90,000 People Flock to Urban Lifestyle Housing 'Pangyo SK View Terrace'... Highest Ratio 2311:1

Recruitment of 292 Households, 92,491 Applicants... Average Competition Rate Reaches 317 to 1

[Asia Economy Reporter Onyu Lim] Approximately 90,000 people applied for the subscription of the urban lifestyle housing "Pangyo SK View Terrace" supplied in Pangyo Daejang District, Bundang-gu, Seongnam, Gyeonggi Province. Despite the high sale price, which makes it impossible to get a mid-term loan, and the requirement of a 3 million KRW application fee per unit, the competition rate averaged 317 to 1. This reflects the growing popularity of urban lifestyle housing, which has recently emerged as an alternative to apartments, free from various restrictions such as subscription points.

According to the Korea Real Estate Board on the 15th, the subscription for Pangyo SK View Terrace held the previous day saw 92,491 applicants for 292 units, recording an average competition rate of 317 to 1. The subscription was divided into Group 1 (75B1, 75B2, 75B3, 75B4), Group 2 (84A1, 84A2, 84A3, 84A4), and Group 3 (84T), with all housing groups fully subscribed.

Among them, Group 3 had the highest competition rate of 2,311 to 1, with 27,739 applicants for 12 units. Group 1 attracted 25,493 applicants for 52 units, resulting in a 490 to 1 competition rate, while Group 2 saw 39,259 applicants for 228 units, recording a 172 to 1 competition rate.

The sale price was set at 34.4 million KRW per 3.3㎡, totaling between 1 billion and 1.3 billion KRW, making mid-term loans unavailable and requiring a deposit of 3 million KRW per unit, yet it showed an unprecedented level of competition.

This complex is an urban lifestyle housing (complex-type row house) that allowed anyone aged 19 or older to apply without restrictions on subscription savings accounts, home ownership, or residence. Being free from various regulations including point scores and winning restrictions, it appears to have attracted those tired of "lottery subscriptions" recently. It is especially evaluated to have gained popularity among younger people with low point competitiveness.

After the announcement of winners on the 24th, official contracts will be conducted from the 29th to October 1st. Move-in is scheduled for August 2023.