Rendering of Doosan We’ve The Central Dohwa. Courtesy of Doosan Enerbility Construction
Doosan E&C said on the 3rd that it has completed contracts for all 412 units offered in the general sale of Doosan We’ve The Central Dohwa in Dohwa-dong, Michuhol District, Incheon, selling out the entire complex.
The complex, spanning two basement levels and up to 39 floors above ground across seven buildings with 660 units in total, sold out early thanks to pricing that owner-occupier buyers found reasonable combined with strong product quality, according to the company’s analysis.
Rising home prices in Seoul and heavier mortgage rate burdens have also pushed more owner-occupier buyers to look outside the capital. According to the Korea Real Estate Board, Seoul residents bought 19,902 apartments in Gyeonggi Province and Incheon from January through July this year, up 45.1% from a year earlier, with their share of total transactions climbing to 14.7%.
Favorable financing conditions appear to have helped as well. With mortgage limits for home purchases in regulated areas of the greater Seoul area capped at 400 million won for homes priced above 1.5 billion won and 200 million won for those above 2.5 billion won, demand has been shifting toward mid- and low-priced complexes. The recent rise in the base rate to 3.0% has further increased interest costs for expensive homes. “With both rates and loan burdens rising, owner-occupier buyers are scrutinizing home prices far more strictly,” an industry official said.
The sellout has drawn attention to Doosan E&C’s next project, Doosan We’ve The Zenith Bucheon. Being built by a consortium of Doosan E&C and Ssangyong Engineering & Construction in Sosabon-dong, Sosa District, Bucheon, the development will comprise 1,728 apartment units in buildings rising up to 49 floors plus 280 officetel units — a studio unit used as either a home or an office — for a total of 2,008 units. The site is within walking distance of Sosa Station, where Subway Line 1 and the Seohae Line intersect, offering strong access to central Seoul. Transit convenience is expected to improve further once the GTX-B line opens at Bucheon Stadium Station.
“Amid the current rate and lending environment, owner-occupier buyers will continue to favor new complexes in the greater Seoul area that offer good locations and product quality along with prices that allow for a reasonable financing plan,” a sales official said.