"In the End, 1.4 Billion Won Was the Cheapest"... A Surprise Turnaround in the 'Debt-Fueled Buyers' Graveyard,' Now Over 2 Billion Won, Stirring Buzz

[Financial News] In Nowon District, there has been no case of a standard 84-square-meter unit surpassing 2 billion won. Against that backdrop, the trading price of new apartment presale and occupancy rights has climbed above 1.5 billion won and then reached the 1.8 billion won range, drawing attention.
According to actual transaction data from the Ministry of Land, Infrastructure and Transport on the 22nd, a presale right for an 84-square-meter unit at 'Seoul One I-Park' in Wolgye-dong, Nowon District, was traded for 1.8116 billion won on the 14th, setting a new record high.
The complex is being supplied through the Kwangwoon University Station Area Redevelopment Project. It is scheduled for occupancy in July 2028 and will consist of six buildings with 2,264 households. Of these, 1,856 households, excluding rental units, were offered in November 2024.

Ministry of Land, Infrastructure and Transport data show that in February, the same-sized unit sold for 1.6849 billion won, surpassing 1.5 billion won. It then traded for 1.77385 billion won in March, and has now moved above 1.8 billion won. The previous record high for a standard unit in Nowon District was 1.42 billion won for an 84-square-meter unit at Cheonggu Apartment Complex 3 in 2021, when home prices were surging.
At the time of its sale in late 2024, Seoul One I-Park sparked controversy over high presale prices, with the top price for an 84-square-meter unit set at 1.414 billion won. Subscription results were relatively solid, but a large number of unsold units led to a second round of lottery-style applications for remaining units. It is now effectively sold out.
A nearby real estate agent said, "As the resale restrictions were lifted, presale-right transactions have become active," adding, "There are listings for standard units at 1.9 billion won, and people are expecting prices to exceed 2 billion won once residents move in."
Experts say the rise in presale prices, the craze for brand-new apartments, and tighter lending rules have all combined to push prices higher. In Seoul, even outlying areas are seeing new apartment presale prices for 84-square-meter units soar well above 1.5 billion won. One expert said, "Whether standard-unit sale prices in outlying areas will surpass 2 billion won is now a major point of interest."
ljb@fnnews.com Lee Jong-bae Reporter