Heukseok River Park Xi in Dongjak-gu, Seoul, Has Perfect Score Applicants
Average Winning Subscription Score is 64.36 Points
Buyers looking to own a home in Seoul are facing increasing challenges. Apartment prices in Seoul are soaring, and when turning to subscription applications, the required winning scores have risen sharply, making it daunting to even attempt applying with a subscription savings account.
In particular, concerns are growing that new apartment supply will decrease due to government regulations such as the private land price ceiling system. Additionally, from August, restrictions on resale of pre-sale rights for apartments supplied in the metropolitan area and provincial metropolitan cities will be tightened, causing the cutoff scores for winning in the subscription market to rise steadily. According to RealToday, the average winning score for Seoul apartments last year was 58.4 points. This year, scores include 67.8 points for Le El Shinbanpo in Seocho-gu in March and 67 points for Hoban Summit Mokdong in Yangcheon-gu in April.
Competition for subscriptions is becoming fiercer. In the subscription application period this month for Heukseok River Park Xi in Dongjak-gu, Seoul, a perfect score applicant appeared. The exclusive area of 59.98㎡ had a highest score of 84 points, a lowest score of 70 points, and an average of 74.56 points. A perfect subscription score requires over 15 years of no home ownership (32 points), six or more dependents (35 points), and over 15 years of subscription savings account membership (17 points).
All housing types recorded a minimum subscription score of 59 points, and the exclusive area of 120㎡ recorded a maximum score of 79 points. With a perfect score of 84 points in the subscription scoring system, the average subscription score of 64.36 points at Heukseok River Park Xi is a considerably high score. In the past, this score would have made winning relatively easy regardless of region or complex, but now, it is practically necessary to have a near-perfect score (84 points) to win a subscription in Seoul’s core areas.
Some buyers hope that “scores will increase over time,” but this is not easy either. The number of subscription savings account holders and first-priority accounts continues to grow.
According to data from the Korea Real Estate Agency’s Subscription Home, the number of subscribers was 5,898,345 at the end of December last year, increasing rapidly to 5,913,388 in January 2020, 5,929,308 in February, 5,948,234 in March, and 5,971,446 in April. The number of new subscribers also increased from 15,920 in February to 18,926 in March and 23,212 in April, showing an expanding growth rate.
A real estate expert said, “After the price ceiling system, apartment supply is likely to sharply decrease, so challenging subscriptions until July, when there is a large supply, is the way to increase the chances of winning.”
Following Heukseok River Park Xi, attention is on the subscription results for Sangdo Station Lotte Castle, which will accept first-priority subscriptions on June 15
With the announcement of winners for Heukseok River Park Xi, attention is also focused on the fate of those who did not win. With about 30,000 unsuccessful applicants, it is analyzed that the upcoming first-priority subscription for Sangdo Station Lotte Castle on the 15th will invigorate the sales.
Sangdo Station Lotte Castle is located at 159-250 Sangdo-dong, Dongjak-gu, Seoul. It consists of 13 buildings from 5 basement floors to 20 above-ground floors, with exclusive areas ranging from 59 to 110㎡, totaling 950 households, of which 474 are supplied for general sale. The number of households by exclusive area is ▲59㎡ 167 households, ▲74㎡ 176 households, ▲84㎡ 99 households, and ▲110㎡ 32 households.
Notably, Sangdo-dong, where the complex is located, has had no new apartment supply for the past four years, so there is high demand waiting for new apartments, which can lead to higher price increases compared to other apartments. Additionally, it shares the Gangnam living area and is well-equipped with residential infrastructure such as education, green spaces, and shopping facilities.
The location near Sangdo Station is an advantage. It is about 150 meters from Sangdo Station on Seoul Subway Line 7, allowing convenient use of major business areas in Gangnam such as Nonhyeon and Gangnam-gu Office without transfers. Furthermore, since the opening of the Seoripul Tunnel in April last year, access to Gangnam has greatly improved, making it possible to reach Gangnam Station in about 20 minutes. It is also close to Noryangjin Station, a transfer station for Subway Lines 1 and 9, facilitating easy commuting to major northern districts such as Yongsan, City Hall, Jongno, and Yeouido.
Right in front of the complex is Shinsangdo Elementary School, enabling safe commuting for students, and a public daycare center is planned to be newly established within the complex, enhancing educational conditions. Nearby are Jangseung Middle School, Guksabong Middle School, Seongnam High School, Soongui Girls’ High School, Yeongdeungpo High School, Chung-Ang University, and Soongsil University. The Noryangjin academy district is also accessible within about 10 minutes by car.
The environment is also exceptional. Sangdo Neighborhood Park is located right in front of the complex, and a walking path connecting the complex to the park has been designed to maximize the forest zone location. Nearby are Guksabong Trail, Noryangjin Neighborhood Park, Seodal Mountain, and Hangang Citizen’s Park. Within the complex, landscaping features such as Pine Tree Avenue, Seokgasan, and Water Garden will create a resort-like space in the city.
Sangdo Station Lotte Castle will be ready for move-in by February next year, but the sale price has been set reasonably compared to surrounding new apartments. Unlike other apartments, the sale price includes various optional products such as system air conditioning, built-in kimchi refrigerator, hybrid cooktop, smart oven, entrance door, and balcony expansion.
According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, the most recently occupied apartment in Sangdo-dong, Sangdo Nobility, had a sale price of 1.16 billion KRW for a 59㎡ apartment as of March this year, approximately 45 million KRW per 3.3㎡, and 1.49 billion KRW for an 84㎡ apartment as of February this year, approximately 43.5 million KRW per 3.3㎡.
The cyber model house has been operating on the Lotte Castle website since Friday, the 22nd of last month, and first-priority subscription applications will be accepted on the 15th, with other first-priority applications on the 16th.
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