A small-unit floor plan at Maple Xi in Jamwon-dong, Seocho-gu, Seoul changed hands for more than 4 billion won. Less than a year after move-ins began last year, the home was resold for more than 2 billion won above the presale price. Because it was supplied at a price up to about 1 billion won cheaper than the going rate at the time of presale, the complex was dubbed the "1 billion lottery."
According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 30th, the 59.16㎡ exclusive area (type 59A) at Maple Xi had a transaction on the 15th for 4.05 billion won. It was the first actual transaction for that size.
Maple Xi is a complex rebuilt from the Sinbanpo 4 District, built at 60-3 Jamwon-dong, Seocho-gu, Seoul, with 4 basement levels to a maximum of 35 stories above ground, 29 buildings, and 3,307 households. Move-ins took place from June to August last year.
This transaction price rose by more than 2.3 billion won compared to the presale price. According to the resident recruitment notice in Jan. 2024, the presale prices for the 59㎡ exclusive units at the time were 1.742 billion won for type 59A and 1.733 billion won for type 59B. With the presale price cap applied, the average presale price was set at 67.05 million won per 3.3㎡.
Even then, it drew intense market interest as it was assessed to be more than 1 billion won cheaper than nearby market prices. For 81 units offered in general presale, 35,828 first-priority applicants in the Seoul area applied, marking a successful run. The latest transaction price is 2.308 billion won above the presale price, meaning the price more than doubled in less than a year after move-in.
The market expects strength in small-unit floor plans at large new-build complexes in the Gangnam area to continue for the time being. Demand from high-asset buyers who prefer Gangnam locations and the community facilities of new apartments is steadily flowing in alongside the increase in one- to two-person households.
Shin Bo-yeon, a professor in the Department of Real Estate AI Convergence at Sejong University, said, "Among one- to two-person household asset holders, there is strong demand to enjoy both Gangnam locations and premium communities in new apartments," adding, "Except for parts of Gaepo and Banpo, there is not much supply of large new-build complexes in the Gangnam area, so the preference for small-unit floor plans in complexes like Maple Xi is likely to continue."
Jang So-hee, a real estate specialist at Shinhan Premier Pathfinder, said, "Older high-asset holders tend to prefer large-scale apartment complexes located in core areas of Seoul rather than silver towns," adding, "This kind of demand is one of the factors driving up prices for small-unit floor plans."