In Banpo-dong, Seocho District, Seoul, an apartment with a sale price exceeding 80 million won per 3.3 square meters will go on the market. It is the most expensive among apartments subject to the price cap system.
According to the real estate industry on the 1st, on 29th the Seocho District Sale Price Review Committee set the sale price for Raemian Trinione in Banpo-dong at 84.84 million won per pyeong. This is the highest ever among complexes subject to the price cap system. The previous high was Cheongdam LEEL in Gangnam District, which went on sale last year at 72.09 million won per 3.3 square meters.
Raemian Trinione is an apartment rebuilt from Banpo Jugong Complex 1, District 3. It will have 17 buildings with 2,091 units, from three basement levels to 35 floors above ground, and 506 units with exclusive areas of 59 and 84 square meters will be offered for general sale.
Early last year, Pojes Hangang, being built on the site of the former Hangang Hotel in Gwangjin District, Seoul, came out with an average sale price of 115.65 million won. However, that complex was not subject to the price cap system. Akroad Seocho (reconstruction of Sindonga Phases 1 and 2) in Seocho District, scheduled to go on sale at the end of this year, also had its per-pyeong sale price set at 78.14 million won.
Both Raemian Trinione and Akroad Seocho had their price review schedules pushed from July to September. The aim was to secure even a slightly higher sale price. For apartments subject to the price cap system, construction costs are calculated based on the "standard construction cost" announced by the Ministry of Land, Infrastructure and Transport, and on 15th last month, when the two complexes delayed their price reviews, the ministry raised the standard construction cost by 3.2%.
The two complexes plan to issue tenant recruitment notices by next month and wrap up sale contracts within the year. For Raemian Trinione, the sale price for the 84-square-meter unit, considered the "national standard layout," is expected to be in the 2.7 billion to 2.9 billion won range.
Nearby, the actual transaction price for an 84-square-meter unit at "Raemian One Bailey" reaches 7 billion won, and at Cheongdam LEEL, which is set for move-in in Nov., a right to move into a unit of the same size recently changed hands for 6.15 billion won.