34,000 People Flock to 'ePyeonhan Sesang Gangil' Special Sale... First Priority Subscription on 28th

Price Ceiling Applied: 23.56 Million KRW per 3.3㎡
"Minimum 400 Million KRW Market Profit Possible if Selected"

[Asia Economy Reporter Onyu Lim] A total of 34,000 people applied for the special supply subscription of 'e-Pyeonhansesang Gangil Urban Bridge,' located in the station area of Gangil Station in Sangil-dong, Gangdong-gu, Seoul.

According to the Korea Real Estate Board's subscription home on the 28th, a total of 34,021 people applied for 204 households in the special supply subscription held the previous day, showing a competition rate of 166.8 to 1. The special supply was conducted only for the 84㎡ (exclusive area) housing type, with 34 households for institutional recommendation, 34 households for multi-child families, 77 households for newlyweds, 5 households for elderly parent support, and 54 households for first-time homebuyers.

By category, 19,850 people applied for the first-time homebuyer category, recording an average competition rate of 367.6 to 1. In particular, for the first-time homebuyer 84D type, 10,382 people applied for 16 households, resulting in a competition rate of 648.9 to 1. In addition, the competition rates were 208.8 to 1 for elderly parent support, 149.4 to 1 for newlyweds, and 44.2 to 1 for multi-child families.

The complex will hold the first-priority subscription on the 28th. The supply volume is a total of 389 households of 84㎡ and 101㎡. Especially, 50% of the 101㎡ units will be selected by lottery. Residents outside Seoul in the metropolitan area, applicants with low points, and homeowners (one-house owners) can also apply for the subscription to have a chance to win.

Since it is supplied in a public housing district and subject to the price ceiling system, the general sale price was set at 23.56 million KRW per 3.3㎡, which is lower than the surrounding market price.

The general sale prices by area are 741.8 million to 806.7 million KRW for 84㎡ and 923.13 million to 982.75 million KRW for 101㎡.

Considering that the 84㎡ housing types in Godeok Lien Park 1st and 2nd complexes in Gangil-dong, Gangdong-gu, Seoul, near this complex, were sold for over 1.2 billion KRW in July, the market expects a minimum profit of over 400 million KRW if selected.

It is a good location even in Seoul where sales are rare, and since a profit of several hundred million KRW is expected compared to the surrounding market price if selected, and the lottery system applies to some households, a large number of applicants are expected.

However, since the price ceiling system applies, residents must mandatorily live for five years starting from the move-in date. Gap investment by renting out is impossible because leasing is not allowed.

The 101㎡ type, with a general sale price exceeding 900 million KRW, cannot receive interim payment loans, and if the market price of this complex exceeds 1.5 billion KRW at the time of move-in, balance loans cannot be obtained under current law.