Sale of apartments delayed on high cost

A sale of units at the Jamsil Star Park apartment complex, to be built in Songpa, southern Seoul, by 2008, will be delayed until September. POSCO Engineering & Construction Co, the company building the units, said it will lower prices amid rising criticism of the high cost of the apartments.

POSCO filed a request with Songpa District Office to annul approval for sales in August, saying it would post lower prices in early September.

On July 1, POSCO filed a request to sell 213 housing units measuring 165 square meters (1780 square feet) to 330 square meters next month. Prices were 24.8 million won ($23,793) per 3.3 square meters, except for a 330-square-meter penthouse whose price was 35 million won per 3.3 square meters. Facing public outrage, the firm lowered the price to 29.5 million won on Monday.