“Move into a newly built apartment in three months” ... Shares Mokdong’s residential catchment area [Kwon Jun-ho’s Hot Apartment Roundup]

The apartment we’re featuring in the third week of October is Brownstone Mokdong, located in Mokdong, Yangcheon District, Seoul.The complex was viewed by more than 16,000 people in a week, making it popular. The small complex, with 85 units, attracted so many views because four units recently became available through a second round of discretionary sales.It drew exceptionally strong interest, with an average competition ratio of 431 to 1.As expected, the complex was widely viewed by people in their 30s and 40s, many of whom are end-user buyers. I visited Brownstone Mokdong, which is scheduled for occupancy in January next year.
Yeomchang Station Exit 4 on Line 9, on the 16th.
After walking for about 10 minutes, a small complex rising prominently into view caught my eye.It was the star of today’s feature. Since I was looking around as I walked, it felt like the trip took a little longer than 10 minutes.
The station is about 600 meters away, so it isn’t particularly close. But it was easy to find: just go down the stairs in front of Exit 4, turn right, and then turn left.
The area around the complex is entirely residential.There are no nightlife establishments, making the area quiet—a plus for residents.
Yanghwa Elementary School is within walking distance. The complex doesn’t directly border the school, so it doesn’t qualify as a “school-side apartment” (an apartment complex that embraces an elementary school), but it is a four- to five-minute walk for an adult man.
Dalmaeul Park is to the left of the complex, and Yongwangsan Neighborhood Park is to the right. They looked like pleasant places for a short weekend stroll. Indeed, people out for a walk were easy to spot that day. However, the entrance near Brownstone Mokdong has steep stairs, so some caution seemed warranted.
With occupancy scheduled for January next year, the exterior is nearly complete. An excavator was clearing some of the piles of rubbish, and the parking garage entrance had also been tidied up. As you’d expect of a small complex, it didn’t take long to walk around it. About five to six minutes at an adult man’s pace was enough.
Brownstone Mokdong was popular last week because four units became available through discretionary sales, in what is known as a “leftover-unit” offering. Interest was high because it was a newly built apartment complex in Mokdong, where new supply has been scarce for some time. According to Cheongyak Home, the Korea Real Estate Board’s subscription portal, 1,724 applications were submitted for the four units in the complex’s second round of discretionary sales, held on October 8. The average competition ratio was 431 to 1.
The highest competition ratio was for the one 59-square-meter unit, which drew 670 applications. Next came the one 84-square-meter B-type unit, with 434 applications; the one 81-square-meter unit, with 332; and the one 39-square-meter unit, with 288. Applications for this second round of discretionary sales were accepted for one day, on the 8th, after the announcement was posted on the 6th of this month. Winners will be announced on the 14th, and contracts will be signed on October 17.
Industry observers say the complex’s popularity stems from the short wait until occupancy, its rarity as a newly built complex in Mokdong, and the fact that anyone aged 19 or older currently living in Korea can apply (no housing subscription account is required). The nearest subway station is Yeomchang Station, and the complex is conveniently located for access to express services on Line 9.
Most of the licensed real estate agents I met near Mokdong agreed, saying, “If you win the subscription, I recommend moving in.” Some also suggested enjoying the new-build premium for a while before selling. One real estate agent near the complex said, “The highest building in this complex is 15 stories, and it could be a little inconvenient if a somewhat taller apartment building goes up nearby.”
Most agents were positive about the price.According to Cheongyak Home, the listed prices for the leftover units are 560.4 million won for 39 square meters, 996.1 million won for 59 square meters, 1.2692 billion won for 81 square meters, and 1.2772 billion won for 84 square meters.Another agent said, “It’s genuinely not easy to find a newly built apartment in Mokdong, Seoul, at this price,” adding, “The complex is a bit small, but that can certainly be considered an advantage.”
The location is considered quite good. One real estate agent hinted, “The complex shares Mokdong’s residential catchment area,” adding, “It’s also easy to get to Yeouido or the airport.”
What did you think of Kwon Jun-ho’s “Yo-a-jeong”? If there’s anything else you’d like to know, leave a comment anytime. Feedback is always welcome.
[email protected] Kwon Jun-ho Reporter