Deferred interim payment interest, fixed 2.5% rate

All units by lottery, winners announced Friday

Visitors view a model of Mokdong Yunseul Xi at the complex's model home. (GS Engineering & Construction)
Visitors view a model of Mokdong Yunseul Xi at the complex's model home. (GS Engineering & Construction)

GS Engineering & Construction closed subscriptions for its Mokdong Yunseul Xi apartment complex, built on the site of a former KT Corp. property in Yangcheon-gu, Seoul, with an average competition rate of 5.8-to-1.

According to the Korea Real Estate Board's Apply Home subscription website Thursday, the subscription held Tuesday drew a peak competition rate of 32-to-1 in Group 1 (115 square meters, Type A, exclusive use area), reserved for Seoul residents. Other major groups also saw double-digit competition, with Group 2 (114 square meters, Type B) at 20.3-to-1 and Group 3 (114 square meters, Type C) at 20.7-to-1.

The subscription revealed strong demand from Seoul residents looking to trade up to a new home. GS Engineering & Construction said buyers were drawn to the site's education and lifestyle infrastructure, as well as the rarity of a large-scale new-build residential complex within Seoul. Expectations for improved living conditions from redevelopment across the wider Mokdong area also played a role, the company said.

Mokdong's Complexes 1 through 14, currently home to about 26,000 households, are set for reconstruction. Once complete, the area will be reborn as a residential town of more than 47,000 households. The neighborhood is also close to shopping facilities such as Hyundai Department Store and E-mart, as well as Ewha Womans University Mokdong Hospital and the Omokgyo commercial district.

Pre-sale prices for Mokdong Yunseul Xi ranged from 2.81 billion won ($2.1 million) to 6.89 billion won. Despite the high price tags for officetel units, demand from buyers was strong even before subscriptions opened.

Mokdong Yunseul Xi recorded 68,395 online visits during the first week of September (Aug. 31-Sept. 6), the most among residential complexes nationwide, according to the real estate information app Hogangnono. The complex's model home, open Sept. 3-6, also drew visitors from across Seoul and the greater Seoul area.

Every unit at Mokdong Yunseul Xi will feature a balcony, with four-bay layouts and two- or three-sided balconies in some unit types to enhance the sense of openness. Duplex units on higher floors will offer three-dimensional layouts and specialized features designed to maximize residents' living experience.

Another highlight is a community facility directly operated by Chosun Hotel & Resorts. The "Concorde Club by Chosun," spanning the first three basement floors, will house a swimming pool, sauna and golf driving range. A sky community space will occupy the top floor of Building 102.

The complex will comprise three buildings with six basement floors and up to 48 above-ground floors, totaling 651 households. Move-in is scheduled for the second half of 2030.

Pre-sale terms include deferred interest payments on interim loans and a fixed 2.5 percent annual interest rate on interim loan financing. "With a design tailored to family-oriented demand and community facilities combined with financial benefits, we expect actual contract signings to proceed smoothly as well," a sales representative said.

Winners will be announced Friday, with all units to be allocated by lottery. Formal contract signing will take place over two days, Sunday and Monday.


shy@heraldcorp.com
hope@heraldcorp.com