Officetels — pre-sale price vs current price
Blue cards are officetels. The price at pre-sale compared with the price now (discounted sales or actual transactions).
Shops — pre-sale terms vs current state
Yellow cards are shops. For shops, "were the promised rental terms actually met?" is a more honest measure than the sale price, so I compared the expected monthly rent and premiums at pre-sale with today's actual rent and vacancy rate.
No cases match this filter.
Things to know up front
- "Confirmed" vs "Needs verification": "Confirmed" means both the pre-sale price (or terms) and the current state were reported with specific numbers. Eight cases where the complex is clearly named fall into this group. Cases marked "Needs verification" were identified from the location and timing given in news reports, but the outlet did not name the complex, so they are not fully confirmed.
- The three Sejong shops use the "auction appraisal", not the pre-sale price: Sejong Business Center, Haedeul Maeul Complex 6 and Sejong Joy Building went to court auction after their owners could not keep up with loan interest. So I compared the court's appraised value with the minimum bid after failed auctions, not the original pre-sale price. Keep in mind that an appraisal is a fresh valuation and can differ from the pre-sale price.
- What "current price" means for officetels: it is often not a transaction price but a discounted or "special" sale price the developer or builder offered to clear unsold units. It can differ from what individuals actually pay each other on resale.
- For shops I used rental terms instead of sale prices: with so many vacancies, shops often barely trade at all. For a shop investor, whether the expected return (monthly rent) promised at pre-sale actually materialised is the more important measure.
- Garden Five is not a simple decline story: it opened in 2010 with only 26% of units occupied. Reports say vacancies fell sharply around 2017 after an anchor store (Hyundai City Mall) moved in, but reports from 2023 say some sections are still largely empty. Because the picture differs by section, it is tagged "Mixed".
- Sample size: under this series' rule, cases are collected only where private prices became public through some channel (reports on discounted sales, on-the-ground vacancy stories, auction results and so on). So the first version starts with 9 cases. More will be added.
- This page is reference material compiled from public news reports. Do not use it as a basis for investment decisions.