Premiums on Sale Rights Soar... Geumseong Baekjo's 'Geomdan New Town Yemiji First Foret' Draws Attention

- Party contracts proceed from May 10 to 14... Model house viewing available only for contractors
- High premium expected for 'Geomdan New City Yemiji First Foret,' which attracted the highest number of applicants in Geomdan history

Among the second-phase new towns, apartment pre-sale rights in Geomdan New Town have attracted the attention of real estate market buyers as premiums worth several hundred million won have been added.

As housing prices in Seoul continue to rise, it appears that actual buyers looking to purchase their own homes have turned their interest to Geomdan New Town.

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, the pre-sale right for an 84㎡ unit in ‘Geomdan Kumho Eoulim Central’ located in AB14 block of Geomdan New Town, Incheon, was traded for 782.4 million won (23rd floor) last March. This amount includes a premium of about 400 million won over the original sale price (390 million won).

The situation is similar for ‘Geomdan New Town Hoban Verdiium (AB15-2 block)’, the first pre-sale complex in Geomdan New Town. In March, a 72㎡ pre-sale right in this complex was sold for 712 million won (25th floor), which is more than 350 million won higher than the original sale price of 360 million won.

Experts believe that as Seoul's housing prices continue to rise, actual buyers aiming to purchase homes have shifted their interest to Geomdan New Town, where apartments are relatively affordable, thereby driving up pre-sale right prices.

Additionally, Geomdan New Town, where about 75,000 apartment units are being developed across areas including Bullo-dong, Wondang-dong, Majon-dong, and Dangha-dong in Seo-gu, Incheon, is nearing completion. The infrastructure such as roads, parks, and convenience facilities is well established, and expectations for various development benefits such as the Incheon Subway Line 1 extension (scheduled for 2024), GTX-D, and the Next Complex have also contributed to the positive outlook.

A real estate expert stated, “Geomdan New Town is currently taking shape as a large-scale city, and pre-sale right prices are rising. Also, since Geomdan New Town is a public land subject to the pre-sale price ceiling system, prices are reasonably set, so demand is expected to continue.”

Due to this learning effect from the price rise of Geomdan New Town apartments, there is high anticipation for premiums on pre-sale rights for ‘Geomdan New Town Yemi Ji First Foret’, which was offered this month.

Reflecting this expectation, on the 20th, the first-priority subscription attracted 16,908 applicants, recording an average competition rate of 24.83 to 1 and a highest rate of 41.94 to 1. In particular, the number of first-priority applicants set a record high for Geomdan New Town.

‘Geomdan New Town Yemi Ji First Foret’ also boasts excellent accessibility to Seoul. The main road is located right in front of the complex, making travel by car convenient. Additionally, the Geomdan-Gyeongmyeong Road and Wondang-Taeri Wide Road, scheduled to open in 2023, provide easy access to Seoul. A new station on Subway Line 1 is also planned within Geomdan New Town.

Nearby, residents can enjoy leisure and relaxation at places such as Seonhwangdaengi Mountain, Gyeyang Mountain, and the Gyeongin Ara Waterway Waterfront Park. Moreover, elementary, middle, and high schools are all planned to be established within a 500-meter radius.

Geomdan New Town is also expected to develop the Next Complex, which will form a central commercial area. This new-concept mixed cultural space will include shopping malls, multiplex cinemas, kids and sports theme parks, cultural facilities, and large bookstores. Additionally, the Incheon District Court Northern Branch and Incheon District Prosecutors' Office Northern Branch are planned to be constructed on approximately 46,000㎡ (23,000㎡ each for the court and prosecutor’s office).

The complex will apply the know-how and innovative design of Geumseong Baekjo, recognized as a prestigious apartment builder with 40 years of accumulated technology. The parking lot will be 100% underground with no cars on the ground level. Four themed forests and walking trails?Healing, Family, Cooling, and Sharing Forests?will be provided in the center of the complex. For the safety and convenience of residents’ children, drop-off zones and Moms Stations will be installed at the main and secondary entrances. Diverse community facilities such as a fitness center, GX room, golf practice range, senior zone, daycare center, and kids room will also be created.

All units will be primarily south-facing with wide spacing between buildings to ensure excellent sunlight and ventilation, featuring 4 to 5 BAY designs for cross ventilation. The landscaping ratio will be 45.22% (about 29,813㎡), which is more than 30% higher than the legal standard of 15%.

Meanwhile, Geumseong Baekjo will conduct official contracts for ‘Geomdan New Town Yemi Ji First Foret’ from the 10th to the 14th of next month, over five days. The complex consists of 10 buildings ranging from two basement floors to 25 floors above ground, with a total of 1,172 units sized between 76 and 102㎡.

The model house is located in Seo-gu, Incheon. Currently, to prevent the spread of COVID-19 and for infection control, it is operated only online. Model house visits will be available by reservation for contract holders.

Move-in is scheduled for October 2023.

This content was produced with the assistance of AI translation services.