Olympic Park Foreon "Uncontracted Subscription"
Competition Rate Surpasses 56,000 to 1
The average competition rate for the "Olympic Park Foreon" uncontracted subscription in Gangdong-gu, Seoul, which is expected to yield at least a 1 billion won profit upon winning, reached 56,000 to 1.
According to the Korea Real Estate Board's subscription platform on July 11, a total of 224,693 people applied for four units offered in the Olympic Park Foreon uncontracted subscription, which was held over two days starting the previous day. The competition rate was 56,173.3 to 1.
By unit type, 46,425 people applied for the 39.95㎡A type (1 unit). The 59.99㎡A type (1 unit) attracted 69,106 applicants, recording the highest competition rate. For the 84.98㎡E type (2 units), a total of 109,162 people applied, resulting in a competition rate of 54,581.0 to 1.
This complex was created with 12,000 units through the reconstruction of the former Dunchon Jugong apartment complex, which was described as the "largest project since the founding of Korea."
The sale prices are 694.4 million won for the 39A type, 1.0519 billion won for the 59A type, and between 1.236 billion and 1.2933 billion won for the 84E type. In May, an 85㎡A type unit was traded for 2.23 billion won, leading to the interpretation that actual buyers are highly interested because winning would guarantee at least a 1 billion won profit in market value.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
