The area with the highest number of unsold units among private APT.s in Seoul is the "Imun I-Park JAI" located in Imun-dong, Dongdaemun-gu. It's the only site in Seoul where the number of unsold units exceeds 100, accounting for 12% of the total unsold units (931 units) in Seoul.
Imun I-Park JAI has faced controversy over its higher selling price compared to nearby complexes. However, the bigger issue is that the third complex, where unsold units occurred, is built far away from the first and second complexes, resembling a standalone APT. Not only are the move-in times different, but unlike the first and second complexes that are close to the subway station, the third complex is relatively distant from the station and is also shaped like a long, narrow triangle. There are discussions in the repair industry stating, "Although they share the same name, they are essentially completely different APT.s."
According to the Seoul city government and the repair industry on the 12th, the number of unsold units in private dwellings in Seoul was recorded at 957 units at the end of last year. This is an increase of 2.7% (26 units) compared to the previous month, November of last year (931 units). By district, there were many unsold units in Gangdong (300 units), Dongdaemun (170 units), Gangseo (145 units), Gwangjin (57 units), and Mapo (55 units).
Imun I-Park JAI is a large complex with 25 buildings, located at 149-8 and 412-1 Imun-dong, Dongdaemun-gu, with a total of 4,321 units spread across six underground floors and up to 41 above ground. It is being built jointly by GS Engineering and Construction and HDC Hyundai Development Company in the Imun 3 Redevelopment Promotion Zone. Out of the general sale volume of 1,467 units, 118 units (8.04%) are unsold. All 118 unsold units are from the third complex. When considering only the general sale volume from the third complex (152 units), approximately 77% are unsold.
Currently, the construction company of Imun I-Park JAI and the association are considering re-sale due to the mass unsold situation.
The unsold units at Imun I-Park JAI are due to the atypical structure of this APT., which is rarely seen in Seoul. This APT. is divided into three complexes, and notably, the third complex has a different move-in time and is located in a totally different area from the first and second complexes.
Looking at each complex, the first and second complexes being built in the area of 149-83 Imun-dong (3-1BL block) are adjacent to Hankuk University of Foreign Studies station on Line 1 of the Seoul Subway and are close to other APT. complexes like Raemian La Grande, providing good living conditions. However, the third complex, located more than a 15-minute walk from this, is being constructed in the area of 412-1 Imun-dong (3-2BL block), so it cannot benefit from the proximity to the station and is being built as a standalone APT. Unlike the first and second complexes, which are constructed as high-rise buildings of over 40 floors, the third complex is subject to a height restriction (4 floors) for the protection of Cheonjangsan cultural heritage and is being built as townhouses.
The move-in times are also different. The first and second complexes are set to move in this November, as they are more than halfway built, while the third complex is scheduled for move-in in May 2026 and is still preparing the site.
The selling prices for the first and second complexes are set at 950 million won for 59㎡ and 1.212 billion won for 84㎡, while the third complex's prices are 1.0389 billion won for 59㎡ and 1.44027 billion won for 84㎡. Therefore, the third complex, which is separated and more expensive, has been offered for sale at a higher selling price.
Park Ji-min, head of the Wolyong Housing Subscription Research Institute, noted, "The third complex shares the same name as the first and second complexes but is completely different APT.s," adding that "in fact, the selling price is also the highest, making it a site expected to have unsold units." Ham Yeong-jin, head of the Real Estate Research Lab at Woori Bank, said, "The selling price was relatively high, and there are many newly built APT.s being supplied in nearby Jangwi and Huigyeong-dong, which seem to have affected the unsold units at Imun I-Park JAI."