An apartment applying Daewoo Engineering & Construction's high-end brand "Summit" will be built in Singil New Town in Yeongdeungpo District, Seoul. Called "Summit Clavion," it will rebuild Namseoul Apartment, and Korea Real Estate Investment & Trust Co. (KOREIT), the project implementer, is pushing to issue a notice for tenant recruitment as early as next week and begin subscriptions in early Aug. Although the sale price has not yet been set, the market expects the 59-square-meter exclusive units to reach the mid-1.5 billion to 1.7 billion won range.
According to the maintenance industry on the 26th, Korea Real Estate Investment & Trust Co. (KOREIT), the project implementer for the Singil 10 Redevelopment Promotion Zone reconstruction, is finalizing coordination of sale prices and the sale schedule with land and other owners. A project official said, "We are discussing the schedule and sale price with Korea Real Estate Investment & Trust Co. (KOREIT)," adding, "the sale price has not been finalized yet."
Singil Zone 10 is a project to rebuild Namseoul Apartment around 108 Singil-ro in Yeongdeungpo District into eight buildings with four basement levels to 29 aboveground floors, totaling 812 households. It is close to Shinpung Station on Seoul Subway Line 7. Demolition has been completed, and move-in is targeted for Oct. 2029.
The existing Namseoul Apartment was completed in Dec. 1974 and is an aging complex that has stood for more than 50 years. Even among existing apartments in Singil New Town, its completion date is relatively early. Daewoo Engineering & Construction applied the high-end brand "Summit" to Singil New Town for the first time and named the complex "Summit Clavion." Clavion combines "Clavis (CLAVIS)," Latin for key and core, with "On," which emphasizes weightiness.
The general sale supply is 176 households, all small unit types with 44–59 square meters of exclusive area. In the maintenance industry, there is talk that the sale price may be set at 600 million to 700 million won per 3.3 square meters. Applying this simply to the supply area, the 44-square-meter exclusive (about 18-pyeong type) would be 1.08 billion to 1.26 billion won, and the 59-square-meter exclusive (about 25-pyeong type) would be 1.5 billion to 1.75 billion won. However, the actual sale price may vary depending on the supply area by unit type and by floor and configuration.
On Mar. in the nearby area, "The Sharp Singil Central City" had an average sale price of 52.7 million won per 3.3 square meters. The 59-square-meter exclusive units were offered at 1.32 billion to 1.54 billion won. If Summit Clavion's sale price is set as the market expects, it would be supplied at a higher price than The Sharp Singil Central City.
Even if the sale price is high, there are projections that subscription demand will not be small. That is because supply of newly built apartments in Seoul is insufficient, it is close to Shinpung Station, and it offers convenient access to the Yeouido and Gangnam business districts. When the Sinansan Line opens, Shinpung Station will become a transfer station between Line 7 and the Sinansan Line.
Ko Jun-seok, a professor at Yonsei University Sangnam Institute of Management, said, "There is strong preference for newly built apartments in Seoul, and being close to Shinpung Station is an advantage," adding, "if the opening of the Sinansan Line improves transportation conditions, the complex's locational competitiveness will also rise."
Park Ji-min, head of Wol-yong Subscription Research Institute, said, "Raemian Estium, which is priced higher in Singil New Town, moved in in 2017 and is approaching its 10th year since completion," adding, "Summit Clavion, as a newly built high-end complex in the station area of Shinpung Station, could establish itself as a representative complex of Singil New Town."