At "Luwon City SK Leaders' View," the flagship large complex in Incheon Luwon City, nine apartments are being reoffered at the initial 2018 presale price level. The price for a 84㎡ exclusive-use unit ranges from 390 million to 430 million won, about 300 million won lower than recent sale prices for the same size. Because the price is similar to jeonse deposits, competition is expected to be fierce among Incheon residents without homes.
According to the Korea Real Estate Board (REB) subscription portal on the 13th, applications began that day for special reallocation due to illegal activities at Luwon City SK Leaders' View. General supply subscriptions will be held on the 14th. Nine dwellings whose winning bids or supply contracts were canceled due to illegal acts such as disrupting the supply order are subject to allocation. Winners will be announced on the 20th, and contracts will be signed on the 30th.
The complex is located at 437 Gajeong-ro, Seohae District, Incheon. It consists of 11 apartment buildings with 2,378 households from four basement levels to up to 45 above-ground floors, and residents moved in January 2022. Including one officetel building with 726 units, it is a mixed residential complex of 12 buildings and 3,104 households. SK ecoplant built it, and it is close to Gajeong Station on Incheon Subway Line 2.
Luwon City is an urban development project to develop about 900,000㎡ around the former Gajeong Five-way Intersection. As new apartments were occupied in the 2020s, it established itself as an emerging residential area in northwestern Incheon.
The supply this time consists of one 75㎡ unit, two 84㎡A units, four 84㎡D units, one 84㎡E unit, and one 100㎡A unit by exclusive-use size. Among these, one 84㎡D unit is a special supply for newlyweds, and the remaining eight units are general supply.
For general supply, as of the 8th, the date the resident recruitment notice was issued, household heads without homes residing in Incheon may apply. For the special supply for newlyweds, members of households without homes residing in Incheon must meet marriage duration and income or asset requirements. Applications are allowed without a subscription savings account, and if there is competition, winners are selected by lottery. The restriction period for winning again is 10 years. The resale restriction period, which was three years from the initial winner announcement date, has already expired, and there is no residency requirement.
The supply price was set based on the initial presale price in 2018. The exclusive 75㎡ is about 384.05 million won; the exclusive 84㎡ is in the 390 million to 430 million won range depending on the unit and type; and the exclusive 100㎡A is about 500.25 million won. However, because the already-completed dwellings are supplied as-is, buyers must also bear the balcony expansion expense and the cost of existing paid options. The contract deposit is 10% of the supply price, and the balance must be paid by the end of August.
Compared with recent transaction prices, the gap is large. An exclusive 84㎡A traded for 780 million won in May this year. The reoffered supply price for the same size is in the 400 million won range, more than 300 million won lower. However, actual gains may vary because floor level, orientation, and interior condition differ, and acquisition tax and financing expenses apply.
Park Ji-min, head of Wol-yong Subscription Research Institute, said, "Luwon City is among the complexes with high sale prices, and the supply price is similar to jeonse deposits for the same size," adding, "Interest is expected to be high among Incheon residents without homes."