Even in the new year, subscription requests for unsold complexes continue. These complexes are unable to find buyers due to contract cancellations or other reasons, and they are often located in areas with poor transportation and educational environments or are small complexes.
According to the repair industry and Korea Real Estate Board on the 6th, the complex "Avenue Cheonggye II," located in the area of 1420 Sungin-dong, Jongno-gu, will conduct its 6th voluntary supply subscription on this day. Voluntary supply is a process conducted after a non-competitive subscription for the initial occupancy recruitment and the supply of disqualified and contract-renouncing quantities, aimed at filling any unsold units that occur. The 6th voluntary supply means that, despite announcing the 1st to 5th voluntary supplies, they have yet to find someone willing to enter into a subscription contract, prompting another attempt at voluntary supply.
Avenue Cheonggye II consists of one building with a total size of three underground floors and 16 above ground, comprising 81 apartment units (floors 8 to 16), 45 officetels (floors 3 to 7), and 29 commercial facilities (from the 3rd underground to the 2nd floor). The officetels are available in four types, with exclusive areas ranging from 22㎡ to 36㎡, designed for 1- to 2-person households, including one-room, one-and-a-half-room, and two-room layouts, and they are set to be completed in May. The project is undertaken by Korea Trust, while JL Construction handled the construction. It is located near the Shinseoldong Station on subway lines 1 and 2, as well as being close to the UI Shinseon Light Rail, Inner Loop Road, and East Transportation Road. It also adjoins Hwanghakgyo located on Cheonggye 8-gil.
Since conducting the first subscription on July 1, 2021, the complex has not sold out. The 6th voluntary supply will accept subscriptions for 32 units. Considering the total supply size of 126 units, 25.3% remain unsold. Park Won-gap, a senior real estate expert at KB Kookmin Bank, noted, "It is a solo complex with only one building, and because it mixes apartments and officetels, it seems to have lower liquidity for future sales, which is a major reason for the unsold units."
The "Seodaemun Central I-Park" in Hong Eun-dong will also conduct its 8th voluntary supply subscription on the 7th. HDC Hyundai Development Company is redeveloping Zone 13 in Hong Eun-dong, creating a complex with three underground floors and a maximum of 15 above-ground floors, comprising 12 buildings with exclusive areas from 49㎡ to 84㎡, totaling 827 units. Occupancy is expected in June.
In May of last year, 208 units were supplied during the first subscription, but 94 units did not secure contracts and were made available for non-competitive subscriptions, and they have been pushing through unsold quantities for over six months. The quantity available in this voluntary supply is 15 units. By type, there are 3 units of type 59A, 2 of type 75, 7 of type 84A, 1 of type 84B, and 2 of type T84D, with sale prices ranging from 792.2 million won to 1.1717 billion won.
This complex is surrounded by Bukhansan, Inwangsan, and Baengnyeonsan, making it a "forest zone" apartment. However, its location on a slope and the inconvenience of transportation and access roads are seen as drawbacks. To reach the nearest subway station, Hongje Station, one needs to take a village bus or similar transport for about 15 to 20 minutes to get to the complex. There are no nearby middle or high schools, and it takes about 10 minutes on foot to reach Hong Eun Elementary School. The road leading into the complex, Hong Eun Central Road, is also relatively narrow at 1 to 2 lanes.
Go Jun-seok, a professor at Yonsei University's Sangnam Management Institute, stated, "It seems that the unsold units continue because the location has poor accessibility to subway stations, and it is hard to find significantly better living conditions compared to nearby complexes." An industry insider mentioned, "While the unsold complexes come out in non-competitive or voluntary supply forms, there is an advantage in that they can be subscribed to without special qualifications. However, some complexes are located in relatively poor living environments, so it's essential to carefully consider the reasons behind unsold units and proceed with contracts cautiously."