Major builders are launching sales in the Seoul metropolitan area, including Gyeonggi and Incheon, and in key metropolitan cities ahead of the year's end. Most are large-scale complexes of more than 1,000 households newly created through redevelopment and reconstruction projects, and there is plenty of general-sale supply, so prospective applicants should closely review each complex's location and tenant recruitment conditions.
According to the construction industry on the 20th, SK ecoplant and HDC Hyundai Development Company will launch sales this month for Uiwang City Hall Station SK View IPARK in Uiwang, Gyeonggi. They are awaiting approval from the relevant local government (Uiwang City) to issue the tenant recruitment notice around the 21st. Created through the Gocheon-na District dwellings redevelopment project, it will be built at 265 Gocheon-dong, Uiwang-si, with 11 buildings from three floors underground to as high as 40 floors above ground, totaling 1,912 households.
Exclusive areas come in a variety of sizes, including 39㎡, 46㎡, 51㎡, 59㎡, 74㎡, 84㎡, and 100㎡. A total of 958 households are for general sale. It is a station-area complex in front of the planned Uiwang City Hall Station on the Indeokwon–Dongtan double-track line. An industry official said, "Given the scale, location, and brand of the complex, we expect sales to proceed smoothly."
GS Engineering and Construction will also launch sales this month for Anyang Xi Heritage in Anyang-dong, Manan-gu, Anyang, Gyeonggi. It is being built through the Sangnokincheon District dwellings redevelopment and maintenance project. It is a large complex of 17 buildings ranging from five floors underground to as high as 29 floors above ground, totaling 1,716 households around 398-32 Anyang-dong. Of these, excluding union-member and rental allocations, 639 households with exclusive areas of 49–101㎡ are for general sale. Built near Myeonghak Station on Subway Line 1, it has good access to major job centers such as Seoul Station, Yongsan Station, and City Hall Station. Another advantage is that Manan-gu has been excluded from regulated area status under the Oct. 15 measures, meaning fewer restrictions on subscription requirements or loans.
Year-end, last-minute sales are also set to proceed in major metropolitan cities. In Incheon, Hanwha's construction division and POSCO E&C are jointly constructing Forena The Sharp Incheon City Hall Station, which is about to begin sales. The project redevelops the area around Sangincheon Elementary School, forming a large complex of 24 buildings from four floors underground to as high as 35 floors above ground, totaling 2,568 households with exclusive areas of 39–84㎡. Of these, 735 households are for general sale. Incheon City Hall Station, which connects to both Incheon Subway Lines 1 and 2, and Ganseok Ogeori Station on Incheon Subway Line 1 are within walking distance. The GTX-B line is scheduled to open at Incheon City Hall Station.
In Busan, Daewoo E&C will launch sales in December for Dongnae Prugio Edufore. Through the Anrak 1 District reconstruction project, 1,481 households will be created in Anrak-dong, Dongnae-gu. The complex consists of 12 buildings from three floors underground to as high as 38 floors above ground, with 474 households planned for general sale. Exclusive areas are configured as 59㎡ and 84㎡. Because it is adjacent to the school district and academy cluster in Anrak-dong, Dongnae-gu, known for a relatively good education environment, the name includes "Edu." Nearby schools include Chungnyeol Elementary, Annam Elementary, Anjin Elementary, Anrak Middle, and Namil Middle.
Sales are also planned in Ulsan. HDC Hyundai Development Company will launch sales in December for Taehwagang Central IPARK. Located around 554-5 Bangu-dong, Jung-gu, Ulsan, with views of the Taehwa River and Dongcheon River, it consists of six buildings from two floors underground to 28 floors above ground, totaling 704 households, all with the standard 84㎡ exclusive area. The project is being developed by Korea Asset In Trust. As a business sites by a private developer rather than a maintenance project, all 704 households are slated for general sale.
Meanwhile, as major builders prepare their final sales schedules of the year in the Seoul metropolitan area and metropolitan cities, the glut of unsold units in the provinces is showing some improvement. According to the National Data Office and the Ministry of Land, Infrastructure and Transport, nationwide unsold dwellings in September totaled 66,762 households, up 0.22% from the previous month. The growth rate in August was 7.02%, but the growth rate fell sharply. Unsold units after completion, often called toxic inventory, totaled 27,248 households, down 1.22% from the previous month. This is the first monthly decline in toxic inventory in three months since June (-1.1%).
However, many in the market expect it will take time for the volume of unsold units to decline in a sustained trend. Lee Eun-hyeong, a research fellow at the Construction Policy Research Institute, said, "Construction costs surged due to factors such as U.S. benchmark rate hikes in 2022, and the downturn in construction and the slump in the pre-sale market continued," adding, "During the period of surging construction costs, projects had progressed to a point where construction could not be canceled, and among these business sites, many still remained unsold even after completion, so it will take more time until the unsold-home problem is resolved."