[THE INVESTOR] The sale approval process of Nine One Hannam, a newly constructed luxury apartment complex located in Hanam-dong, Seoul, is in full swing and is expected set a new record for pre-sales prices.
According to Korea Housing and Urban Guarantee Corporation and Daishin F&I on Dec. 3, the pre-sales prices will surpass the previous record of 47.5 million won (US$ 436,000) and are likely to range between 55.8 million and 69.4 million won per 3.3 square meters.
Nine One Hannam.
Daishin F&I calculated the pre-sales prices based on the selling price of a nearby apartment complex, Hannam The Hill. The HUG stipulates that the average selling price should not exceed 110 percent of the average selling price of a nearby apartment. When comparing the same floor space of 249 square meters, Nine One’s price is 56 million won and The Hill’s price is 54 million won.
“Nine One Hanam is a luxury residence that is designed and constructed as a stand-alone housing concept like luxury villas in Cheongdam-dong. As we have set the pre-sales prices in accordance with the HUG approval criteria, we are not expecting any major objections,” said an official at Daishin F&I’s Development Division.
Nine One Hannam is a high-grade apartment complex consisting of 9 buildings and 335 houses ranging from 249 to 334 square meters. Each house will be equipped with its own private elevator and yard.
The price of the penthouses and the super penthouse with a swimming pool has yet to be determined as Daishin has decided to set the price in collaboration with HUG. The industry estimates that the price of a penthouse will reach around 90 million to 100 million won per 3.3 square meters and that sale price per house will exceed at least 8 billion won.
By Alex Lee (firstname.lastname@example.org)