What if it's a Naholdanji Complex Alone... Small-Scale Complexes Also See Subscription Fever

Ssangmun Station City Pradium, 72㎡ Type 155 to 1

Perspective view of Ssangmun Station City Pradium

Due to soaring housing prices in Seoul and a shortage of new supply, even small-scale complexes are attracting a flood of applicants for pre-sale subscriptions.

According to Korea Real Estate Board's Subscription Home on the 29th, the first-priority local subscription for ‘Ssangmun Station City Pradium’ held the previous day saw a total of 3,541 applicants for 69 units, recording an average competition rate of 51.3 to 1. In particular, the 70㎡ (exclusive area) units in this apartment reached a competition rate of 155 to 1.

This apartment, located at 380-19 Ssangmun-dong, Dobong-gu, Seoul, consists of two buildings with 7 floors above ground, totaling only 112 units. Each unit is also composed solely of small sizes ranging from 50 to 72㎡.

Considering it is a small-scale complex, the market evaluated that the pre-sale prices were somewhat high. The 70㎡ units were priced at 694.8 million KRW, and the 72㎡ units ranged from 614.8 million to 694.8 million KRW. Compared to the nearby Bukhansan Kolon Haneulchae 84.98㎡, which was traded for 730 million KRW last month, these prices are not insignificant.

The reason why applicants flocked despite the controversy over high pre-sale prices seems to be that young people, who find it difficult to prepare a large sum of money, are looking for small apartments with relatively less financial burden.

In fact, the ‘Gwanak Jungang Heights Foret,’ the first street housing maintenance project apartment involving Seoul Housing & Communities Corporation (SH Corporation), recorded an average competition rate of 217.9 to 1 with 30,922 applicants for 18 units in the first-priority subscription held earlier this month.

Last month, the first-priority subscription competition rate for ‘Jayang Haneulchae Ver’ in Jayang-dong, Gwangjin-gu, also reached 367 to 1. An industry insider said, "The high rarity of new Seoul apartments, the product value, and the prospect of capital gains due to the booming Seoul apartment market led to the popularity of single complexes."

It also appears that construction companies are compensating for the weakness of single complexes with specialized designs. For Ssangmun Station City Pradium, features include south-facing and slab-type layouts (partial), free balcony expansion, ceiling-type air conditioners in all rooms, specialized attic design (top floor), full underground parking (excluding neighborhood living facilities), and various cutting-edge systems.

Meanwhile, the announcement of successful applicants for Ssangmun Station City Pradium will be on May 7, and the official contract period will be from May 24 to 28. The model house is located in Yongdu-dong, Dongdaemun-gu, Seoul, and move-in is scheduled for October 2021.