Visitors are examining the model of the reconstruction complex at the Dunchon Jugong Apartment (Olympic Park Foreon) model house, which opened in the Dunchon-dong area of Gangdong-gu, Seoul. [Photo by Yonhap News]
More than 40,000 people flocked to the non-priority subscription for the Olympic Park Foreon Apartments, which are being reconstructed from Dunchon Jugong in Gangdong-gu, Seoul, resulting in a high competition rate. It is interpreted that demand surged as anyone nationwide can now apply for the non-priority subscription (jupjup).
According to the Korea Real Estate Board's subscription homepage on the 8th, 41,540 people applied for the non-priority subscription conducted for 899 households of Olympic Park Foreon on that day. The average competition rate was calculated at 46.2 to 1. The highest competition rate was seen in the 29㎡ units. With 2 units available, 1,311 people applied, recording a competition rate of 655.5 to 1. For the 39㎡ units, of which 638 were supplied, 12,831 people participated, showing a competition rate of 20.1 to 1, and the 49㎡ units, with 259 households, attracted 27,398 applicants, closing with a competition rate of 105.7 to 1.
The so-called non-priority subscription called ‘jupjup’ refers to a subscription process where households that remain unclaimed due to contract cancellations or disqualifications after the general sale winners’ contract period are opened for subscription, and winners are selected through a random draw.
The households available through this non-priority subscription include 2 units of 29㎡ (exclusive area), 638 units of 39㎡, and 259 units of 49㎡, totaling 899 units. The sale prices are approximately ▲29㎡ at 515 million KRW ▲39㎡ between 600 million to 700 million KRW ▲49㎡ between 850 million to 880 million KRW.
The number of participants in this non-priority subscription more than doubled compared to the first-priority general subscription held last year. Last year, 13,647 people applied for the first-priority subscription, with an average competition rate of only 3.7 to 1.
The popularity of this non-priority subscription is attributed to the government's amendment of housing supply regulations at the end of last month, which abolished requirements such as being homeless and residency conditions. Additionally, demand appears to have surged further due to the government's deregulation of restricted areas and easing of resale restrictions.
The announcement of the non-priority subscription winners will be on the 13th, and contracts will be conducted from the 20th to the 22nd. The resale restriction period is one year, and the mandatory residence period is two years.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
