Same size, hundreds of millions of won apart... prices jump at large complexes with 1,000+ units

[Financial News] Interest is growing in apartment complexes with 1,000 or more units in the Seoul metropolitan area housing market. In some areas, large complexes are selling for more than nearby apartments of the same size, highlighting a price gap linked to complex size.
According to the Ministry of Land, Infrastructure and Transport’s (MOLIT) real transaction price data on the 5th, a 59-square-meter unit at Raemian One Bailey (2,990 households) in Banpo-dong, Seocho District, Seoul, sold for 4.85 billion won in September. It had previously sold for 4.7 billion won in August and 4.6 billion won in June.
By contrast, a unit of the same size at nearby Banpo Le-El (596 households) sold for 3.54 billion won in August. This shows a price difference based on whether a complex is large, even in the same area and at the same unit size.
A similar trend is evident in Gyeonggi Province. An 84-square-meter unit at Indeogwon Central Xi (2,540 households) in Naeson-dong, Uiwang-si, Gyeonggi Province, sold for 1.35 billion won in September, setting a record high. By comparison, a unit of the same size across the street at Uiwang Naeson Woomi Lynn (166 households) sold for 950 million won in July.
One advantage of large complexes is that they can reduce maintenance costs. According to the Apartment Management Information System, as of July this year, the average common-area management fee for apartments with 1,000 or more units in the Seoul metropolitan area was 4,745 won per 3.3 square meters. By contrast, the fee for smaller apartments with 150–299 units was 6,606 won, 39.2% higher than at large complexes. Measured against the rate at large complexes, common-area management fees are about 28.2% lower than at smaller complexes.
Demand also concentrated on large complexes in the housing subscription market. According to the Korea Real Estate Board’s Cheongyak Home, Seobanpo Summit The Hill (1,515 households), offered for sale in Heukseok-dong, Dongjak District, Seoul, in May, received 6,860 applications for 211 units in the first-priority round, recording an average competition ratio of 32.5 to 1.
Large-scale residential developments have also drawn applications in the officetel market. Hillstate Songpa The Grid (1,393 units), offered in Jangji-dong, Songpa District, Seoul, in September, received 618 applications for 53 units in Group 4, which comprises units with exclusive areas of 75–79 square meters, recording a competition ratio of 11.7 to 1. In Group 5, 654 applications were submitted for 167 units, for a ratio of 3.92 to 1.
Meanwhile, the supply of large residential complexes with 1,000 or more units continues across the Seoul metropolitan area.
BYC Co., Ltd. is selling GD Metro Tower, a residential officetel development on the site of its former headquarters in Daerim-dong, Yeongdeungpo District, Seoul. The two-building development will have seven basement levels and up to 40 floors above ground, with a total of 1,095 officetel units as well as office and neighborhood commercial facilities. The current offering comprises 770 units in Building B, with exclusive areas of 24–53 square meters.
In Okjeong New Town, Yangju, Gyeonggi Province, Daebang Construction Co., Ltd. is offering Okjeong Jungang Station D’etre II. The development comprises 2,807 apartments and 853 residential officetel units, for a total of 3,660 units. The 853 officetel units, each with an exclusive area of 119 square meters, are currently on offer.
In the Cheongna International Business District in Incheon, Cheongna Arc One Prugio, being built by Daewoo Engineering & Construction Co., Ltd., is being offered for sale. The six-building development will have five basement levels and up to 49 floors above ground, comprising 868 apartments and 987 residential officetel units, for a total of 1,855 units. The apartments have exclusive areas of 84–103 square meters, while the officetels range from 105–136 square meters.

[email protected] Choi A-young Reporter