"Chosen by Over 40,000 People" Lotte Castle Eastpole, Official Contracts Open Until Friday, 25th

- Seoul New Apartment Pre-sale and Move-in Rights Command Premiums Over 100 Million Won, Fully Sold Out in Previously Sold Complexes
- Lotte Castle Eastpole, Which Recorded the Highest Number of Subscription Applications in Seoul This Year, Shows Positive Signs in Official Contracts

As the transaction prices for pre-sale and move-in rights of new apartments in Seoul have risen significantly, pre-sold complexes are quickly closing contracts, drawing attention to ‘Lotte Castle Eastpole,’ which is scheduled for official contracts this month.

According to the Ministry of Land, Infrastructure and Transport’s actual transaction price data, the move-in right for an 84㎡ unit at ‘Raemian One Bailey’ in Banpo-dong, Seocho-gu, Seoul, was reported at a record high of 4.59 billion KRW last month. This is about a 50% increase compared to the 3.0 to 3.2 billion KRW range for the same size at the end of last year, and the complex is expected to be ready for move-in soon.

The move-in right for an 84㎡ unit at ‘Olympic Park Foreon,’ which was pre-sold in Gangdong-gu last December, was traded for 1.9051 billion KRW in June this year. The general sale price for the same size was around 1.2 to 1.3 billion KRW, meaning a premium of up to 700 million KRW was added in less than a year since the general sale began. Additionally, the pre-sale right for an 84㎡ unit at ‘Cheongnyangni Station Lotte Castle SKY-L65’ in Dongdaemun-gu, which began move-in last month, was traded for 1.55956 billion KRW in July this year, rising by more than 500 million KRW compared to the pre-sale price of 1.04646 billion KRW.

Despite concerns that the pre-sale prices were higher than other pre-sale complexes in Seoul at the time of sale, these complexes quickly closed contracts because the actual pre-sale prices were lower than the surrounding market prices, and they offered excellent locations and products, receiving strong responses from buyers.

As the pre-sale and move-in rights of new apartments in Seoul are traded at prices several hundred million KRW higher than the pre-sale prices, pre-sold complexes are rapidly selling out. For example, Cheongnyangni Lotte Castle High Luce was 100% sold out within five days after starting official contracts following the preliminary winner contracts.

There is no doubt about the success of ‘Lotte Castle Eastpole,’ which is scheduled for official contracts this month. This complex is also a new apartment supply along the Han River in Seoul after a long time, with clear advantages such as a large scale of 1,063 households with no comparable complexes nearby and excellent product quality.

In fact, the complex recorded an average competition rate of 98.44 to 1 in the first priority subscription, with 41,344 applications submitted for 420 units (excluding special supply). This is the highest number of subscription applications in Seoul this year, nearly double the previous record of 21,322 applications for ‘Cheongnyangni Lotte Castle High Luce.’

An industry insider said, “Lotte Castle Eastpole is a complex with clear advantages such as a pre-sale price more than 200 million KRW lower than the surrounding older complexes’ market prices and future value through the development of the Jayang 1 Redevelopment Promotion Zone. Concerns are spreading that the pre-sale prices of apartments to be supplied in Seoul will rise further, and since many buyers have expressed their intention to contract through consultations, the contracts are expected to proceed smoothly.”

Meanwhile, Lotte Castle Eastpole consists of 6 buildings ranging from 7 basement floors to a maximum of 48 floors above ground, with a total of 1,063 households, of which 631 units with exclusive areas of 74 to 138㎡ were supplied for general sale. Official contracts will be conducted at the model house until the 25th (Friday). A 10% down payment and deferred interest payment benefits on interim payments are provided.

The model house is located on the 1st floor of Leel Castle Gallery in Seocho-dong, Seocho-gu, Seoul, and the move-in is scheduled for March 2025.

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