The sale of 'Seoul Won I-Park,' which began on the 25th of last month, is continuing for an extended period. It has not completed sales even after a month, and an event is being held to gather potential winners and inquire about their intent to purchase. Industry estimates suggest that approximately 30% of the units remain unsold. It is analyzed that the controversy over the sale price being higher than nearby areas has impacted the selling performance.
Seoul Won I-Park will consist of 3,032 units across 8 buildings from 4 underground floors to 49 above ground, located at 145, Hwarang-ro 45-gil, Nowon-gu. HDC Hyundai Industrial Development is investing 4.5 trillion won to develop a site of the former Seongbuk Railway (currently Gwangwoon University Station) into residential apartments, residences, commercial facilities, and leisure spaces. HDC Hyundai Industrial Development is responsible for everything from planning to construction, and there are no member sales; the general sales excluding residences and public rentals amount to 1,856 units.
According to the construction industry on the 24th, HDC Hyundai Industrial Development has been holding a drawing event for prospective residents at the model housing located at 45, Madeul-ro 1-gil, Nowon-gu, from the 21st to this day. The drawing for prospective residents targets those who had won a subscription but had their qualification canceled due to ineligibility or voluntarily gave up their contracts, inquiring about their intention for the unsold units.
According to the announcement, among the special supply units on the 21st, types 59, 72A, 74A, 74OA, 91A, 91OA, 84OA, 84OB, 84OC, 84OD, 84A, and 84B were unsold. Many unsold units were of the open balcony type, with balconies protruding, such as types 74OA, 91OA, and 84OA.
On the 21st, a drawing was held for 15 types, including general sale types 120A, 120OA, 120OB, and 143P, and on the 23rd, a drawing was conducted for 6 types, including 84A, 84OA, 84OB, and 84B. Additionally, there are plans to hold a drawing for 10 types, including 105A and 105OA, on the 24th. A representative from Hyundai Industrial Development stated, "It cannot be disclosed how many sale contracts have been made or how much inventory remains."
However, the industry raises the possibility that approximately 20-30% of unsold units still remain. This is due to the ongoing controversy over the sale price being set higher than that of nearby areas since the beginning of sales.
Looking at the sale prices for Seoul Won I-Park, the price for 59㎡ is set at 900 million to 1.038 billion won, while for 72㎡, it ranges from 1.079 billion to 1.165 billion won, placing even small-sized units around 1 billion won in sale price. Furthermore, the price for the 84㎡, known as the national standard size, has been set between 1.281 billion and 1.414 billion won, and large-sized units exceed 2 billion won. This marks the highest sale price record in Nowon-gu's history.
When compared to the sale price (max 1.211 billion won for 84㎡) of 'Prugio Radius Park' in the Jangwi 6 redevelopment area sold in July in Seongbuk-gu, it is nearly 200 million won more expensive.
Experts analyze that high sale prices may have contributed to the occurrence of unsold units. There are also concerns that the design may not have adequately considered the location's characteristics. Kim Hyo-seon, a senior real estate expert at NH Nonghyup Bank, noted, "It is difficult to find advantages in terms of price," adding, "It is significantly higher compared to the sales prices of existing nearby apartments, which may have caused a burden." Park Hap-soo, a professor at the Graduate School of Real Estate, Konkuk University, also explained that "the high sale price has impacted the unsold inventory."
Park Ji-min, head of the Wolyong Subscription Research Institute, stated, "There is a lot of mid- to large-sized supply, and due to their orientation not facing south, but rather opening toward the northwest or northeast, some units may not receive sunlight throughout the day as they are blocked by other structures." He noted that these factors have contributed to unsold inventory. Professor Park also mentioned, "In Nowon-gu, smaller units under 84㎡ are more popular than large units, but having an excess of large unit inventory has also been a burden for sellers."
Market expectations suggest that approximately 20-30% of unsold inventory remains for Seoul Won I-Park. There are also concerns that, as a large complex in the northern region, it may negatively impact sales in nearby areas.