Intense Competition for Subscription in 3 Susaek·Jeungsan Complexes... 20,000 Apply for Special Supply Alone

No Multiple Applications Allowed, Expect a Battle of Wits

[Asia Economy Reporter Choi Dong-hyun] More than 20,000 applicants flocked to the special supply of three complexes supplied within Susaek and Jeungsan New Town in Eunpyeong-gu, Seoul, raising expectations of fierce competition for the first-priority subscription scheduled for the 14th. In particular, since the announcement date of winners for the three complexes is the same, duplicate applications are not allowed, and a fierce competition among account holders is expected.

According to the Korea Real Estate Board's subscription homepage on the 14th, a total of 21,974 people applied for the special supply of three complexes in Susaek and Jeungsan New Town held the previous day, including DMC Central Xi, DMC Art Foret Xi, and DMC Fine City Xi. Considering that the special supply quantity is 478 households, the competition rate reaches 45.9 to 1. The place with the most applicants was DMC Central Xi. With 1,2209 applicants for 183 households, it recorded an average competition rate of 66.7 to 1. DMC Art Foret Xi had 4,831 applicants for 124 households, and DMC Fine City Xi had 4,754 applicants for 171 households. In the case of DMC Central Xi, which attracted the most applicants, the advantage of being a station area within a 5-minute walk from Digital Media City Station, where Subway Line 6, Airport Railroad, and Gyeongui-Jungang Line pass, seems to have been highlighted.

The reason why the three complexes recorded such high competition rates even in the special supply with restricted subscription qualifications is analyzed to be because they were evaluated as a 'lottery' due to their affordable sale prices. The average general sale price per 3.3㎡ of the three complexes is 19.92 million KRW, which is much lower than the surrounding market price, and it is expected that winners can gain several hundred million KRW in market price difference. The sale price is 400 to 500 million KRW for 59㎡ and mid-600 to 700 million KRW for 84㎡, whereas the 59㎡ unit of DMC Lotte Castle The First, which moved in June, was traded for over 1 billion KRW on the 18th of last month. The fact that all sale prices are below 900 million KRW, allowing for interim payment loans, is also cited as a reason why many applicants gathered.

The industry also observes that the reason newlywed couples applied in large numbers in this special supply is because of this. In the case of DMC Central Xi, more than 10,000 of the total 12,209 applicants were newlywed couple special supply applicants.

The three complexes will receive first-priority subscriptions from Seoul residents on the 14th and announce winners on the 26th. Duplicate applications are not allowed if the announcement date of winners is the same.