40,000 Apply for e-Pyeonhansesang Dangsan and Seoulwon iPark... Some Large Units Undersubscribed

e-Pyeonhansesang Dangsan River Park, 1st Priority Average 340 to 1
Demand Concentrated in Double Transit Hub Despite Difficult Price Gains
Seoul One I-Park Records Average 14.94 to 1
Small to Medium Units Perform Well... Some Large Units Undersubscribed

More than 40,000 applicants flocked to the first-priority subscription for Seoul housing complexes such as ‘ePyeonhansesang Dangsan River Park’ and ‘Seoul One I-Park’. Despite the difficulty in gaining price differences due to the absence of the pre-sale price ceiling system, demanders who prefer new buildings participated in the subscription.

Visitors are waiting to enter the Seoul One I'Park Gallery, which opened on the 22nd. Photo by HDC Hyundai Development Company

According to Subscription Home on the 27th, ePyeonhansesang Dangsan River Park recorded an average competition rate of 340.42 to 1, with 19,404 applicants for 57 households in the first-priority subscription. The 59㎡A type, which attracted the most applicants, had 1,440 applicants for 1 household. In addition, the 59㎡B type recorded a competition rate of 500 to 1, with 3,441 applicants for 6 households.

The average pre-sale price of ePyeonhansesang Dangsan River Park was around 51 million KRW per 3.3㎡. The pre-sale price for 51㎡ units was in the 1 billion KRW range, and for 59㎡ units, it was in the 1.4 billion KRW range, making it difficult to expect price gains. It is a double-station area accessible to Yeongdeungpo-gu Office Station on lines 2 and 5 and Dangsan Station on lines 2 and 9, and the subscription demand seems to have surged due to the limited new supply in the nearby area. The complex, constructed by DL E&C, consists of 8 buildings from 3 basement floors to 25 above-ground floors, with a total of 550 households ranging from 44 to 84㎡, and 111 households are for general sale.

‘Seoul One I-Park’, supplied by HDC Hyundai Development Company through the Gwangwoon University Station area complex development project in Wolgye-dong, Nowon-gu, attracted many applicants for small and medium-sized units. The first-priority subscription recorded an average competition rate of 14.94 to 1, with 21,129 applicants for 1,414 households. The highest competition rate was for the small-sized 59㎡A type, which had 4,054 applicants for 19 households, closing at 268.53 to 1. For the popular 84㎡B type, 4,852 applicants (from the relevant area) applied for 132 households, recording a competition rate of 36.76 to 1.

However, among the 16 medium and large-sized unit types in Seoul One I-Park, 8 types were undersubscribed. The 112㎡C type had 9 applicants for 18 households, and the 120㎡C type had 26 applicants for 38 households, both undersubscribed. The 105㎡B and C types and the 120㎡B type closed with single-digit competition rates from other areas. For the 244㎡ unit priced at around 4.8 billion KRW, 10 applicants applied for 4 households, recording a competition rate of 2.5 to 1. In the special supply subscription held on the 25th, 7,388 applicants applied for 490 households, recording an average competition rate of 15.07 to 1.

In the case of Seoul One I-Park, the pre-sale price was evaluated as expensive at 38.25 million KRW per 3.3㎡ compared to the market price in the nearby area. The pre-sale price for the popular 84㎡ units ranged from 1.281 billion KRW to 1.414 billion KRW. Considering that the same-sized units in Jangwi Prugio Radius Park, which was supplied nearby, were priced at 1.211 billion KRW, it was a price range difficult to expect price gains. Especially for medium and large-sized units, the price burden was greater, resulting in different subscription results depending on the unit size. The pre-sale prices for medium and large units were 1.482 billion KRW to 1.632 billion KRW for 105㎡, 1.693 billion KRW to 1.829 billion KRW for 112㎡, and 1.688 billion KRW to 1.887 billion KRW for 120㎡ units.

Kwon Il, head of the real estate info research team, explained, "In the case of Seoul One I-Park, the competition rate was high for small and medium units, and considering the pre-sale price and location, attracting more than 20,000 applicants was a decent result. The symbolic value of the complex development including commercial facilities was effective, but for large units, the price burden exists, and subscription results clearly differ depending on the location even within Seoul."