Eunpyeong Housing Sale Delayed a Year

Seoul City has decided to adopt a system of housing allocation after 80 percent completion for Eunpyeong New Town apartment complexes, whose high price has been debated.

Accordingly, the price announced on September 14 will be discarded, and the allocation will be deferred to September or October of next year.

Seoul Mayor Oh Se-hoon presented the “Announcement to Citizens on Eunpyeong New Town” on September 25 and said, “The system of allocation after completion will apply to all public apartments supplied by Seoul City.”

The introduction of the new system is expected to lower the allocation price per pyeong to less than 15 million won at the highest on the original price list published.

Seoul Second Vice Mayor for Administrative Affairs, Choi Chang-sik said, “As the allocation cost is deferred, the cost will increase by 150,000 won per pyeong. But we will try to lower the price through adjustment of the commercial district sale cost.”

New Town subscription hopefuls will have to prepare a round sum in the short period from subscription until moving-in, while they can decide on whether to subscribe for verified prices after looking at the mostly-completed apartments with their eyes.

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