Is This the Right Apartment to Buy? A Deep Dive into Daesung ShinGil Central City
“Should I apply for this one?” That’s the question on many minds regarding the Daesung ShinGil Central City apartment complex. Here’s a breakdown, rated on a five-star scale (⭐⭐⭐⭐⭐ being perfect).
Pros
- 5-minute walk to Sinpung Station + future Shinansan Line connection
- Surprisingly reasonable pricing
- Potential for a safety margin of over ₩200 million
Cons
- Feels detached from the atmosphere of the Singil New Town
Decoding the Tofu Recommendation Stars [Click]
⭐ Just a Glance – Simply browse. Lacks appeal in location, price, and conditions. No need to rush the application.
⭐⭐ Hesitate and Pass – Requires further review from an investment or residency perspective. Has one advantage but also a critical drawback. Location or price is disappointing, or residential appeal is low.
⭐⭐⭐ Seriously Consider – Advantageous in certain special selections or conditions. Value depends on region and demographics. Strategic approach possible based on points and financial situation.
⭐⭐⭐⭐ Apply First and Spot – A meaningful opportunity with a quality strategy. Balance of location, price, and conditions. High chance of winning special selections and future value expected.
⭐⭐⭐⭐⭐ Click Immediately – Strongly recommended for both residency and investment. Don’t miss out. Perfect combination of price advantage, location, and institutional benefits.
It’s been a long time coming. The Daesung ShinGil Central City has been talked about for a although, but was delayed. Now, applications are open at the end of March. It seems worth the wait, as the pricing is reasonable. However, fate has a funny way of working – many were waiting for the ArcRoad Seocho to open as well, and the application dates are the same. The competition begins now. That’s why it’s important to carefully review the Home Dubu analysis!
Daesung ShinGil Central City: A Quick Overview
- Location: 413-8, Singil-dong, Yeongdeungpo-gu, Seoul
- Scale: A total of 2,054 units, with 477 units for general sale (250 special supply, 227 general supply)
- Move-in Date: Scheduled for July 2029
The area is a speculative district and a subscription overheating area, so the price cap does not apply, but strict restrictions apply as if it were a regulated area.
- Re-subscription Restriction: Prohibition of first-priority subscription within the speculative district and subscription overheating area for 10 years from the date of winning.
- Resale Restriction: 3 years from the date of announcement of the winners (unless ownership transfer registration is completed by that time).
- Occupancy Obligation: None
- Birth Special Case Winner Obligation: If won with a condition of disposing of existing housing, the existing housing must be disposed of before the ownership transfer registration and proof must be submitted.
Daesung ShinGil Central City is a unique mix of ‘no price cap’ and ‘regulated area’ regulations. Despite the high price, the 60㎡ or less with a high proportion of lottery selections will be an opportunity for those with low points and no housing.
Unit Allocation
| Unit Type (Type) | Total Units | Special Supply | General Supply | Points-Based Supply (General Supply) | Lottery-Based Supply (General Supply) |
|---|---|---|---|---|---|
| 51A | 8 | 0 | 8 | 3 | 5 |
| 51B | 40 | 24 | 16 | 6 | 10 |
| 51C | 58 | 24 | 34 | 14 | 20 |
| 51D | 36 | 16 | 20 | 8 | 12 |
| 51A1 (51E) | 8 | 0 | 8 | 3 | 5 |
| 59A | 27 | 11 | 16 | 6 | 10 |
| 59B | 124 | 70 | 54 | 22 | 32 |
| 59C | 26 | 11 | 15 | 6 | 9 |
| 59A1 (59D) | 25 | 11 | 14 | 6 | 8 |
| 74A | 25 | 18 | 7 | 5 | 2 |
| 74B | 23 | 11 | 12 | 8 | 4 |
| 74C | 22 | 11 | 11 | 8 | 3 |
| 74D | 1 | 0 | 1 | 1 | 0 |
| 74E | 1 | 0 | 1 | 1 | 0 |
| 84A | 52 | 43 | 9 | 6 | 3 |
| 84B | 1 | 0 | 1 | 1 | 0 |
| Total | 477 | 250 | 227 | 104 | 123 |
- Any unsold units from the special supply will be transferred to the general supply.
- 75% of the first-come, first-served units in the general supply are prioritized for those without housing. So those with one home can also strive their luck, but the competition will be fierce.
- Those who have continuously resided in Seoul for 2 years or more are prioritized.
Price & Funding Simulation
The pricing isn’t bad. You should focus on the most common unit sizes, the 51 and 59 types.
| Unit Type (Application) | General Sale Units | Price Range (Min ~ Max) |
|---|---|---|
| 051.9981A | 8 | ₩1.17 billion ~ ₩1.24 billion |
| 051.9931B | 40 | ₩1.15 billion ~ ₩1.25 billion |
| 051.9927C | 58 | ₩1.13 billion ~ ₩1.23 billion |
| 051.9909D | 36 | ₩1.14 billion ~ ₩1.25 billion |
| 051.9953E | 8 | ₩1.14 billion ~ ₩1.24 billion |
| 059.9973A | 27 | ₩1.33 billion ~ ₩1.45 billion |
| 059.9945B | 124 | ₩1.32 billion ~ ₩1.45 billion |
| 059.9903C | 26 | ₩1.33 billion ~ ₩1.46 billion |
| 059.9987D | 25 | ₩1.34 billion ~ ₩1.45 billion |
| 074.9939A | 25 | ₩1.54 billion ~ ₩1.68 billion |
| 074.9944B~E | 47 | ₩1.52 billion ~ ₩1.68 billion |
| 084.9993A | 52 | ₩1.68 billion ~ ₩1.86 billion |
| 084.9977B | 1 | ₩1.88 billion (21st floor or higher) |
Contract Payment: 10% upon contract
Interim Payment: 60% in 6 installments from August 2026 to December 2028
Final Payment: 30% upon move-in
Balcony extension costs are separate. Approximately ₩20 million for 59㎡ and ₩29 million for 84㎡. As a speculative district, only 40% of the interim loan is available, so the remaining 20% must be paid in cash.
Funding Plan
Since Seoul is a speculative district, the LTV is 40% with a limit of ₩600 million, depending on the assessed value. Let’s calculate based on the most common 59㎡ type. With a maximum price of ₩1.45 billion, the loan limit is ₩600 million. However, considering DSR, it’s best to calculate more conservatively. Let’s start with the ₩600 million limit.
- You need ₩145 million in cash for the 10% down payment.
- Only 40% of the interim payment is available as a loan. The remaining 20%, or ₩290 million, must be prepared in cash.
- You can roll over the 40% interim loan and the remaining balance into a mortgage upon move-in. This requires a total of ₩1.02 billion, with a mortgage of ₩580 million (40% of ₩1.45 billion). You’ll need an additional ₩440 million in cash.
- the total cash needed upon winning is ₩875 million.
Even for the 84㎡ type, let’s do the calculation. With a maximum price of ₩18.6 billion, the loan limit drops to ₩400 million. Simply put, you’ll need ₩14.6 billion in cash.
There are two options for renting it out: 1) Get a mortgage without cash and rent it out, 2) Find a tenant who can pay the full deposit in cash. The rent for a 59㎡ in the nearby Singil New Town is around ₩700 million.
Who Can Apply for Daesung ShinGil Central City?
The common application requirements are that you must be 19 years or older and reside in Seoul or the surrounding Gyeonggi and Incheon provinces as of the public notice date (March 20, 2026). However, if there is competition, continuous residence in Seoul for 2 years or more is the top priority.
To qualify for first-priority general supply, you must meet all of the following conditions:
- You must be the head of the household (foreigners are not eligible for first-priority subscription).
- You must have been a subscriber for 24 months or more and have deposited the required amount based on the region and area.
| Unit Type (Usable Area) | Seoul/Busan | Other Metropolitan Cities | Other Cities/Counties |
|---|---|---|---|
| 85㎡ or less (51, 59, 74, 84) | ₩3 million | ₩2.5 million | ₩2 million |
| 102㎡ or less | ₩6 million | ₩4 million | ₩3 million |
- You must not have won a lottery within the past 5 years.
- You must not belong to a household that owns two or more homes.
- Those belonging to a household that owns one or more homes are not eligible for first-priority points-based subscription.
The requirements for each type of special supply are as follows:
| Type | Allocated Units | Key Qualifications and Requirements | Selection Method | Subscription Tips and Precautions |
|---|---|---|---|---|
| Institutional Recommendation | 47 | Homeless household member 6 months of subscription (some exceptions) |
Priority of recommending institutions | [Subscription Exemption] People with disabilities, veterans, and demolition residents can apply without a subscription. |
| Multi-Child Family | 46 | Homeless household member Two or more minor children |
Region → Points → Number of Children | [Birth Special Case] Those born after June 19, 2024, can apply even with a history of winning. |
| Newly Married Couple | 105 | Homeless household member Married within 7 years Income/asset requirements met |
Income → Ranking → Region | [Disposal Condition] If you win with a condition of disposing of your existing home, you must complete the disposal before the ownership transfer registration. |
| Parental Support | 11 | Homeless household head Direct relative aged 65 or older Continuous support for 3 years or more |
Region → Points-Based | [Household Head Required] Only the household head can apply, and the parents must also be homeless to receive points. |
| First-Time Homebuyer | 41 | Homeless household head First home purchase Income/asset requirements met |
Income → Region → Lottery | [5-Year Income Tax] Not only must you be homeless, but you must also prove that you have paid income tax for more than 5 years. |
Application Schedule
- Special Supply: March 30, 2026
- General Supply 1st Priority: March 31, 2026
- Winner Announcement: April 9
Here’s a must-buy if you have the funds. The pricing is surprisingly reasonable.
