising sharply, the perception that apartments are being supplied at competitive prices due to the upper limit of the subscription price is spreading, so-called ‘lottery apartments’.
According to the data from the Korea Real Estate Board subscription homepage, there were a total of 4 complexes that were sold in the three Gangnam districts of Seoul (Gangnam, Seocho, Songpa) from January to August this year, and a total of 216,987 people applied for the 980 general supply units, recording an average first-round competition rate of 221.42 to 1. This is more than three times higher than the first-round subscription competition rate of 63.75 to 1 for apartments in Seoul excluding the three Gangnam districts during this period.
The reason for the high competition rate of three digits on average is clearly price competitiveness. Since the sale price is supplied at a difference of 200-300 million won or even several billion won compared to the surrounding market price, it is analyzed that not only real demanders who want to move into Gangnam but also demanders who want to make a profit from the price difference have used the subscription account in large numbers.
The exclusive 84㎡ unit price of ‘Raemian One Pentas’ in Banpo-dong, Seocho-gu, which recorded the highest competition rate in Gangnam this year with an average of 527.44 to 1, was set at the early 2 billion won range. Compared to the 4 to 5 billion won range of nearby complexes, this is only half the price.
Also, the exclusive 59㎡ ‘Maple Zai’ apartment sold in Seocho-gu in February, which recorded a competition rate of 442.32 to 1, was sold for 1.7 billion won, which was about 1 billion won cheaper than the exclusive 59㎡ ‘Sinbanpo Zai’ apartment sold for 2.7 billion won nearby. ‘Raemian Leventus’ supplied in Gangnam-gu in August also recorded an average competition rate of 402.97 to 1 for first-round selection, becoming known by word of mouth as a lottery apartment. The exclusive 84㎡ apartment sold in this complex is sold for 2.1 billion won, and considering that the exclusive 84㎡ ‘Dogok Rexle’ apartment sold for 3.33 billion won nearby last month, a safety margin of more than 1 billion won has been secured.
A real estate expert said, “In a situation where both housing prices and sale prices have been skyrocketing recently, interest is growing in Gangnam-area apartments with a ceiling price that can reduce the burden on buyers while allowing them to enjoy a large premium through height adjustment after moving in.” He added, “Given that there are many factors that could drive up sale prices, such as increased construction costs due to the price of construction raw materials, demand is likely to shift significantly to Gangnam-area apartments with a ceiling price.”
The Samsung C&T and HDC Hyundai Industrial Development consortium will sell ‘Jamsil Raemian I-Park’ in Sincheon-dong, Songpa-gu in October. It is a complex supplied through the Jamsil Jinju Apartment housing reconstruction project, and it has 2,678 households in 23 buildings with 4 underground floors and 35 floors above ground. Of these, 589 households with exclusive use areas of 43~104㎡ will be sold to the general public. It is located near Mongchontoseong Station on Line 8, Jamsil Station, and Hansung Baekje Station, making it easy to travel to all of Gangnam. In front of the complex, Jamsil Elementary School, Jamsil Middle School, Bangi Middle School, and Jamsil High School are all nearby, and Bangi-dong Academy Street and Jamsil Academy Street are also adjacent. Olympic Park, Seoul’s representative urban park, is also nearby, allowing for a pleasant living environment.
Samsung C&T plans to sell ‘Raemian One Perla’, which is being supplied through the redevelopment of Bangbae District 6 in Bangbae-dong, Seocho-gu, within the year. It consists of 16 buildings with 4 underground floors and 22 floors above ground, totaling 1,097 households, of which 465 households with exclusive use areas of 59 and 84㎡ are for general sale. Isu Station, a transfer station for Seoul Subway Lines 4 and 7, and Naebang Station on Line 7 are located nearby, making it easy to travel to all of Seoul, and schools of all levels, such as Bangbae Elementary School, Seomun Girls’ Middle and High School, and Kyungmoon High School, are located within walking distance.
Lotte Construction will hold the first round of subscription for ‘Cheongdam Le L’, which will be unveiled in Cheongdam-dong, Gangnam-gu, on the 20th of this month. It is a complex supplied through the Cheongdam Samik Apartment housing reconstruction project, and consists of 9 buildings with 4 underground floors and up to 35 floors above ground, with a total of 1,261 households. Of these, 149 households with exclusive use areas of 59 and 84㎡ will be sold to the general public. Cheongdam Station on Line 7 is located in front of the complex, and various living convenience facilities such as COEX, Starfield, and Hyundai Department Store can be conveniently used.
Hyundai Construction is planning to sell ‘DH Daechi Edellui’ in October through the reconstruction of Daechi-dong-gu Village 3rd District in Daechi-dong, Gangnam-gu. It is a scale of 282 households in 8 buildings with 4 underground floors and 16 floors above ground, and 72 households with exclusive areas of 59~94㎡ will be supplied as general sales. It is adjacent to prestigious schools such as Daehyun Elementary School, Daemyung Middle School, and Whimoon Middle and High School, and Daechi-dong Academy Street is easily accessible. Samseong Station on Line 2, Daechi Station on Line 3, and Hanti Station on the Suin Bundang Line are within walking distance.
Hwang So-young, Donga.com reporter [email protected]
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2024-09-20 05:54:08