'Wirye Junghung Special Supply' Drawn from Outside Wirye

Subscription competition rate records double digits... Non-local applicants up to 18 times more than Wirye area applicants

[Asia Economy Reporter Donghyun Choi] 'Jungheung S-Class,' one of the last two privately sold complexes in Wirye New Town, is showing signs of a subscription boom. On the 27th, the special supply subscription recorded a double-digit average competition rate, and it is expected that many applicants will flock to the general first-priority subscription as well.

According to the industry on the 28th, Jungheung Construction's Jungheung S-Class, built on block A3-10 in Hanam, Gyeonggi-do's Wirye New Town, received 824 applications for 49 special supply units through the subscription website the previous day, recording an average competition rate of 16.8 to 1. This is higher than the special supply competition rates of Hills State Book Wirye (11 to 1) and Wirye Foret Ja-i (14.3 to 1), which were previously sold.

By housing type, the 101.93㎡ (exclusive area) Type A had the highest competition rate of 21.6 to 1, with 672 applicants for 31 units. Notably, more applicants came from other regions than from the designated area. For the multi-child family special supply, which allocated 24 units, 22 applicants were from the designated area, but 393 applicants came from other regions. For the 7 units allocated to the special supply for elderly parent support, 15 applied from the designated area and 242 from other regions.

Following the special supply on the previous day, Jungheung S-Class will accept subscriptions for 426 general supply units on the 28th. The industry expects the competition rate for the general supply to soar, given the double-digit competition rate even in the stringent special supply. Especially since the sale price is much cheaper than the market price and all supply units are medium to large-sized, many applicants with low subscription points are expected to apply.

In fact, the sale price per 3.3㎡ of this apartment was set at 19.6 million KRW. Considering that the market price of surrounding apartments in Wirye New Town is around 30 million KRW per 3.3㎡, this is about 35% cheaper. The lowest sale price of this apartment is 695 million KRW (101㎡, 1st floor), and the highest is 1.69 billion KRW (236㎡, 8th floor). The nearby Wirye Green Park Prugio 101㎡ was sold for 1.25 billion KRW last month. A similar-sized unit in Emco Town Floriche was traded for 1.3 billion KRW in December last year. Local real estate agents expect a premium of 500 to 600 million KRW for the 101㎡ units upon winning the subscription.

Also, since all units are medium to large-sized over 85㎡, half of the general supply units, 213 units, will be allocated by lottery. Among the lottery units, 75%, or 160 units, will be prioritized for non-homeowners, but the remaining 53 units will also be available to homeowners.

However, there are some points to note. Apartments priced over 900 million KRW are not eligible for group loans for intermediate payments, and if the market price exceeds 1.5 billion KRW at the time of move-in, mortgage loans cannot be obtained. Therefore, careful financial planning is necessary in advance. Additionally, since this is a speculative overheated district and subject to the price ceiling system, the resale restriction period extends to 10 years, which must also be considered.

Meanwhile, Wirye New Town, which began its first sale in March 2010, will complete apartment sales in 10 years next month with 'Woomee Lin 2nd Phase.'