A small unit at Maple Xi in Jamwon-dong, Seocho District, Seoul changed hands at a price exceeding 4 billion won. Less than a year after move-ins began last year, it was transferred at a price more than 2 billion won higher than the presale price. Because it was offered up to about 1 billion won cheaper than the going rate at the time of presale, the complex was called a "1 billion won lottery."
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 30th, the 59.16㎡ (type 59A) exclusive area at Maple Xi recorded a transaction at 4.05 billion won on the 15th. It was the first actual transaction for that area.
Maple Xi is a redevelopment of the Sinbanpo 4 District, built at 60-3 Jamwon-dong, Seocho District, Seoul, with four basement levels to a maximum of 35 above-ground floors, 29 buildings, and 3,307 households. Move-ins took place from June to August last year.
This transaction price is more than 2.3 billion won higher than the presale price. According to the resident recruitment announcement in Jan. 2024, the presale prices for the 59㎡ exclusive area 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 was evaluated as at least 1 billion won cheaper than nearby market prices, drawing intense market attention. For 81 general-sale units, 35,828 first-priority applicants in the Seoul area competed, making it a success. The latest transaction price is 2.308 billion won higher than the presale price, meaning the price has more than doubled in less than a year after move-in.
The market expects the strength of small units in large new complexes in the Gangnam area to continue for the time being. This is because demand from high-asset individuals who prefer Gangnam locations and community facilities in new apartments continues to flow in alongside the increase in one- to two-person households.
Shin Boyeon, a professor in the Real Estate AI Convergence Department at Sejong University, said, "Among one- to two-person household asset holders, many want to enjoy both a Gangnam location and premium communities in new apartments," adding, "Except for parts of Gaepo and Banpo, there is not much supply of large new complexes in the Gangnam area, so the preference for small units in complexes like Maple Xi is likely to continue."
Jang Sohee, a real estate specialist at Shinhan Premier Pathfinder, said, "Wealthy seniors tend to prefer large apartment complexes located in prime areas of Seoul over senior towns," adding, "This kind of demand is one of the factors driving up prices for small units."