With Zoning Restrictions Lifted in Changwon, 20,000 Apply for 'Central Park Aileen's Garden' Subscription

A bird's-eye view of 'Changwon Central Park Aileen's Garden' being built in Daewon-dong, Seongsan-gu, Changwon, Gyeongnam / Photo by 'Changwon Central Park Aileen's Garden' sales homepage

[Asia Economy Reporter Hwang Seoyul] More than 20,000 applicants submitted subscription deposits for the first-priority subscription of apartment complexes supplied in Changwon City, Gyeongnam Province. The reasonable sale price compared to nearby market prices and the removal from the adjustment target area in September are considered factors that led to high popularity despite the cold wave in the subscription market.

According to Subscription Home on the 30th, "Changwon Central Park Aileen's Garden," being built in Daewon-dong, Seongsan-gu, Changwon, Gyeongnam, recorded an average competition rate of 32.94 to 1 as a result of the first-priority general supply (applicable and other areas) subscription conducted the day before. A total of 20,322 applicants applied for 617 households.

The housing type with the highest competition rate in the first-priority applicable area was the 84㎡ exclusive area, with 52.89 to 1, and the lowest housing type (75.33C㎡) also showed a double-digit competition rate of 12.41 to 1. In addition, ▲75.43B㎡ 32 to 1 ▲101.07㎡ 25.67 to 1 ▲75.52A㎡ 24.18 to 1 ▲59.91㎡ 13.83 to 1 showed high competition rates in order.

The biggest reason for such a competition rate in this complex is analyzed to be the affordable sale price compared to market prices. The 59㎡A of the nearby "Forena Daewon" was sold for 520 million KRW in August, and the 59㎡B was sold for 485 million KRW in September, but in the case of "Changwon Central Park Aileen's Garden," the sale price for the same area is set at a minimum of 357.4 million KRW to a maximum of 401.5 million KRW. For the 84㎡ exclusive area, the price is set between a minimum of 469.6 million KRW and a maximum of 554 million KRW, which is at least 136 million KRW lower than the 690 million KRW sale price of "Forena Daewon" in August last year. Because of this, even in the special supply held the day before, 2,184 applicants applied for 496 households, and the life-first type showed a high competition rate of 15.37 to 1.

The increase in first-priority subscription demand was also influenced by the removal of Seongsan-gu, Changwon, where the complex is located, from the adjustment target area starting September 26. In non-regulated areas outside the metropolitan area, the subscription deposit subscription period requirement is reduced from the existing 2 years to 6 months. Also, in regulated areas, only households with no house or one householder could apply for subscription, but in non-regulated areas, if the subscription deposit payment amount meets the regional deposit amount and the applicant is over 19 years old, even household members who are not household heads can apply for first-priority subscription.

Park Jimin, head of the Monthly Subscription Research Institute, said, "The sale price had the greatest impact on the high competition rate, and the relaxation of subscription conditions due to the removal from the regulated area also played a part." He added, "Despite the removal from the regulated area, places with poor subscription results can be seen as properly distinguished by the selection of demanders."