GS Construction is about to put on sale DMC Echo Xi, a string of apartments built in No. 6 District in Seodaemun Ward, Seoul, in what is called Namkajwa-dong 224 area. Rows of 11 apartment buildings 24 stories tall will be put on the market. They have three basement floors and 1,047 individual residential units in all. The size of the apartments ranges from 59 to 118 square meters (552 units) including 200 units that are 59 sq. meters in size, 101 units in 72 sq. meters in size, 249 units in 84 sq. meters in size, and two units in 118 sq. meters in size, officials of the company explained. The 72 sq. meter units are popular among families with two to four people, while the 118 sq. meter units are penthouses, the company said. The area, known as Kajaewul New Town, had a reputation as a “graveyard for new apartments” as many new apartments built in the area went unsold for long time. The 1,500 Park View Xi apartments were put on sale in 2013, but 1,400 were unsold as of 2015.
However the area saw a turnaround when units in the Mapo Sangam DMC Complex sold well on the back of a boom in other parts in Seoul. The prices of the apartments took off — 59-sq.meter apartments in the complex rose to 620 million won per unit, up from 550 million won per unit in 2015.
GS Construction officials said key facilities like schools and transportation livelihood started to rush into the 6 District in Bukajwa-dong and Namkajwa-dong in Seodaemun Ward, Seoul, attracting men and women who have offices in such areas Sangam DMC, Jongro, the Seoul City Plaza area, and Gwanghwamun.
Transportation facilities accessible to the area include the No. 6 Subway Line, and a number of bus lines.
GS Engineering and Construction Co. has been working on a plan to build the so-called “Xi Town” in the Banpo Area of southern Seoul. Xi is the brand name of the apartment complexes the company is building around the country.
The construction firm has been rebuilding the Banpo Hanyang Apartment Complex (New Banpo Xi) in the Banpo area, and after completion of the project, the builder will push its plan to turn the area into Xi Town by taking over old apartment complexes for repair or reconstruction and building new ones in the area.
Construction companies have enjoyed a mini-boom of late, with the sales of apartments and other residential buildings picking up from the later part of last year to the extent that not many apartments are available in the Seoul area.
GS Construction took action early to secure more apartments for sale by taking over old ones and renovating them, or tearing them down and building new ones.
The construction company is busy preparing to open a new model home before accepting offers to buy Xi apartments or old Banpo Hanyang apartments that GS Construction rebuilt and renamed as Banpo Xi apartments.The new Banpo Xi apartments up for sale in Jamwon-dong, Seocho Ward, southern Seoul, consist of seven apartment rows with three basement floors each, with 28 floors above-ground. There are 607 apartments units in all, ranging from 59 sq. meters to 155 sq. meters in size.
The model apartment that the company will open to potential buyers will be 114 sq. meters in size, not the same as the apartments to be sold, diverging slightly from the general practice of providing a “model” apartment for potential buyers. The reason the construction firm gave was that it wanted the model apartment to possess interiors that would appeal to members of cooperatives, namely owners of the old Hanyang apartments, which have been renovated or rebuilt by GS Construction. The company may let non-cooperative members have a look around the model apartment to prevent confusion that may arise. With the success of the new Banpo Xi apartments under its wing, the construction company has been eagerly securing orders for the reconstruction of old apartments in the area.
The company already won the right to reconstruct the sixth new Banpo apartment project in July. With the Banpo Xi (Banpo Korea Housing Corp’s 3rd Complex) being hailed as an apartment complex for the rich, representing the Banpo area, the company plans to turn the area into a Xi “apartment town” with Banpo Xi, New Banpo Xi and new Banpo 6th apartment complex already completed in the area to form a belt of luxury apartments. The company will eye a reconstruction project in the Gangnam 3rd District in southern Seoul.