Wirye Fore Shine General Sale Attracts 78,000 Applicants... Average Competition Rate '270 to 1'

[Asia Economy Reporter Kim Yuri] Approximately 78,000 applicants flocked to the general sale of public housing apartments managed by Seoul Housing and Communities Corporation (SH) in Wirye New Town, Geoyeo-dong, Songpa-gu, Seoul. The average competition rate reached 270 to 1.

According to the Korea Real Estate Board's subscription website on the 11th, the 'Wirye Forest Shine Complex 15 (A1-12 Block)', which held the first-priority subscription the day before, attracted a total of 20,216 applicants from the local and other areas for 70 general sale units, closing the first-priority subscription with an average competition rate of 288.8 to 1. The 'Wirye Forest Shine Complex 17 (A1-5 Block)', which recruited 220 units, drew 58,214 applicants, recording an average competition rate of 264.6 to 1.

In total, 78,430 applicants applied for 290 general sale units across the two complexes. The average competition rate was 270.4 to 1. Despite the subscription schedules being the same, making duplicate applications impossible, the competition rate was high.

Fifty percent of the units are allocated to residents who have lived in Seoul for more than two years, and the remaining 50% to residents of the metropolitan area. Applicants must meet the condition of being without a home, and the resale restriction period and re-winning restriction last for 10 years from the date of winning. The mandatory residence period is five years from the initial move-in date.

The public sale price ceiling system was applied, setting the sale price at about half of the surrounding market price. The average sale price ranged from 501.07 million to 654.89 million KRW for Complex 15, and from 519.36 million to 657.10 million KRW for Complex 17.

Earlier special supply also attracted about 30,000 applicants. From the 30th of last month to the 1st of this month, the special supply, which recruited 1,170 units, drew about 30,000 applicants, recording an average competition rate of 25.5 to 1.