120,000 People Flock to 'Singil AK Prugio' Officetel... Competition Rate 1312 to 1

'Shingil AK Prugio' Seokgyeong Perspective View

Approximately 120,000 people applied for the officetel "Singil AK Prugio" located in Yeongdeungpo-gu, Seoul. The fact that it was supplied with fewer than 100 units and avoided resale restrictions seems to have attracted a large number of investors.

According to Daewoo E&C on the 4th, the subscription application for the "Singil AK Prugio" officetel held the previous day ended with an average competition rate of 1,312 to 1, with a total of 125,919 applicants for 96 units.

The highest competition rate came from Group 1, composed of the 78㎡ OA type exclusive area. With 83 units available, 111,963 people applied, recording a competition rate of 1,349 to 1.

In Group 2, composed of the 78㎡ OB type exclusive area, 13 units attracted 13,956 applicants, resulting in a subscription competition rate of 1,074 to 1.

The subscription application website temporarily crashed due to the influx of applicants. The developer extended the application deadline from 5 p.m. to midnight on the same day.

"Singil AK Prugio" gained popularity because it consists of fewer than 100 units, thus having no resale restrictions.

This allows winners to immediately sell their pre-sale rights at a premium right after winning by transferring the title.

Since officetels are subject to the Building Act rather than the Housing Act, a separate subscription savings account is not required. Anyone aged 19 or older can apply, and winners are selected by a 100% lottery.

Also, homeownership status is not considered during subscription, and officetels are not classified as houses, so they are not subject to acquisition tax surcharges.

Although there was controversy over the high sale price ranging from 970 million to 987.1 million KRW, many applicants seem to have been attracted by these advantages.

The upcoming schedule includes the announcement of winners at 4 p.m. on the 4th, followed by official contracts on the 5th. Move-in is scheduled for July 2024.

The payment terms are 10% deposit, 60% interim payment, and 30% balance, with an interest-free benefit on the interim payment.

Meanwhile, the "Hillstate Gwacheon Government Complex Station" officetel in Byeolyang-dong, Gwacheon-si, which closed on the 2nd, also attracted 124,427 applicants for 89 units, showing an average competition rate of 1,398 to 1.

This complex also faced controversy over high prices, with some units priced as high as 2.2 billion KRW, but succeeded in popularity by avoiding resale restriction regulations.