After the Lunar New Year holiday, scarce new-build apartment subscriptions in Seoul are set to roll out one after another. In just the first quarter, 10,000 homes are slated to be supplied in Seoul, and interest is growing as there are many "prime complexes" in Gangnam where price gains are expected.
According to the construction industry on the 16th, POSCO E&C plans to open subscriptions in February for HAUTERRE Banpo, which is being sold in Jamwon-dong, Seocho-gu, Seoul. The complex, a reconstruction of Sinbanpo 21st, will consist of two buildings with four basement levels to 20 above-ground floors, totaling 251 homes. The general-sale allocation is 87 homes.
With the presale price cap applied, winners are expected to see about 2 billion won in price gains. However, because it is supplied under a post-sale scheme, the entire balance must be paid at the March move-in, so if there is no capacity to pay in cash, signing a contract will be difficult. The presale price is expected to be about 2.1 billion won for 59 square meters and about 2.8 billion won for 84 square meters of exclusive area. Considering that the sale prices for the same sizes at nearby Banpo Xi are in the 3.8 billion to 5 billion won range, the gains are substantial.
ACRO de Seocho in Seocho-dong, Seocho-gu, will also soon go on sale. Reconstructing the Seocho Sindonga phases 1 and 2 apartments, it will comprise 16 buildings with four basement levels to a maximum of 39 above-ground floors, totaling 1,161 homes. The general-sale supply is 56 homes of 59 square meters of exclusive area. The expected presale price is about 1.9 billion won, and winners are seen to gain around 1 billion won. The market price for the same size at nearby Raemian Leaders One and Seocho Gran Xi is 3 billion won.
In Singil-dong, Yeongdeungpo-gu, The Sharp Singil Central City, a regional housing association complex at Singil District 5, will be supplied. It had been called The Sharp Sinpung Station, but the complex name was recently changed and finalized. It is a large complex of 16 buildings with three basement levels to 35 above-ground floors, totaling 2,030 homes, of which 477 will be supplied for general sale. In addition, The Sharp PRIELLA (138 of a total 324 homes), the reconstruction of the Jinju Apartment complex in Mullae-dong, Yeongdeungpo-gu, will also go on sale this month.
In Banghwa-dong, Gangseo-gu, the first Raemian complex, Raemian Ellabine, will be offered. Near the Magok business district, it will consist of 10 buildings with three basement levels to 16 above-ground floors, totaling 557 homes. The association recently held a delegates' meeting and set the average presale price at 51.7 million won per 3.3 square meters (pyeong). The presale price is about 1.75 billion won for 84 square meters of exclusive area.
Earlier, De'FINE Yeonhui in Yeonhui-dong, Seodaemun-gu, which drew attention as Seoul's first presale complex of the year, proved highly popular, posting an average competition rate of 44.1 to 1 in first-priority subscriptions for general supply.
The key is the financing plan. A construction industry official said, "Even before the Oct. 15 real estate measures were announced last year, having just 10% for the deposit meant the interim payment (60%) could be covered by loans, but with the loan-to-value (LTV) ratio limited to 40%, now even 20% of the interim payment must be raised independently," and noted, "You need to examine your cash on hand carefully and draw up a tight financing plan."