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Ssangyong E&C News

Full Sales Help Ssangyong E&C Re-emerge as Premium Housing Giant

2018-12-05

Ssangyong E&C expands preconstruction sales of apartment units with a ‘big smile’ this year
Preconstruction sales heat up Ssangyong Yega Gwangsan, Yongmasan Stn. and Gimhae

 

The model house for Ssangyong Yega Platinum Gwangsan, to be built by Ssangyong E&C in Usan-dong, Gwangju, is crowded with visitors. The average competition rate among first-priority applicants was 36.7 to 1. (Photo provided by Ssangyong E&C)

 

[By Lee Dong-uk of The Maeil Ilbo] Ssangyong E&C, which, previously, kept a low profile in the housing business, has recently significantly expanded its construction of new apartment units, stepping up efforts to re-emerge as a premium housing giant. This year’s new apartment projects, in particular, have done especially well in the preconstruction sales market, raising expectations for new complexes to be released at the end of the year.

 

At present, the real estate sector is in a bear market, with housing prices falling and sales volumes shrinking due to enhanced government regulations. Yet, Ssangyong E&C is the only company that continues to enjoy a boom in the preconstruction sales market. With an eight-time increase in housing supply this year, the company is expected to rise into prominence in the preconstruction sales market.

 

According to APT2YOU, as of Dec. 5, all apartment units supplied by Ssangyong E&C this year are either sold out or about to be sold out. As for Ssangyong Yega Platinum Gwangsan, which went on preconstruction sale last month, all unit types were sold out to first-priority applicants. In particular, the 84㎡ unit recorded a record competition rate of 48.9 to 1, or 67 units against 3,277 applicants.

 

As for Ssangyong Yega The Cloud Yongmasan Station, the overall competition rate was 22.4 to 1, or 75 units against 1,686 applicants. The 59㎡ type, in particular, saw the highest competition rate of 47.3 to 1, or 15 units against 710 applicants.

 

In the case of Ssangyong Yega The Class Gimhae, which went on preconstruction sale in April, all four unit types were sold out.

 

The buying frenzy is expected to continue until the end of the year in Bupyeong, Incheon and Haeundae, Busan.

 

Ssangyong Yega Platinum Bupyeong, expected to be on the market as early as this month, is a project to redevelop the Sangok 2-2 zone (179, Sangok-dong, Bupyeong-gu, Incheon) by constructing 10 apartment buildings (B3/F23) featuring a total of 811 units, each with an exclusive usage area of 39-119 ㎡. Among the 811 units, 408 are available for regular preconstruction sales. The project has drawn much attention as the Sangok-dong area is mostly filled with old apartment complexes.

 

Ssangyong Yega Platinum Haeundae, also expected to be on the market this month, will consist of two buildings (B4/F20) featuring a total of 152 apartment units (each with an exclusive usage area of 84㎡) and 19 “officetel” (studio) units. This residential complex is expected to be a welcome addition to the Haeundae Special Tourist Zone which boasts a well-established infrastructure for housing, transportation, and convenience facilities.

 

To reestablish its housing business, Ssangyong E&C is planning to develop high-end housing complexes in the central area of Seoul, to secure redevelopment projects in the Seoul Capital Area, and to take a more aggressive stance in the remodeling segment, the strong suit of the company, in new residential development areas. The company is also planning to supply 7,000 apartment units under the “The PLATINUM” brand, in Seoul and its surrounding areas as well as in Gwangju and Busan.

 

“With the recent merger of the company’s two housing brands, we will step up efforts to re-emerge as a premium housing giant by expanding private housing projects in Seoul, the Seoul Capital Area and major regional cities.