"I Didn't Expect It to Sell Out in the First Round"... Brokers Were Surprised by Its Popularity [Kwon Jun-ho's Y.O.A.J.]

The apartment featured in the fourth week of August is Chungjeongno Station Xi Rene, located in Jungnim-dong, Jung District, Seoul.The apartments that took first and second place this week had already been introduced before, so we moved on to third place.
As its name suggests, Chungjeongno Station Xi Rene is a complex right next to the subway, with direct access from the apartment to the station without going outside.We visited this site, which is close enough to walk to Seoul City Hall area on a nice day and allows subway travel without getting wet in the rain, though its small size is a drawback. Chungjeongno Station on Subway Line 5, on the 28th.As soon as you exit Exit 4, today's apartment comes into view.
The first thing that came to mind when I saw the complex was that it was smaller than expected.In general, smaller complexes are known to come with higher maintenance fees.I walked around the complex once. It took about nine minutes for an adult man. A slight slope was also visible near Exit 5.The airport bus stop across the street stands out.It is currently in operation and runs to Incheon International Airport via Gongdeok and Mapo. Many citizens were using the stop that day as well.The schools within commuting distance were not especially close.Bongrae Elementary School and Midong Elementary School are nearby, but both are about a 13- to 15-minute walk away.
The biggest reason Chungjeongno Station Xi Rene drew attention over the past week appears to be that its sales process is still underway.According to Cheongyak Home operated by the Korea Real Estate Board (KREB), the complex issued its recruitment notice on the 7th, accepted special-supply applications on the 18th, and received general subscription applications from the 19th to the 21st. The winners are set to be announced on the 31st. As mentioned several times before, the fact that new supply is rare in Seoul, combined with the appeal of a brand-new complex, drew a large number of applicants.
The complex is not large. Chungjeongno Station Xi Rene, developed through the urban redevelopment project for Districts 10 and 11 of Mapo-ro 5 Zone, consists of 299 households across three buildings ranging from seven basement floors to 25 above-ground floors. Of these, 186 units with exclusive areas of 39 to 84 square meters are being offered for general sale.Let's look at the unit mix.It includes five 39-square-meter units, 80 units of 59 square meters, and 101 units of 84 square meters. Prices also vary widely, from 1.035 billion won to 2.455 billion won.The competition is also intense.For first-priority applications in the local area, 3,740 people applied for 84 general-sale units, resulting in an average competition ratio of 44.52 to 1. For special-supply units, 3,632 applicants competed for 102 units, for an average ratio of 35.61 to 1.Its location is another strength.Chungjeongno Station on Subway Lines 2 and 5 is directly connected to the complex, and access to major business districts such as Gwanghwamun, Seoul City Hall area, and Yeouido is convenient.There are also drawbacks. Rental housing accounts for 94 units, or 31% of the complex's total 299 units.Compared with major redevelopment areas in Seoul such as Mokdong Complex 7 (9.9%), Apgujeong District 3 Reconstruction Zone (12.4%), and Hannam District 3 Redevelopment Zone (18.4%), this is more than 10 percentage points higher. The industry expects that the high share of rental units could lower demand somewhat.
It is also disappointing that this is effectively a mixed-use residential building rather than a pure apartment complex.
We visited nearby real estate agencies.Most said that "winning would obviously be a good thing," but some also said they were surprised that it sold out in the first round.One broker who said he had worked near Chungjeongno Station his entire life explained, "Because it is a mixed-use complex, there are price limitations, and since the donated land area is large, I thought it would not sell out in the first round."There were predictions that the lower floors would not have a so-called Namsan view.Another broker said, "The upper 84-square-meter units will probably have a clear view of Namsan, but the lower 39-square-meter units will not see it very well."
Some also said the interior felt more like an urban living residence than an apartment. One broker noted, "Xi Rene is a residential brand for small-scale housing and redevelopment projects supplied by GS Engineering & Construction's subsidiary, Xi S&D. It mainly supplies urban living residences, and looking at the floor plans, I got a similar impression."What did you think of Kwon Jun-ho's 'Y.O.A.J.'? If there is anything else you would like to know, please leave a comment anytime. Feedback is always welcome.[email protected] Kwon Jun-ho Reporter