In Jangwi District 10, regarded as a prime spot in the Jangwi New Town of Seongbuk District, Seoul, more than 1,000 units for general sale will be released in May. Due to rising construction costs, the complex's sale price is expected to be set at about 530 million won per 3.3㎡, the highest ever for a large complex in northern Seoul.
According to the redevelopment industry on the 14th, Daewoo Engineering & Construction's Jangwi Prugio Mark One (Jangwi District 10 redevelopment) has finalized a sale schedule for next month and will begin its subscription process. Of the total 1,931 units, 1,031 will be for general sale, drawing attention as a major offering in Seoul's sale market, which is suffering from a supply drought. The planned move-in is around 2030.
The complex's expected sale price currently discussed in the redevelopment industry is in the range of 520 million to 530 million won per 3.3㎡. Converted by exclusive area, that is ▲59㎡ (25-pyeong type) 1.3 billion to 1.4 billion won ▲84㎡ (34-pyeong type) about 1.65 billion to 1.7 billion won.
This is the highest level among sale prices for large complexes in northern Seoul to date. Considering that the sale price of the nearby Jangwi Xi Radiant (Jangwi District 4), offered two years ago, was in the 28 million won per 3.3㎡ range, sale prices have nearly doubled in just two years.
Previously, Mapo Xi Hillstate Lachelles in Gongdeok-dong, Mapo District, Seoul, drew attention for the highest large-complex sale price in northern Seoul at the time, with about 520 million won per 3.3㎡ in 2024.
If Jangwi Prugio Mark One begins sales this time, it is expected to surpass the previous sale price standard for complexes of 1,000 units or more in northern Seoul. Analysts say the complex's sale price rose quickly as the recent sharp increases in raw material prices and labor costs, as well as higher financing expense due to high interest rates, were reflected.
Real estate experts said the 84㎡ exclusive units at Jangwi Prugio Mark One could fall short of subscriptions, while the 59㎡ units could see double-digit competition, resulting in mixed results.
Park Ji-min, head of Wollyong Subscription Research Institute, said, "The 84㎡ exclusive units at Seouluon IPark are trading in the mid-1.5 billion to 1.7 billion won range, and Jangwi Xi Radiant is also closing deals in the mid-1.3 billion to mid-1.5 billion won range," adding, "Because the sale price is about 100 million to 200 million won higher than surrounding market prices and due to the loan restriction on dwellings over 1.5 billion won, the 84㎡ exclusive units are highly likely to be undersubscribed in the first-priority round." Park added, "For the 59㎡ exclusive units, loan regulations are relatively looser than for the 84㎡ units, so end users will feel less of a funding burden, leading to competition and potentially a sellout in the first-priority round."