- 1,150 Applications for 164 Special Supply Units
Average Competition Ratio Reaches 7.01 to 1
- Highest Competition Ratio Recorded for Type 84B at 23.13 to 1
717 Applications for 31 Units
On August 11 (Monday), special subscription applications were held for "Summit Limited Namcheon," a new residential development in Namcheon-dong, Suyeong-gu, Busan. The project saw a significant oversubscription across all unit types, demonstrating its strong popularity. Analysts attribute this to its unrivaled location near the starting point of Gwangandaegyo Bridge and its top-tier high-end design, which have drawn attention from genuine homebuyers. Subscription savings accounts were evenly distributed among categories such as multi-child families, newlyweds, and first-time homebuyers.
According to Korea Real Estate Board's Cheongyak Home, a total of 1,150 applications were submitted for 164 special supply units at Summit Limited Namcheon on August 11, resulting in an average competition ratio of 7.01 to 1.
The most popular category was the "first-time homebuyer" type, with 353 applications for 12 units, resulting in an average competition ratio of 29.42 to 1. The "newlywed" category also saw 524 applications for 30 units, with an average competition ratio of 17.47 to 1. In addition, there were 221 applications for the multi-child category, 26 for the elderly parent support category, and 26 for the institutional recommendation category, indicating robust demand across all types.
The highest competition ratio was recorded for type 84B, with 717 applications for 31 units, resulting in a ratio of 23.13 to 1. For the first-time homebuyer type of the same unit, 217 applications were submitted for 5 units, resulting in a high competition ratio of 43.40 to 1.
A Daewoo E&C representative stated, "Summit Limited Namcheon has attracted strong interest from genuine buyers due to its location with views of Gwangandaegyo Bridge, Busan's top-tier high-end design, and a variety of specialized community facilities," adding, "Given the already high competition in the special supply round, we expect strong demand to continue in the first-priority subscription taking place today."
Summit Limited Namcheon is being developed on the former Mega Mart site, a prime location in Namcheon-dong, Busan's traditional affluent neighborhood. The project will consist of five buildings ranging from five basement levels to a maximum of 40 above-ground floors, totaling 835 units. The units are primarily medium to large-sized, with exclusive areas ranging from 84m² to 243m². Of the total supply, 164 units are allocated for special supply, and 671 units for general sale.
Following today's first-priority subscription, the second-priority subscription will be held on August 13 (Wednesday). The winners will be announced on August 20 (Wednesday), and contract signing will take place over three days from September 1 (Monday) to September 3 (Wednesday).
The first-priority subscription is open to adults aged 19 or older residing in Busan Metropolitan City, Gyeongsangnam-do, or Ulsan Metropolitan City. As long as applicants meet the regional and area-specific deposit requirements, they may apply regardless of current home ownership. There are no restrictions on re-winning since the price ceiling system does not apply. However, successful applicants will be subject to a six-month resale restriction.
The model house, "Summit Gallery Namcheon," is located in U-dong, Haeundae-gu, Busan Metropolitan City.
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