Lotte Construction said on the 13th that the sale of the reserved units for "Jamsil LE | EL" in Songpa-gu, Seoul, supplied on the 12th, has been completed.
This reserved-unit sale was conducted by the Jamsil Miseong Clover Apartment reconstruction association through a highest-bid open competitive tender. About 40 people participated, recording an average competition ratio of 4 to 1, and the sale was completed just one day after the bid closed on the 11th.
The sale covered a total of 10 units, including three 59㎡B exclusive-use units and seven 74㎡B units. Notably, despite the association setting the bid base price about 5% higher than the appraised value for this tender, all units were sold.
The bid base price was about 2.908 billion won to 2.992 billion won for 59㎡ exclusive-use units, and 3.318 billion won to 3.533 billion won for 74㎡ units. Despite the high price range, Lotte Construction explained it appears bidders judged the reserved units still had price competitiveness compared with surrounding market prices and were not subject to the land transaction permit zone. In fact, a 74㎡ move-in right at Jamsil LE | EL changed hands for 3.8 billion won at the end of last year.
Contracts are scheduled for the 25th to 27th, and successful bidders must pay 20% of the winning bid as the deposit, with the remaining 80% balance due within the designated move-in period.