Non-Reserve Subscription Recruitment for Olympic Park Foreon on the 8th
638 Units of 39㎡, 259 Units of 49㎡, etc.
The non-priority subscription quota for 'Olympic Park Foreon,' the reconstruction project of Dunchon Jugong Apartments in Gangdong-gu, Seoul, has been finalized. It consists of 899 units of ultra-small housing types ranging from 29㎡ to 49㎡. Due to government regulation easing, homeowners who do not live in Seoul can also apply for this subscription.
On the 3rd, the Dunchon Jugong association and the construction project team announced on the Korea Real Estate Board's subscription website that they will recruit non-priority subscribers for Olympic Park Foreon for one day on the 8th. The subscription quota includes 2 units of 29㎡, 638 units of 39㎡, and 259 units of 49㎡, totaling 899 units.
Previously, general sales and winner contracts for 4,768 units of Olympic Park Foreon were conducted until last month, with about 81% or 3,869 units contracted.
Among these, all 2,725 units of 59㎡ and 84㎡ were sold during the preliminary winner contract phase. Of the 2,061 ultra-small units sized 29?49㎡, 899 units remained uncontracted and are now available through non-priority subscription.
Last year, Dunchon Jugong, which conducted general sales, experienced low subscription rates due to the frozen sales market caused by high interest rates, making the phrase "the largest reconstruction since Dangun" seem ironic. However, earlier this year, the government lifted regulation zones for all areas except the Gangnam 3 districts and Yongsan-gu, and eased resale restrictions, leading to a contract rate of around 80%, showing resilience.
An industry insider evaluated, "The possibility of mid-term loans exceeding 1.2 billion KRW and the lifting of Gangdong-gu from the regulation zone, allowing resale one year after contract, helped raise the contract rate."
This non-priority subscription is the first case implemented after the government's amendment to the housing supply rules at the end of last month, which abolished all requirements such as being non-homeowners and residency conditions. Anyone aged 19 or older can apply regardless of residence, home ownership, or subscription savings account. In other words, homeowners without a subscription savings account who do not live in Seoul can also challenge this subscription.
The association and construction project team will announce the winners on the 13th after the subscription on the 8th, and contracts will be accepted for one day only on the 20th of this month.
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