DK ASIA Takes Bold Step with Incheon’s First “Build-Then-Sell” Large-Scale Housing Project
For a long time, South Korea’s housing market has primarily followed the “pre-sale” model, in which contracts are signed before construction is completed. However, this model has come under scrutiny, especially as numerous defects are frequently discovered during pre-inspections just before move-in. Consequently, consumer mistrust has grown, with many lamenting that they’re spending a fortune on a home based solely on a model house.
To address this distrust, the “build-then-sell” model has emerged as a promising alternative. As the name suggests, this approach allows consumers to inspect the actual, completed home before making a purchase decision. This model is already widely adopted in advanced housing markets such as the United States and Germany. While rare in Korea due to the high upfront construction costs, the first such case in Incheon is now drawing significant attention.
Located in the New Geomdan area of Seo-gu, Incheon, “New Geomdan Royal Park City II” is the city’s first large-scale apartment complex to adopt the build-then-sell method. The project is receiving positive feedback for improving both consumer satisfaction and market trust by offering transparent sales based on fully completed units.
With 1,500 units in total, the complex features high-end amenities equivalent to those found in five-star hotels, luxury landscaping, premium lighting design, top-tier finishings, and large themed gardens—all of which are completed and available for inspection prior to purchase. This approach eliminates common issues in pre-sale projects, such as construction discrepancies and last-minute material changes.
DK ASIA’s confidence in its product quality is rooted in a rigorous management system. In addition to its main contractor, Daewoo E&C, DK ASIA implemented a triple-layered safety and quality control system that includes a supervising inspector and a construction management (CM) company. CM experts were stationed on-site even before construction began to ensure thorough oversight of quality and safety throughout every phase of the project.
Real estate experts also praise the merits of the build-then-sell model. Kim Hak-ryeol, head of the Smart Tube Real Estate Research Institute, noted, “Because buyers can inspect the actual unit, there’s less concern about defects and greater satisfaction for end-users. For brands confident in the quality of their homes, the build-then-sell strategy could be a more advantageous long-term approach.”
“New Geomdan Royal Park City II” is also leading a shift toward consumer-oriented sales by offering competitive and reasonable prices. Units of 59㎡ are priced in the 400 million KRW range, 74㎡ units in the 500 million KRW range, and 84㎡ units in the 600 million KRW range. These prices are highly competitive given that the current pre-sale and market prices of apartments in Incheon now exceed 900 million KRW.
Kwon Il, a team leader at Real Estate Info, remarked, “As Incheon’s housing prices reach their peak, New Geomdan Royal Park City II stands out as a build-then-sell project with strong appeal in terms of product quality, location, and pricing. It’s a symbolic case that enhances trust in the local housing market.”
Cho Hyun-wook, Executive Vice President of DK ASIA, stated, “As consumer expectations for housing quality continue to rise, we saw the need to shift our supply strategy. Confident in the excellence of our product, we chose the build-then-sell model to allow consumers to see and select their homes directly.”