"A New Apartment at Prices from 3 Years Ago" - "Nam Chuncheon Centerville's" Countertrend Pricing Draws Attention

Competitively priced, with a fixed initial payment of 10 million won toward the 5% down payment
Special supply on November 9 (Monday), followed by first-priority applications on November 10 (Tuesday)... Household members may also apply.

Namchuncheon Centreville Vista Terrace [Photo: KT Estate (KT Estate)]

As construction and financing costs continue to rise, making homeownership more difficult, end-users are paying close attention to new housing developments offering competitive prices.

According to the private apartment sale price trends released by the Korea Housing & Urban Guarantee Corporation (HUG), as of the end of September this year, the average sale price of private apartments nationwide was 6,153,000 won per square meter (20,304,900 won per 3.3 square meters), up 4.18% from a year earlier. Gangwon Province saw a 5.04% increase over the same period, exceeding the national average. The burden of buying a newly built apartment is growing steadily not only in the Seoul metropolitan area but also in regional markets.

Upward pressure on sale prices also remains strong. According to the Korea Institute of Civil Engineering and Building Technology, the Construction Cost Index reached a record high of 134.53 in March and then climbed to 138.74 in August. The year-over-year increase was 5.98%, approximately twice the 3.1% rise in consumer prices over the same period. With construction costs remaining high, observers say it will be difficult for the sale prices of new apartments to fall in the short term.

As a result, homebuyers are changing how they assess housing applications. Rather than applying simply because a property is newly built, more buyers are taking a selective approach, comparing sale prices with those of nearby apartments and weighing location and the quality of the housing product as a whole.

Against this backdrop, a new development offering competitive prices is drawing attention in Yaksa, a central residential area of Chuncheon. Nam Chuncheon Centerville, being developed on the former site of Haengbok Wedding Hall by KT Estate, the KT Group's integrated real estate company, will begin accepting housing applications with special supply on November 9 (Monday).

Nam Chuncheon Centerville is priced at 546.17 million to 630.43 million won for units with an exclusive area of 84 square meters. This is similar to the 552.7 million to 636.8 million won price range for units of the same size in another development sold earlier within a 100-meter radius. Considering that construction costs and apartment sale prices have risen in the meantime, the units are effectively being offered at prices lower than those set three years ago.

The price difference is also notable compared with nearby completed developments. According to actual transaction data from the Ministry of Land, Infrastructure and Transport, a unit of the same size at Chuncheon Central Tower Prugio, located within a 400-meter radius and occupied in February 2022, sold for 780 million won in July this year. By comparison, Nam Chuncheon Centerville is priced more reasonably by as much as 200 million won.

The development focuses on practical layouts in 59- and 84-square-meter units, the sizes most preferred by end-users. Combined with spatial design reflecting the latest housing trends, the layouts are designed to maximize openness and practicality even in smaller and mid-sized units.

Contract terms designed to reduce upfront costs are also drawing attention. The down payment is set at 5% of the sale price. Buyers pay an initial 10 million won when signing the contract, then pay the remaining down payment within 30 days. This allows them more time to arrange funds rather than having to prepare the entire down payment at once. The development is also not subject to resale restrictions, restrictions on winning another housing application, or a mandatory residency period.

The application schedule begins with special supply on November 9 (Monday), followed by first-priority applications on November 10 (Tuesday) and second-priority applications on November 11 (Wednesday). Winners will be announced on November 17 (Tuesday), and contracts will be signed over three days, from November 30 (Monday) to December 2 (Wednesday). To apply under the first-priority general supply, applicants must be at least 19 years old and reside in Chuncheon or Gangwon Province, have held a housing subscription account for at least six months, and meet the deposit requirements for their region and unit size. Both household heads and other household members may apply, and applicants can apply under the first priority regardless of the number of homes they own or whether they are subject to restrictions on winning another application. In particular, single-person households can apply for 59-square-meter units through the special supply program for first-time homebuyers, which is expected to draw interest from a wide range of end-users, including young people.

Nam Chuncheon Centerville will comprise 264 units with exclusive areas of 59 to 84 square meters, across six basement levels and 39 above-ground floors. The show home is located in Seoksa-dong, Chuncheon, Gangwon Province, and occupancy is scheduled for October 2030.

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