"Kyunghee Palace Ubora Apartment" in Seoul’s Four Gates Central District to Hold Re-Auction for Its Last Remaining Unit

Supply of the Last Immediately-Available Apartment (Reserved Unit) Now Underway

The last reserved unit of "Kyunghee Palace Ubora Apartment," located on Dongnipmun-ro in Seodaemun-gu, Seoul, will be sold via public auction following the project's completion in June 2026. The starting bid for the auction has been set at approximately 18% below the original base price.

This discounted auction price is considered appropriate compared to both the sale prices of the previous general sales units and current market prices in the neighborhood, and is thus expected to attract a large number of bidders.

Additionally, the association noted that, in consideration of the successful bidder's financial situation and any need to dispose of an existing home, the payment schedule for the balance can be extended or adjusted through negotiations with the association.

Reserved units refer to the stock held back by redevelopment or reconstruction associations for specific purposes, such as ensuring stable project progression in the future.

An official from the sales team explained that this reserved unit forms part of the association’s initial supply, making it exempt from the land transaction permit requirements. Therefore, it can be acquired without a special permit process or an obligation to reside on-site, and it is not subject to subscription restrictions.

The Kyunghee Palace Ubora Housing Redevelopment Maintenance Association posted the auction notice for the reserved apartment unit through Nuri Market on September 14 (Monday), and the sale will proceed as a highest-bidder open auction.

Kyunghee Palace Ubora consists of two buildings with five underground and twenty-three above-ground floors, comprising a total of 199 apartment units, 116 officetel units, and 64 retail units.

The apartment being offered in this auction (the reserved unit) has an exclusive area of 141 square meters, an actual usable area of 163 square meters, and benefits from two open balconies (totaling about 55 square meters) as complimentary service areas, resulting in a total usage area of 218 square meters.

The association is also offering additional options such as balcony expansion and system air conditioning at no extra cost for this unit.

Auction bids must be submitted in person at the Kyunghee Palace Ubora promotion center between September 14 (Monday) and September 21 (Monday) by 2:00 p.m. The bids will be opened after 4:00 p.m. on September 21 (Monday), and the winning bidder will be selected via an open competitive bidding process, where the highest bid above the minimum base price will prevail. Contracts must be signed between September 21 (Monday) and September 22 (Tuesday). The winning bidder can move into the unit immediately upon payment of the balance.

A key feature of this opportunity is that, since the complex has already been completed and move-ins have begun, there is no need to wait for a separate move-in date after signing the contract. The successful bidder can occupy the new apartment immediately after settling the balance, making this a highly practical option for those seeking newly built apartments.

Unlike general apartment subscription, this auction does not require a subscription savings account, and anyone age 19 or older, regardless of homeownership or prior winning records, may participate from anywhere in Korea as long as they have no national or local tax arrears. Legal entities without tax arrears are also eligible to bid. Due to the open highest-bidder auction format, high competition is expected.

At the time of general sale in 2024, Kyunghee Palace Ubora achieved a first-round subscription average competition ratio of 124.4 to 1, even recording a peak of 164.2 to 1, and sold out early despite subdued market conditions.

Since the completion and commencement of move-in in June 2026, the high-quality finish and marketability of the complex have been validated. The area is situated near major medical facilities, such as Gangbuk Samsung Hospital and Yonsei Severance Hospital, within Seoul’s Four Inner Gates, allowing residents to benefit from premium healthcare services—a key factor expected to further boost values going forward.

A safe and pleasant residential environment is also anticipated. With the Seodaemun Police Station and other security institutions nearby, and the complex adjacent to green spaces including Dongnipmun Culture Park, historic Seodaemun Independence Park, Ansan Trail walkways, and Inwangsan Mountain, there is an abundance of clean and comfortable natural surroundings.

Robust living infrastructure also stands out. Residents can conveniently access Yeongchan traditional market directly in front of the complex, as well as major shopping centers such as Lotte Department Store and Lotte Mart, and enjoy urban amenities around Gwanghwamun and Sejong Center for the Performing Arts.

From a transportation perspective, the property enjoys "double station" benefits, being within walking distance of both Dongnimmun Station on subway line 3 and Seodaemun Station on line 5, facilitating easy commutes not just to Gwanghwamun and Jongno but also to Yongsan, Yeouido, and Gangnam.

Tongil-ro, Sajik-ro, Saemunan-ro, and KTX Seoul Station are nearby, and the area is served by a variety of schools, including Geumhwa Elementary, Gyeonggi Elementary, Dongmyeong Girls’ Middle School, and Inchang Middle and High Schools.

This complex is considered a premium mixed-use development boasting excellent location, superior transit, and abundant living amenities.

A sales representative stated, "With the completion and commencement of move-in in June, the value and locational advantages of the entire complex have become increasingly clear. As the only remaining brand-new apartment (reserved unit) available for immediate move-in, it is drawing significant interest from end-users seeking new-build options, and very high competition is anticipated."

Viewings can be booked in advance, and the Kyunghee Palace Ubora promotion center is located on Dongnipmun-ro in Seodaemun-gu, Seoul. Detailed information regarding the auction schedule and required documents can be obtained through in-person consultations at the center.

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