Average Competition Rate of 11.43 to 1 for Non-Priority Subscriptions
'Leftover Unit Rush' Remains Popular Despite High Pre-Sale Price Controversy
In Eunpyeong-gu, Seoul, a redevelopment complex that had experienced a significant number of unsold units due to high pre-sale prices and tight move-in schedules has recently seen a surge in demand for non-priority subscriptions, confirming a 'standby queue' of genuine buyers waiting for leftover units.
According to Korea Real Estate Board's Cheongyak Home on June 28, the recent non-priority subscription for 'Hillstate Mediale' in Daejo-dong, Eunpyeong-gu, Seoul (held on June 24) attracted 1,246 applicants for 109 available units, resulting in an average competition rate of 11.43 to 1. Of the original 483 units offered for general sale, 109 units, or 22%, became available for non-priority subscription due to contract cancellations.
This complex, constructed by Hyundai Construction, is a large-scale development with 2,451 units, created through the redevelopment of Daejo District 1. The pre-sale price for a 59-square-meter unit reached up to 1,150,600,000 KRW (47,240,000 KRW per 3.3 square meters), while a 74-square-meter unit was priced in the 1,300,000,000 KRW range, fueling ongoing controversy over high pre-sale prices.
Meanwhile, according to Real Estate R114, the average pre-sale price for apartments in Seoul from January to May this year exceeded 50,000,000 KRW per 3.3 square meters for the first time in history, reaching 51,130,000 KRW.
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