At the end of this month, apartments with lower sale prices than nearby market prices will open for applications in Juam-dong, Gwacheon. The complex will be supplied as a newlywed hope town targeted at newlyweds, with expectations of at least 500 million won in market price differences. In the same Juam-dong area, the first apartments applying Hyundai E&C's high-end brand "The H" in Gwacheon will also be available for application.
In Sincheon-dong, Songpa-gu, a complex applying Lotte Engineering & Construction's high-end brand "LEEL" will also begin its sale schedule. Considering the nearby market prices, it is projected that the profit from the sale will reach 1 billion won.
However, such complexes require enrollment in loan products that share market profits with the government (newlywed hope town), or they are deferred sale complexes, so prospective buyers should closely examine the recruitment announcements when preparing for applications due to tight funding deadlines.
◇ Rising Juam-dong, Gwacheon with newlywed hope town and The H simultaneously
Among the applications happening this month, Juam-dong, Gwacheon, is receiving high market attention. The "newlywed hope town" for newlyweds and the complex applying Hyundai E&C's high-end brand The H will be released to the market this month.
The newlywed hope town being developed by the Korea Land & Housing Corporation (LH) in the "Gwacheon Juam Public Housing District (Block C2)" will start accepting applications from the 18th. It will be built with 686 units at 381-3 Juam-dong, Gwacheon, consisting of a maximum of 25 floors in 9 buildings.
In terms of exclusive area, 59 households will be available at 46㎡, and 627 households at 55㎡. Because it is a newlywed hope town, only newlywed couples without homes, prospective newlywed couples, and single-parent families can apply. Additionally, citizens residing in Gwacheon for more than one year (before Aug. 8, 2024) will have priority for winning applications.
The sale prices range from 569.49 million to 608.5 million won for the 46㎡ type, and from 679.2 million to 722.68 million won for the 55㎡ type. The Seongbawi Station on Subway Line 4 is about 1.5 km away, and the location is adjacent to the Wooam-dong area across Yangjae-cheon, providing good accessibility to Seoul. The nearby Wooam-dong Seocho Hills apartments sold for 1.38 billion won for a 59㎡ unit (12th floor) in April.
Park Ji-min, head of Woolyong Housing Application Research Institute, noted, "This is a newlywed hope town in Gwacheon, where the highest transaction prices occur in Gyeonggi Province, and the selling price is quite cheap, making it expected to generate at least 500 million won in market price differences."
However, if market price differences arise, residents of the newlywed hope town must share the profits with the government. Residents are required to enroll in a profit-sharing mortgage called the "Newlywed Hope Town Dedicated Housing Mortgage Product." This mortgage offers loans up to 70% of the house price at a fixed interest rate of around 1%. The current interest rate is 1.6% per annum. When selling the dwelling and repaying the loan, the housing & urban fund will recover up to 50% of the market price difference.
In Juam-dong, apartments for "The H Adele Star" constructed by Hyundai E&C are also preparing for applications. The apartments will be built in the Juam General Village area and will consist of a maximum of 31 floors above ground and 3 floors below ground in 9 buildings. A total of 348 units will be available in 59㎡, 75㎡, and 84㎡ for general sale. The number of units per type is as follows: ▲ 60 units of 59㎡A ▲ 45 units of 59㎡B ▲ 29 units of 59㎡C ▲ 62 units of 75㎡ ▲ 16 units of 84㎡A ▲ 69 units of 84㎡B ▲ 47 units of 84㎡C ▲ 20 units of 84㎡D. As of the 5th, anyone aged 19 or older who lives in Gwacheon or the metropolitan area can apply, but residents of Gwacheon will have priority.
The sale prices are estimated to range from 1.614 billion to 1.762 billion won for the 59㎡ type, from 2.089 billion to 2.195 billion won for the 75㎡ type, and from 2.268 billion to 2.446 billion won for the 84㎡ type. The special supply will start on the 25th, followed by the first priority applications on the 26th, with winners announced on Sept. 2.
◇ Songpa's "Jamsil LEEL" also up for sale, with a possibility of over 1 billion won in market price differences
"Jamsil LEEL" in Sincheon-dong, Songpa-gu, is also scheduled for applications this month. The special supply will start on the 25th, marking the beginning of the sale schedule. There will be 216 units available for general supply, and a sale price limit has been set at 6.104 million won per 3.3㎡.
Jamsil LEEL will offer only medium and small-sized units with exclusive areas of 45, 51, 59, and 74㎡. Applying the confirmed sale price to the largest exclusive area of 74㎡ will yield a price of 1.8312 billion won. The "Jamsil Raemian I-Park," which was sold last October, had a pre-sale price of 2.7 billion won for the 84㎡ unit at the beginning of the year, which rose to the 3.5 billion won range by June. If Jamsil LEEL establishes a similar price level, it is expected to generate over 1 billion won in market price differences.
However, due to Jamsil LEEL being a deferred sale complex, the time frame between the move-in date and the announcement of winners is short. There is not much time to prepare the remaining balance, so strong financial capability is required. The move-in is scheduled for January next year, just four months after the announcement of winners.
Jang So-hee, a senior researcher at Shinhan Investment Corp., stated, "The market price for nearby Jamsil Raemian I-Park has already exceeded 10 million won per 3.3㎡," adding, "Jamsil LEEL is also expected to set prices at a similar level." Jang noted, "While Jamsil Raemian I-Park's nearest subway station is Mongchon Toseong Station on Line 8, Jamsil LEEL can utilize Jamsil Naru Station on Line 2, which sometimes makes it more preferred in terms of transportation compared to Raemian I-Park."