Even Dunchon Jugong Fails to Fill First Priority... Subscription Competition Rate 4.7 to 1

7th Day 3,731 Additional Applications from Other Regions with 1st Priority
Chilly Wind Blows in the Subscription Market

The reconstruction site of Dunchon Jugong Apartment in Gangdong-gu, Seoul./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Han Yeju] The subscription for 'Olympic Park Foreon' (Dunchon Jugong Reconstruction) in Gangdong-gu, Seoul, failed to close at the first priority. Half of the 16 types did not fill the number of standby residents, resulting in a poor performance as it moved on to the second priority subscription.

According to the Korea Real Estate Agency's subscription homepage on the 7th, Olympic Park Foreon only received an additional 3,731 applications in the first priority other areas subscription (residents living in Seoul for less than 2 years and residents of the metropolitan area).

After the previous day's first priority subscription closed with 13,647 applicants for 3,695 households, achieving an average competition rate of 3.7 to 1, the number of applications did not increase significantly on this day either, causing some housing types to fail to meet 500% of the standby resident quota and move on to the second priority subscription.

Only the exclusive areas 29㎡A, 59㎡A·D·E, and 84㎡A·B·F·G completed subscription acceptance at the first priority.

Meanwhile, on the same day, 'Jangwi Xi Radiant' in Seongbuk-gu, which conducted first priority local subscriptions, recorded an average competition rate of 3.13 to 1 with 2,990 applicants for 956 households. The exclusive 49㎡E type had 10 applicants for 11 units, resulting in undersubscription. Jangwi Xi Radiant will conduct first priority other area subscriptions on the 8th.