Jamsil Jugong 5 sizes relocation loans to whatever deposit its members sign for

The ceiling on the loan is the asking price. The supplementary tranche runs to 100 percent of the appraised value of the old flat, capped by the deposit on the new lease ^[5]. An 84 square meter unit at Jugong 5 is appraised at around 4 billion won ^[6]. So the association's worked example, a 2 billion won deposit funded by a 600 million won base loan plus 1.4 billion won of contractor-guaranteed credit, uses half the collateral available ^[4][3]. The dearest asking price cited in Jamsil, about 1.8 billion won for 84 square meters at Jamsil Le'el, sits 2.2 billion won below that appraisal ^[9][4]. A bidder in that position does not run out of money before the listing runs out of sellers. The plan went to members recently, according to redevelopment industry officials ^[18].

Property data firm Kokjip counted 528 actual jeonse listings across the seven largest Jamsil complexes on the 19th, excluding duplicate advertisements for the same address. Of those, 310 sit in the 84 square meter band that draws the most demand ^[10]. Roughly 2,100 households at Jugong 5 are occupied by members themselves ^[3]. That is 6.8 member households for every listing of the size they want, or about four per listing across all sizes ^[1][2]. No new move-ins are scheduled, and relocation demand from other Songpa redevelopment projects is expected to overlap ^[11].

The price of the credit pushes the other way. The supplementary loans carry rates more than a percentage point above the base loans ^[7]. On a 1.4 billion won tranche, one point is 14 million won a year ^[5]. The head of a brokerage near Jugong 5 said some households will pay up to stay in nearby complexes for the schools or the neighborhood. Older residents, the broker said, may add a little to their base relocation loan and move to the outskirts of Seoul or to Gyeonggi Province, and where people end up will depend on financing costs ^[12].

Government mortgage limits cap the base loan at 600 million won ^[5]; the contractor guarantee supplies everything above it. In recent large Gangnam redevelopments builders have written supplementary relocation facilities at 100 to 150 percent of loan-to-value ^[13]. One redevelopment industry official said associations make relocation loan terms a top priority in their demands, and that builders often stretch their offers to around 150 percent ^[14]. At 150 percent, a 4 billion won appraisal supports 6 billion won, roughly 3.3 times the Le'el asking price ^[7].

Jugong 5 is targeting the start of relocation after the third quarter of next year ^[8]. Relocations at the 4,424-unit Eunma in Daechi and the 1,960-unit Gaepo Jugong Complexes 6 and 7 are lined up after the first half ^[15]. That puts 6,384 units of Gangnam reconstruction into the same window as Jamsil's 2,100 member households ^[6]. Those two totals count all units, not owner-occupants.

The forecast is conditional: pressure intensifies across the southeastern Seoul jeonse market if those households stay in the Jamsil area armed with large relocation loans ^[16]. Because the loan grows with the deposit a member agrees to pay, I would expect the relocation calendar to set the clearing price inside those seven complexes for as long as 310 listings is the supply. The broker's second group would break that. If enough members draw the 600 million won and lease outside Songpa, the local bid never forms, and the 310 listings never get tested.