'Ssangyong The Platinum Seoul Station' Subscription Closed... Average Competition Rate 4.2 to 1

Ssyangyong The Platinum Seoul Station Bird's-eye View (Photo by Ssyangyong Construction)

[Asia Economy Reporter Moon Jiwon] The subscription results for Ssangyong Construction's 'Ssangyong The Platinum Seoul Station' showed that out of 576 units available, 2,388 applicants applied, resulting in an average competition rate of 4.2 to 1. The most competitive type was the 32.03㎡ exclusive area unit, which saw a competition rate of 91 to 1.

Located at 363 Jungnim-dong, Jung-gu, Seoul, Ssangyong The Platinum Seoul Station consists of one building with 7 basement floors and 22 above-ground floors, comprising 576 officetel units ranging from 17.00 to 32.74㎡ in exclusive area, all designed as duplex units.

It attracted significant interest as a beneficiary of the northern station area development and the construction of an underground complex transfer center, which are key parts of the Seoul Station comprehensive development plan. It also drew attention as the first new officetel in the Jungnim-dong area of Seoul in 17 years.

Despite the spread of the novel coronavirus (COVID-19), more than 2,000 people visited the model house during the three-day weekend since it opened on the 21st.

A Ssangyong Construction official explained, "Unlike apartments, subscriptions are not related to point scores, and it is free from government regulations such as the price ceiling system, which attracted strong interest from both actual users and investors."

The announcement of winners will be on the 4th of next month, with official contracts scheduled for the 5th and 6th. Move-in is planned for April 2023.