[Asia Economy Reporter Inho Yoo] The public-supported private rental housing "Gocheok I-Park" supplied by HDC Hyundai Development Company recorded an average competition rate of 5.22 to 1.
According to the Korea Real Estate Board's subscription homepage on the 2nd, this complex, supplied through the development of the site at 100-7 Gocheok-dong, Guro-gu, Seoul, showed high popularity by closing all housing types within two days from November 30 to December 1.
As a result of the Gocheok I-Park subscription, 11,510 applications were received for 2,205 units, recording an average competition rate of 5.22 to 1.
The Gocheok I-Park apartments (RD) received 5,814 applications for 746 units, showing an average competition rate of 7.79 to 1.
The highest competition rate was seen in the apartment 79A type. For this unit size, 607 applications were submitted for 11 units under the youth special supply category, resulting in a competition rate of 55.18 to 1. This unit type also showed high competition rates of 14.43 to 1 and 18.67 to 1 under the newlywed couple and senior special supply categories, respectively.
By housing type, the competition rates were ▲Exclusive 64A 8.74 to 1 ▲Exclusive 64B 2.87 to 1 ▲Exclusive 64C 3.13 to 1 ▲Exclusive 64D 2.78 to 1 ▲Exclusive 64E 6.16 to 1 ▲Exclusive 64F 3.42 to 1 ▲Exclusive 79A 22.66 to 1 ▲Exclusive 79B 12.53 to 1.
In the case of the residential-commercial complex (MD), the competition rate was lower compared to the apartments. The complex received 5,696 applications for 1,459 units, recording an average competition rate of 3.9 to 1.
By housing type, the competition rates were ▲Exclusive 64A 6.63 to 1 ▲Exclusive 64B 2.01 to 1 ▲Exclusive 64C 1.68 to 1 ▲Exclusive 64D 1.49 to 1 ▲Exclusive 64E 2.19 to 1 ▲Exclusive 64F 1.25 to 1 ▲Exclusive 64G 3.56 to 1 ▲Exclusive 64H 3.37 to 1 ▲Exclusive 64I 1.46 to 1 ▲Exclusive 79A 12.99 to 1 ▲Exclusive 79B 4.31 to 1 ▲Exclusive 79C 4.74 to 1 ▲Exclusive 79D 4.98 to 1 ▲Exclusive 79E 15 to 1 ▲Exclusive 79F 6.89 to 1 ▲Exclusive 79G 3.84 to 1 ▲Exclusive 79H 2.8 to 1 ▲Exclusive 79I 15 to 1.
Additionally, separate from the special supply and general supply quantities, 1,518 applications were received for 441 priority supply units (for non-homeowners residing in Guro-gu, Seoul) through the HDC Hyundai Development Company website.
Gocheok I-Park, with 2,205 units, is the largest-scale public-supported private rental apartment in Korea and is a large-scale complex development project that includes large commercial facilities, a mixed administrative town, and parks.
Gocheok I-Park consists of a residential-commercial complex with six buildings up to 45 floors above ground and five apartment buildings up to 35 floors above ground.
In particular, Gocheok I-Park is expected to establish itself as a landmark complex representing the southwestern region of Seoul, as it is a large-scale complex development project that includes not only a large-scale residential facility of 2,205 units but also an administrative town (planned) housing the Gocheok-dong Community Service Center and Guro Tax Office, as well as parks and a shopping mall (planned).
Gocheok I-Park also boasts excellent transportation networks as a large-scale branded complex located in the city center. The complex is a station-area complex within 500 meters of Gaebong Station on Line 1, making access to downtown Seoul convenient, and it is also conveniently located near Gyeongin-ro and Seobu Expressway that run in front of the complex.
Gocheok I-Park offers rental guarantees without moving concerns for eight years, limiting rent increases to within 5% upon renewal after two years of occupancy, reducing housing cost burdens. Also, subscription savings accounts are not required for application, and restrictions on re-winning do not apply.
Especially, the general subscription rent is set at 95% or less of the nearby market price, and the special supply subscription (youth, newlyweds, seniors) is set at 85% or less, offering reasonable initial rents. Additionally, tax deductions (up to 7.5 million KRW) are provided for non-homeowner household heads, which is expected to receive high responses from actual demanders.
The announcement of the winners for the complex is scheduled for the 4th.
A company official said, "Due to the recent rise in apartment sale and jeonse prices in Seoul, inquiries from demanders have been steady. Gocheok I-Park has various advantages such as high residential stability with rent increase limited to 5% per year upon renewal every two years and being a branded large complex supplied in the city center, so smooth contracts are expected."
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