5,000 Units in Price-Capped Apartments to Hit the Market in November ... Across 7 Complexes

[Financial News] At least 5,000 units in apartments subject to the price ceiling system will be brought to market in November. The system requires apartments and other multi-unit housing to be sold at or below prices calculated according to government standards.
According to Budongsan Info on the 3rd, seven major complexes are scheduled to be subject to the price ceiling system in November. They range from large-scale redevelopment projects in Seoul’s Gangnam area to public housing districts in the capital region, including Siheung Geomo and Bucheon Daejang, as well as public and private-sector developments in provincial areas. The total number of units for general sale was tallied at 5,205.
The price ceiling system is popular. A study by real estate proptech company Zigbang of complexes that published resident recruitment notices between January 1 and September 18 this year found that the average subscription competition ratio at complexes subject to the system was 10.8 to 1. That was about 2.9 times the average of 3.7 to 1 at complexes not subject to it.
Industry observers say that as new apartment prices continue to rise due to higher raw material costs and labor expenses, the relative price competitiveness of complexes subject to the price ceiling system is increasing because their prices are restricted.
Major complexes subject to the price ceiling system and set to be supplied in November are also drawing attention. The most closely watched is “THE H Banpo 124,” which Hyundai Engineering and Construction will build through the redevelopment of Zones 1, 2 and 4 of Banpo Jugong Apartment Complex 1 in Banpo-dong, Seocho District, Seoul. The project will comprise 5,007 units across 50 buildings, with five basement levels and up to 35 floors above ground. Of the total, 1,801 units will be offered for general sale. These units will have exclusive areas of 59, 80 or 84 square meters.
In Gyeonggi Province, Gyeryong Construction is preparing to supply “ELIF Siheung The Prime” in Block B-5 of the Siheung Geomo Public Housing District. The complex will have 338 units across four buildings, with two basement levels and up to 25 floors above ground. All units will have an exclusive area of 84 square meters, and 304 will be offered for general sale. In the same district, LH is scheduled to supply Block A4, with 340 units featuring exclusive areas of 55 or 59 square meters.
In Uijeongbu, Korea Land and Housing Corporation (LH) will supply Block S3 of the Uijeongbu Law Town Public Housing District. Of the 732 units, 544 will be offered for general sale, with exclusive areas of 59 or 81 square meters.
In addition, a 780-unit mixed-use residential and commercial complex in Block 1 of Byeongjeom Complex Town in Hwaseong, “Bucheon Daejang Howstory Descent” in Block A-2 of the Bucheon Daejang Public Housing District in Bucheon, and “Gochang Desian” in Blocks B2 and B3 of Deoksan District in Gochang-eup, Gochang County, North Jeolla Province, are all scheduled to be supplied.

[email protected] Kwon Jun-ho Reporter