Special Supply Applications Accepted at 18 Complexes Nationwide
6,246 Applicants Flock to Cheolsan Station Xi Special Supply
Sangbong Central IPark Records 4.44 to 1 Competition Ratio
Venube Haeundae Posts 4.05 to 1
October Pre-Sale Volume Up 63% Year-on-Year
As the Chuseok holiday approached, special housing lottery applications surged, leading to special supply applications being accepted at 18 complexes nationwide. While highly sought-after areas in the Seoul metropolitan region, such as Cheolsan, saw a large number of applicants, places like Incheon and Busan experienced relatively low application rates.
According to Cheongyak Home on September 30, GS Engineering & Construction’s Cheolsan Station Xi in Cheolsan-dong, Gwangmyeong City, attracted 6,246 applicants for 337 units in the special supply, resulting in an average competition ratio of 18.5 to 1. Among these, 3,891 people applied for the “first-time homebuyer” category, pushing the competition ratio for that type to 73.41 to 1.
Cheolsan Station Xi was priced at 42.5 million won per 3.3 square meters, with the standard 84 square meter unit reaching the 1.5 billion won range, drawing considerable attention to the lottery results. Although the price was over 200 million won higher than nearby complexes previously offered, its location was evaluated as favorable. Cheolsan Station Xi is a redevelopment of Gwangmyeong 12R District, consisting of 19 buildings with a total of 2,045 units, ranging from 7 basement floors to 29 stories above ground.
Sangbong Central IPark, supplied in Seoul, received 574 applications for 129 units, closing with an average special supply competition ratio of 4.44 to 1. The newlywed couple special supply accounted for 54 units (41.8%), the highest among the types, and the number of applicants for the newlywed couple category (289) exceeded that for the first-time homebuyer category (209). This complex is a mixed-use development on the site of the E-Mart Sangbong branch, offering 242 apartments in a single 84 square meter size. The sale price was set in the high 1.3 billion won range.
The two complexes that accepted applications in Incheon saw mixed results. “Doosan We’ve & Sujain Bupyeong The First,” offered by a consortium of Doosan Construction and BS Hanyang in Bugae-dong, Bupyeong-gu, Incheon, received 428 applicants for 282 units, resulting in a competition ratio of 1.69 to 1. “Geomdan Centreville Edu City,” subject to the price ceiling system, saw only 226 applicants for 741 units in the special supply.
In Gyomun-dong, Guri City, Gyeonggi Province, “Jungheung S-Class Hill The Foret,” supplied by Jungheung Construction as part of the Strawberry Garden 2 District redevelopment, attracted 607 applicants for 348 units, resulting in an average competition ratio of 1.74 to 1. This complex consists of 22 buildings, 15 stories above ground and 4 basement levels, totaling 1,096 units.
Outside the metropolitan area, applications were accepted in places such as Ulsan and Busan. “Hanwha Forena Ulsan Mugeo,” built on the site of Hanwha Chemical’s employee housing, received 445 applicants for 394 units, closing at a ratio of 1.13 to 1. Only six people applied for the larger 99 and 109 square meter units, and there were no applicants for the 166 square meter unit, while most applications were concentrated on the 84 square meter units.
In Busan, Hyundai Engineering & Construction’s supply was concentrated. “Hillstate Sajik Asiad” saw 484 applicants for 171 units, with an average competition ratio of 2.83 to 1. Hillstate Gaya Complex 1 (216 units) had only 22 applicants, and Complex 2 (43 units) received just 6 applications, resulting in undersubscription. Meanwhile, “Venube Haeundae,” supplied by Samhan General Construction in U-dong, Haeundae-gu, Busan, received 1,208 applications for 298 special supply units, recording a ratio of 4.05 to 1.
These complexes will accept first-priority applications on September 30 and second-priority applications on October 1.
Meanwhile, as the peak autumn season arrives, construction companies are expected to release a large number of units even after the Chuseok holiday. According to Zigbang, the number of units scheduled for sale in October is 38,091, a 63% increase compared to the same month last year. Scheduled complexes include The Sharp Sinpung Station in Singil-dong, Yeongdeungpo-gu, Seoul (2,054 units), Arc Road Seocho in Seocho-dong, Seocho-gu (1,161 units), and Hillstate Isu Station Central in Sadang-dong, Dongjak-gu (931 units). In Gyeonggi Province, upcoming projects include Hillstate Gwangmyeong 11 (4,291 units) in Gwangmyeong City, The Sharp Bundang Tier One (873 units) in Jeongja-dong, Bundang-gu, Seongnam City, Unjeong I Park City (3,250 units) in Paju City, Anyang Xi Herition (1,716 units) in Anyang City, and Brain City Vista Dongwon 4BL (1,600 units) in Pyeongtaek City.
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