- Banwoldang Station Seohan Forest, Cyber Model House Opening Attracts Many Applicants Without Visiting in Person
Amid concerns over a sharp decline in all economic indicators, including a sudden plunge in the stock market due to the unexpected COVID-19 crisis, the Daegu new apartment pre-sale market in the first quarter continued its boom by recording high subscription rates.
Banwoldang Station Seohan Forest, which began special supply subscriptions on Monday, March 30, with an average competition rate of 8.29 to 1 and a peak of 33.16 to 1, continued its winning streak with another big hit in the first-priority subscription on March 31.
According to the Korea Real Estate Agency’s Subscription Home, Banwoldang Station Seohan Forest recorded an average subscription competition rate of 119 to 1 (including other regions) with a total of 12,082 subscription accounts for 101 households (excluding special supply) in the first-priority subscription, closing all four types of general sale housing at first priority. The highest competition rate was for the exclusive 84㎡A type, which had 6,472 applications for 19 households, recording 340 to 1.
By type, the exclusive 69㎡ had 1,587 applications for 24 households, recording 66 to 1; the exclusive 78㎡ had 1,316 applications for 27 households, recording 48 to 1; the exclusive 84㎡A had 6,472 applications for 19 households, recording 340 to 1; and finally, the exclusive 84㎡B had 2,707 applications for 31 households, recording 87 to 1.
The continued boom in Daegu’s housing market is also attributed to the sharp decrease in supply volume to 1,893 units in the first quarter, as the expected supply at the beginning of the year was delayed due to the COVID-19 situation preventing the opening of model houses, thus postponing project schedules.
Fortunately, in February, GS Construction launched the first pre-sale of Daegu apartments by unveiling Cheongna Hills Ja-i in Jung-gu as a cyber model house rather than a physical one, resulting in an astonishing 55,000 applicants and an average competition rate of 141 to 1, surpassing initial concerns.
In March, Hwaseong Industry’s Bongdeok 2nd Hwaseong Park Dream in Bongdeok-dong, Nam-gu, also recorded an average competition rate of 30.55 to 1 (a total of 7,485 applicants), signaling early sales success.
Although the market believes that opening physical model houses and gathering buyer enthusiasm would have resulted in even higher subscription rates, the fact that subscription rates are soaring without physically viewing model houses indicates that the Daegu apartment pre-sale market is still alive.
In particular, as apartment quality has become standardized, this proves that buyers can decide purchases based solely on location and sale price without directly checking finishes or floor plans. This trend is attracting attention regarding its future impact on the pre-sale market. Some experts argue that these results also reflect that Daegu’s housing market is investor-centered, focusing only on location premiums without feeling the need to verify product details.
One applicant who submitted a first-priority subscription for Banwoldang Station Seohan Forest said, “Although I was a bit disappointed not to see the actual model house, I gained confidence because of the excellent design, including 4-bay layouts, in the prime Banwoldang location in Daegu.” He added, “It’s a long-awaited complex with limited general sales, so competition will be fierce, but I hope to win.”
‘Banwoldang Station Seohan Forest,’ located at 641-1 Namsan-dong, Jung-gu, consists of five buildings ranging from two basement floors to a maximum of 35 floors above ground, with 375 apartment units of exclusive areas 69㎡, 78㎡, 84㎡A, and 84㎡B, and 52 officetel units of exclusive 67㎡, totaling 427 households. The general sale includes 163 apartment units and 52 officetel units, totaling 215 households.
A sales official for Banwoldang Station Seohan Forest stated, “Despite delays in the sales schedule due to the spread of COVID-19, the strong interest from many people showed that the sales enthusiasm in central Daegu has not cooled down.” He added, “With perfect location and advantages such as innovative small-to-medium 4-bay designs rarely seen in the city center, contracts are expected to close early.”
‘Banwoldang Station Seohan Forest’ will announce winners on Wednesday, April 8, and conduct official contracts over three days from Monday, April 20 to Wednesday, April 22.
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