1 in 4 Goyang Changneung New Town Applicants Gave Up, Special Supply Sees 60 to 1 Competition

Among the 3rd phase new towns, the special supply competition rate at Goyang Changneung District, which launched its first supply this year, was recorded to be as high as several hundred to one. Although about a quarter of the preliminary applicants gave up on the main subscription, raising concerns about sluggish demand, it is interpreted that interest remains strong, centered on actual demanders.

According to the subscription results from Korea Land and Housing Corporation (LH) on the 21st, 8,886 applicants applied for 154 units allocated for special supply. The overall competition rate for special supply units was 58 to 1. By complex, Block S5 attracted 6,141 applicants for 95 units, recording a 65 to 1 ratio, while Block S6 had 2,745 applicants for 59 units, resulting in a 47 to 1 ratio. The largest type, exclusive S5 Block 84, saw 2,398 applicants for 11 units, achieving a competition rate of 218 to 1.

Minister of Land, Infrastructure and Transport Park Sang-woo is conducting an on-site inspection of the 3rd New Town Goyang Changneung District on December 27 last year. Provided by the Ministry of Land, Infrastructure and Transport, Yonhap News Agency

Goyang Changneung District has received much attention due to its good accessibility to Seoul among the 3rd phase new towns. Nevertheless, in the main subscription results, 373 out of 1,401 preliminary applicants, accounting for 27%, gave up, leading some to anticipate weak demand. The market analyzed that housing demand shrank due to the sale price rising by up to about 10 million KRW compared to the estimated price during the preliminary subscription, reducing expectations for capital gains, along with ongoing domestic and international uncertainties.

The 373 units given up during the preliminary subscription will be transferred to the general supply, bringing the total general supply units to about 610, including the previously allocated 237 units. The final number of general supply units will be confirmed after adding the remaining special supply units. General subscription applications are being accepted today. Block A4 is a newlywed hope town, and general subscriptions are accepted until today. The main subscription winners will be announced on the 6th of next month, and contracts are scheduled for around May. Move-in will proceed sequentially from December 2027.