"Buy Before Price Increase" Xi S&D Residential Complex 'Sinseoldong Station Xi Reune' Now Selling

by Jung Jin

Published 03 May.2022 14:44(KST)

[Shinseoldong Station Jaileune Perspective, Image provided by Xi S&D]

As the price of construction materials, which on average account for 30% of the total construction cost, continues to soar, cases of construction halts or delays in groundbreaking are occurring nationwide at construction sites. Some places are also postponing their sales schedules due to difficulties in setting the sale prices.

An increase in sale prices is also expected to be inevitable. In March, the Ministry of Land, Infrastructure and Transport raised the upper limit of the basic construction cost by 2.64% compared to September last year, and as raw material prices continued to rise, it decided on June 1 to review the price fluctuation situation and determine whether to further increase construction costs. With local elections approaching, if policies to develop new towns or revitalize reconstruction are announced, there is a high possibility that housing prices will rise.

An industry insider said, "Just last week, dozens of construction sites halted work, and in small-scale construction sites, there have been numerous cases where the client terminated contracts due to the contractor's demand for increased construction costs," adding, "Buyers eager to secure their homes before sale prices rise further are flocking to complexes currently on supply."

Meanwhile, ‘Sinseoldong Station Jaierne’ launched in the Sinseoldong area of Dongdaemun-gu, Seoul, closed its officetel subscription on the 27th (Wednesday) with an average competition rate of 41.98 to 1 and a maximum of 266.5 to 1. Despite the continuous rise in sale prices, the prices here were set at a level similar to complexes supplied near the project site earlier this year, attracting great interest from buyers.

Sinseoldong Station Jaierne consists of 143 urban lifestyle housing units with exclusive areas of 42 to 45㎡ in three buildings with a maximum of 20 floors above ground and 4 basement floors, 95 officetel units with exclusive areas of 35 to 55㎡, and neighborhood living facilities.

The complex boasts a triple ultra-station area location right in front of Sinseoldong Station, served by Line 1, Line 2, and the Ui-Sinseol Line. It is adjacent to Wangsanno, Cheonhodaero, and Naebusunhwan-ro, with easy access to Dongbu Expressway and Bukbu Expressway.

It is convenient to use various commercial facilities such as Seoul Folk Flea Market, Dongmyo Flea Market, Yakryeong Market, and E-Mart (Cheonggyecheon branch). Nearby are well-known spots in Seoul like Cheonggyecheon Stream, Sungin Neighborhood Park, Seoul Dongmyo Park, and Usangak Children’s Park. Educational facilities such as Dongdaemun Public Library, Yongdu Elementary School, Daekwang Middle School, and Daekwang High School are within walking distance, and large general hospitals like Seoul National University Hospital, Korea University Hospital, and Hanyang University Hospital are easily accessible.

The interior offers a total of 14 different floor plans to allow buyers to choose according to their lifestyle, with duplex and terrace designs (for some units) to maximize space utilization. A 100% self-parking lot providing one parking space per household will also be constructed. Advanced systems for residents’ convenience, such as the Jaier Smart Home system and energy management system, will be introduced.

Meanwhile, after the officetel, the subscription for urban lifestyle housing will proceed. Applications for urban lifestyle housing will be accepted for two days from May 9 (Monday) to May 10 (Tuesday). Anyone aged 19 or older can apply regardless of whether they have a subscription savings account, own a house, or their place of residence, with no restrictions on re-winning or mandatory residence. The announcement of winners will be on the 13th (Friday), and contracts will be signed from the 16th (Monday) to the 17th (Tuesday).