Seoul apartment complexes that were once stigmatized as unsold inventory due to controversies over high initial sale prices are now being reassessed by the market, with remaining units fully absorbed and premiums exceeding 1 billion won ($700 million). As new apartment sale prices continue to climb due to surging construction costs, complexes that went unsold two to three years ago are gaining attention as "value-for-money new builds."
According to real estate big data firm Asil, Seoul One iPark in Wolgye-dong, Nowon-gu, recorded 65 pre-sale rights transactions from the beginning of this year through May 27, ranking second in Seoul apartment pre-sale rights trading volume. The complex had generated large-scale unsold units when it was first offered for sale in November 2024.
Seoul One iPark, developed by HDC Hyundai Development Company on the Kwangwoon University station area development site, comprises six buildings up to 47 stories with a total of 1,856 units. The 84-square-meter unit was priced at around 1.4 billion won ($1 million), approximately 300 million won higher than nearby new apartments, sparking the high-pricing controversy. Some 558 units — 30% of the total supply — remained unsold.
However, the mood has completely shifted in just over a year. As sale prices for new Seoul apartments have risen steeply, the once-shunned pricing is now considered competitive. As of December last year, the average sale price for a privately developed 84-square-meter apartment in Seoul surpassed 1.9 billion won. That effectively makes Seoul One iPark's price about 500 million won cheaper by comparison.
Market prices have responded swiftly. This month, occupancy rights for an 84-square-meter unit traded at around 1.77 billion won, carrying a premium of more than 300 million won above the original sale price. Only some penthouse units remain available at the complex, which is scheduled for move-in in 2028.
Mapo The Classi in Ahyeon-dong, Mapo-gu, is following a similar trajectory. When it was offered for sale in late 2022, it became the first complex north of the Han River to exceed 40 million won per 3.3 square meters, and more than half of general sale units went unsold. The 84-square-meter units, originally priced in the 1.4 billion won range similar to Seoul One iPark, have risen to 2.6 billion won in roughly three years.
Jangwi Xi Radiant in Seongbuk-gu, which recently began move-ins, also struggled with unsold units during its 2022 subscription period. Currently, the asking price for 84-square-meter units stands at around 1.7 billion won, approximately 800 million won above the original sale price of 900 million to 1 billion won.