5 units of 84㎡ type, 4 penthouses among lots on offer; bid floor set about 10% below appraised value

The entrance of Cheongdam Le El in Cheongdam-dong, Gangnam-gu, Seoul. [Herald Business DB]
The entrance of Cheongdam Le El in Cheongdam-dong, Gangnam-gu, Seoul. [Herald Business DB]

The Cheongdam Samik Apartment Housing Reconstruction and Improvement Project Association will hold an open competitive bid for reserved units at Cheongdam Le El, a high-end complex built by Lotte Construction.

The association said Monday the sale is the first reserved-unit disposal since a new association head took office on June 19. Reflecting current real estate market conditions, the association set the bid floor for the 84-square-meter units — the most in-demand size — at about 10 percent below appraised value, lowering the entry barrier for end-users.

A total of nine units are on offer, ranging from mid-sized apartments with Han River views to rare large penthouses. The five 84-square-meter units carry bid floors of about 5.4 billion won to 5.6 billion won, while the four penthouses — spanning 172, 200, 202 and 218 square meters — are priced from about 17.8 billion won to 22.6 billion won.

Cheongdam Le El is a large-scale complex of 1,261 units rising up to 35 floors above ground with four basement levels. Its distinctive exterior design and premium community facilities have earned it recognition as a new Han River landmark representing the Gangnam area. The association said high-net-worth buyers have been consistently inquiring about the large penthouses, given the scarcity of such units in Gangnam.

Unlike general pre-sale units, the reserved units allow prospective buyers to inspect the completed homes in person before submitting a bid. The units are also exempt from certain housing market regulations, which the association expects to draw strong interest from wealthy investors and end-users looking to secure a prime Gangnam property.

The deadline for bid submissions is 3 p.m. on July 7, with contracts to be signed from July 8 through July 15. Detailed bidding schedules and participation procedures are available through the Public Procurement Service's NaraMarket website.

According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, the highest recorded sale price for an 84-square-meter unit at Cheongdam Le El was 6.78 billion won, in a transaction completed in October last year.


hwshin@heraldcorp.com