Many Applicants Flock to 101㎡ Housing Type with Half of Units Allocated by Lottery
[Asia Economy Reporter Onyu Lim] Approximately 130,000 applicants, the highest ever in Seoul, flocked to the first-priority subscription for 'ePyeonhansesang Gangil Urban Bridge,' located in the Godeok Gangil Public Housing District in Seoul.
According to the Korea Real Estate Agency's subscription homepage on the 29th, the first-priority subscription for this complex, held the previous day, attracted 131,447 applicants for 389 units, recording an average competition rate of 337.9 to 1. This is the first time since 2000 that the number of first-priority applicants in Seoul has exceeded 130,000. The previous record was 117,035 applicants for 'Hillstate Reeshuville Gangil,' sold last year in the Godeok Gangil Public Housing District, Gangdong-gu, Seoul.
Many applicants concentrated on the 101㎡ (exclusive area) housing type, where 50% of the supply is selected by lottery. The 101㎡C type received the most applications with 30,133, followed by 101㎡A (24,086), 84㎡D (16,579), and 101㎡D (16,120). The competition rates were highest in the order of 84㎡H (784.0 to 1), 101㎡A (752.7 to 1), 101㎡C (627.8 to 1), and 101㎡F (502.0 to 1).
Earlier, 34,021 people applied for the special supply subscription held the previous day for this complex. Combining special supply and first-priority subscriptions, a total of 165,468 applicants participated.
This complex is supplied from a public housing district, with 50% of the total units allocated to Seoul residents who have lived continuously for two or more years (in the relevant area), and the remaining 50% allocated to residents of the metropolitan area (those who have lived in Seoul for less than two years and residents of Gyeonggi and Incheon). In particular, applicants from outside Seoul in the metropolitan area, those with low point scores, and homeowners (one-home owners) were also eligible to apply, which is believed to have contributed to the large number of applicants.
Additionally, the general sale price was set at 23.56 million KRW per 3.3㎡, lower than the surrounding market prices due to the application of the price ceiling system, resulting in high subscription competition rates. The general sale prices by area are 741.8 million to 806.7 million KRW for 84㎡ exclusive area, 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, it is expected that winners can anticipate a minimum profit of over 400 million KRW.
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