The first sale in the Sejong City Hapgang-dong (5-1 living area) smart city national model city began its full-scale subscription schedule with the announcement of resident recruitment on January 10, 2025. It heralds a turnaround in the Sejong City real estate market, which has been stagnant for about three years, and attention is focused on whether it will sell out under the condition of allowing nationwide subscriptions.
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[Korean Today] Sejong City Hapgang-dong National Subscription Apartment Sales Schedule © Reporter Lee Yoon-joo |
The Sejong City real estate market is drawing attention again. Sejong City, which has been in a slump since 2021, is expected to face a new turning point with the first sale of the L12 block of the Hapgang-dong Smart City, ‘Naean-ae Aspen (698 households).’ In particular, this complex is drawing attention as the first sale in the national smart city pilot city and the first new sale to be supplied in Sejong City in about three years.
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[Korean Today] Location of Aspen in Sejong Yangwoonae-an, Sejong City 5-1 Living Area © Reporter Lee Yoon-joo |
The offering price was set from 562 million won to a maximum of 899.9 million won for an exclusive 84㎡. This is higher than the actual transaction price of some Sejong City’s key apartments, and is considered a major variable that will affect the future subscription competition rate and market response. The household composition by type is diverse, including ▲84㎡ Type A 403 households ▲84㎡ Type B 143 households ▲84㎡ Type C 110 households ▲84㎡ Type D 32 households ▲8 terrace houses ▲2 penthouses.
In particular, about 60% of the total quantity is allocated as special supply, attracting the attention of subscribers. The special supply for first-time buyers, newlyweds, and families with many children is high, and 280 households are allocated for general supply. The first round of general supply applications will be held on January 21, and the second round on January 22.
The subscription conditions are relatively liberal. Anyone who has been registered with a subscription account for more than 6 months, has met the deposit amount for each area, and is over 19 years of age is eligible, and even those with multiple homes can apply for the first round of subscription. It is characterized by the absence of priority supply for those without homes, a 10-year restriction on re-winning, a 1-year restriction on resale, and no residency requirement period. However, Sejong citizens are relatively advantageous in that 60% of the units are allocated through priority subscription in the relevant area.
Local real estate experts are paying attention to the impact this sale will have on the Sejong City real estate market. “This sale is expected to be highly competitive due to its symbolic nature as the first sale of a national smart city model city and the fact that nationwide subscription is possible,” they analyzed. “Since the number of units for sale is not large, there is a high possibility that it will sell out.”
Move-in is scheduled for March 2028, and payments will be made as a 20% down payment, 60% interim payment, and 20% balance. With the possibility of increased value linked to the future development of Sejong City’s smart city also expected, the subscription results are expected to be an important watershed that will determine the flow of the Sejong City real estate market.
The first sale of Sejong City’s Hapgang-dong Smart City is expected to be an important indicator that can gauge the direction of the local real estate market beyond the simple housing supply. As the sale schedule progresses, attention is focused on whether the sell-out streak will continue and what kind of results the combination of high sale prices and market response will produce.
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