Over 17,000 Apply for Priority Subscription at Hwikyung Xi... Competition Rate 51.7 to 1

Approximately 17,000 people flocked to apply for the first-priority subscription of Huigyeong Xi Decencia in Huigyeong-dong, Dongdaemun-gu, Seoul.

Perspective view of Huigyeong Xi Decencia.
[Photo by GS Construction]

According to the Korea Real Estate Agency's Subscription Home on the 4th, 17,013 people applied for 329 households in the first-priority subscription (for designated and other areas) held that day, recording a high competition rate of 51.7 to 1.

In particular, the 84㎡A housing type, which recruited 12 households, received applications from 2,639 people (from designated and other areas), showing a competition rate of 219.9 to 1. In addition, the competition rates for other types were ▲84㎡B (93.6 to 1) ▲39㎡ (82.2 to 1) ▲59㎡A (87.9 to 1) ▲59㎡B (35.8 to 1) ▲59㎡C (35.1 to 1) ▲59㎡D (31.9 to 1). The special supply for 371 households held the previous day recorded an average competition rate of 15.0 to 1 with 5,577 applicants.

It is analyzed that the reasonable sale price is the background of the complex's popularity. The sale price averages 29.3 million KRW per 3.3㎡, with the 59㎡ units priced between 640 million and 770 million KRW, and the 84㎡ units between 820 million and 970 million KRW. Considering that the asking price for the nearby Huigyeong SK View 84㎡, which moved in 2019, is between 970 million and 1.1 billion KRW, the sale price is similar to or cheaper than the nearby market price. Also, Huigyeong Xi Decencia is a double-station complex located near Hoegi Station (Line 1, Gyeongui-Jungang Line, Gyeongchun Line) and Hwayang Station (Line 1).

Earlier this year, the government lifted regulations on all areas except the three Gangnam districts and Yongsan-gu, and the fact that 60% of the small and medium-sized units are selected by lottery is also cited as a reason for the popularity. Sixty percent of apartments under 85㎡ are selected by lottery, creating a favorable environment for applicants with low subscription scores. The resale restriction period is also significantly reduced to one year. This means that if selected, buyers can choose to sell the sale rights one year later instead of bearing the interim and final payments until moving in. The obligation to dispose of existing homes for one-home owners and the obligation to reside in the property have also been removed. The same conditions apply to Huigyeong Xi as well.

The complex consists of 14 buildings ranging from three basement floors to a maximum of 35 floors above ground, with a total of 1,806 households. The announcement of winners is scheduled for the 11th, and the official contract period will be held over three days from the 23rd to the 25th. The expected move-in date is June 2025.