Seoul apartment move-in “drought” deepens ... New launches in Sangbong and Mullae draw attention

[Financial News] As the number of apartments scheduled for occupancy in Seoul declines, the scarcity of newly built homes in the housing market is growing.
According to Real Estate R114 on the 22nd, the number of Seoul apartments scheduled for occupancy is projected to keep falling: 25,452 units in 2026 and 23,510 in 2027, followed by 14,615 in 2028, 8,325 in 2029 and 5,289 in 2030. Those figures are far below the annual demand considered appropriate, at about 46,000 units. With the supply drought continuing, Seoul apartment sale prices have risen for 87 consecutive weeks, according to the Korea Real Estate Board, setting a record for the longest upward streak ever.
Against this backdrop, a total of 6,620 units are slated to be offered for sale in Seoul in the fourth quarter of this year. Major new developments with prime locations and strong appeal are coming to market, drawing attention.
POSCO E&C plans to launch sales of The Sharp First World Seoul, an officetel development, this November on the former site of Sangbong Terminal in Sangbong-dong, Jungnang District. The development will comprise one tower with eight basement levels and 49 above-ground floors, offering 308 units, all with an exclusive-use area of 84 square meters. Together with the 999 apartment units whose sales have already been completed, it will form a large-scale complex with more than 1,000 units. The site is within walking distance of Sangbong and Mangwoo stations, and is expected to become a five-line transit hub when the GTX-B line opens in the future.
Hyosung Heavy Industries will also launch sales of Harrington Place Mullae in Mullae-dong 3-ga, Yeongdeungpo District, in November. The development will have 218 units, all with an exclusive-use area of 84 square meters, in a tower with three basement levels and 29 above-ground floors. It is in a quadruple station-area location, with four subway lines accessible on foot via Mullae Station on Seoul Subway Line 2, Yeongdeungpo Station, Yeongdeungpo-gu Office Station and Yeongdeungpo Market Station.
In October, Hyundai Engineering Co., Ltd. plans to launch sales of THE H Shinbanpo Estera in Jamwon-dong, Seocho District, while HL D&I Halla plans to launch sales of Gyeonghuigung Epite in Gyo-nam-dong, Jongno District. LOTTE Engineering & Construction Co., Ltd. also plans to offer Seocho Lotte Castle Art Palace in Seocho-dong, Seocho District.

[email protected] Jeon Min-kyung Reporter