The Last Remaining 29㎡ Also Sold Out... "Dunchon Jugong Completely Sold"

Olympic Park Foreon (Dunchon Jugong) in Gangdong-gu, Seoul, which attracted attention as the largest reconstruction complex in Korea, has been completely sold out.

According to the union and industry on the 22nd, all 4,786 units of Olympic Park Foreon's general sale were contracted on this day. The 39㎡ and 49㎡ units, which were offered through non-priority subscription, were fully contracted on the 21st, and the last remaining 29㎡ unit was closed on the 22nd.

Olympic Park Foreon (Dunchon Jugong) construction project team and sales officials are taking a commemorative photo for the complete sell-out.
[Photo by Hyundai Engineering & Construction]

Previously, Olympic Park Foreon had conducted general sales and winner contracts for 4,768 units until last month, with a final contract count of 3,869 units. The contract rate, including regular winners and standby winners, was 81.1%.

Among these, 899 ultra-small units sized 29 to 49㎡ were not contracted and were offered as non-priority units. The non-priority subscription held on the 8th attracted many buyers due to the simultaneous implementation of the government's housing supply regulation amendment and the 1·3 real estate measures.

With the amendment, anyone aged 19 or older could apply regardless of residence, home ownership, or subscription savings account status. Additionally, the 1·3 real estate measures shortened the resale restriction period, abolished the mandatory residence requirement, and expanded the loan-to-value ratio (LTV), significantly reducing the financial burden on contract holders.

As a result, 41,540 people applied for the non-priority subscription alone, showing an average competition rate of 46.2 to 1. In particular, the 29㎡ units had 1,311 applicants for 2 units, recording a competition rate of 655.5 to 1.

A sales official explained, “This was a golden opportunity to purchase the largest apartment complex in Korea located within the Seoul Songpa living area at a reasonable price, combined with various real estate regulation relaxations, which seems to have facilitated smooth contracts.”

Meanwhile, Olympic Park Foreon is the largest single complex in Korea, consisting of 85 buildings from 3 basement floors to 35 above-ground floors, with a total of 12,032 units. Move-in is scheduled for January 2025.