Lotte Construction sells out 'Jamsil Leel' reserved land... sale completed within a day of bidding closure
Jamsil Leel Sky Bridge. / Photo provided by Lotte Construction
Lotte Construction sells out 'Jamsil Leel' reserved land... sale completed within a day of bidding closure
This suspension land sale was conducted through a public competitive bidding process by the Jamshil Miseong Croba Apartment Reconstruction Association. A total of more than 40 participants joined the bidding, recording an average competition ratio of 4 to 1, and the sale was completed within a day after the bidding ended.
The properties up for sale were a total of 10 units, including 3 units of 59㎡B and 7 units of 74㎡B. Notably, despite the consortium setting the bidding base price about 5% higher than the appraisal value, all units were sold.
The bidding base price for the 59㎡ exclusive unit was approximately 29.8 billion to 29.92 billion won, and for the 74㎡ exclusive unit, it was between 33.18 billion to 35.33 billion won. Although the prices are high, it is considered that the project is not subject to the land transaction permit area, and still has price competitiveness compared to surrounding market prices. In fact, an 74㎡ exclusive right to occupy at Jamshil Leel was traded for 38 billion won at the end of last year.
The contract is from the 25th to the 27th. Bidders must pay 20% of the bid amount as a deposit, and the remaining 80% must be paid within the specified move-in period.
Meanwhile, Lotte Construction is launching its high-end brand "Leel" in the best locations, and is building a Han River belt connecting Banpo, Cheongdam, Jamsil, and Yongsan. Based on the brand power and project implementation capability demonstrated at Jamsil Leel, the company plans to continue securing contracts in key areas such as Seongsu 4-district.
Joo Hyun-tae TUSER PARABOLA reporter gun1313@fntimes.com
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