Cheongdam Leel Lowers Reserve Prices, Reopens Bidding for 9 Reserved Units... "Standard Size" Starting Price Reduced [Real Estate AtoZ]

About 10% Lower Than the Appraised Value

Nine reserved units at "Cheongdam Leel," a reconstruction complex in Cheongdam-dong, Gangnam-gu, Seoul, are being put up for auction again. While the association previously raised the reserve price for some 84㎡ units to around 6.2 billion won during the last auction, this time the starting price for the same sized units has been lowered to approximately 5.5 billion won.

The Cheongdam Samik Apartment Housing Reconstruction and Maintenance Association announced on the 29th that it will be holding an open competitive auction for reserved units at Cheongdam Leel, built by Lotte Construction. This auction is the first sale of reserved units since the inauguration of the new association president on June 19. Reserved units refer to homes retained by reconstruction or redevelopment associations to prepare for potential lawsuits, rather than being offered for general sale.

Le L in Cheongdam, Gangnam-gu, Seoul. Lotte Construction

This auction covers a total of nine units: five 84㎡ units and four penthouse units. The starting bid for the 84㎡ units ranges from 5.4 billion to 5.6 billion won. The penthouse units are sized at 172㎡, 200㎡, 202㎡, and 218㎡, with starting bids ranging from 17.8 billion to 22.6 billion won. Bidding closes at 3 p.m. on July 7. Contracts will be signed between July 8 and July 15.

This is the fifth time Cheongdam Leel's reserved units have been put up for sale since the initial announcement in December last year. The number of available units—five 84㎡ units and four penthouses, for a total of nine—remains the same as the fourth announcement made last month, but this time, the reserve price for the 84㎡ units has been lowered. The association explained, "Taking market conditions into account, we have set a reasonable price by lowering the reserve price for the highly sought-after 84㎡ units by about 10% from the appraised value, making them more accessible to genuine buyers."

Cheongdam Leel is a large-scale complex comprising 1,261 units, ranging from four basement levels to 35 floors above ground. It features a distinctive exterior design and premium community facilities. Located in a prime area of Cheongdam-dong with views of the Han River, it is recognized as a new landmark representing the Gangnam area. The association stated, "There have been continuous inquiries about the penthouses recently," adding, "Large penthouse units are extremely rare even in Gangnam, which is why wealthy individuals are showing great interest."

Unlike general sales, buyers can directly inspect the completed reserved units before participating in the auction. Detailed auction schedules and participation procedures can be found in the public announcement on the Public Procurement Service's Nara Marketplace website.

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