- A total of 5,863 first and second priority applications submitted... Subscription fever heats up with an average competition rate of 10.7 to 1
- 84㎡A unit closes first-priority subscription at a peak competition rate of 30.3 to 1
Hanwha Construction Division's "Hanwha Forena Ulsan Mugeo," introduced in Mugeo-dong, Nam-gu, Ulsan, has heated up the local housing market with its strong performance in the subscription process.
According to Korea Real Estate Board's Subscription Home on October 1, a total of 5,863 applicants vied for 549 units during the two-day application period for both first and second priority general supply, resulting in a high average competition rate of 10.7 to 1. This marks the highest number of subscription applications for any complex supplied in Ulsan since 2021, based on the combined total of first and second priority applications.
In particular, the 84㎡A unit type, which is the most popular among buyers, saw 3,364 first-priority applicants for 111 available units, closing at a peak competition rate of 30.3 to 1. Other unit types also attracted steady interest, contributing to the highest number of applications in Ulsan since 2021 and further demonstrating the project's popularity.
This result is a rare achievement in Ulsan's housing market, which has experienced stagnation in recent years.
The project's appeal is cited as the driving force behind its success. Hanwha Forena Ulsan Mugeo consists entirely of mid- to large-sized units, all at least 84㎡ in exclusive area. The 84㎡A type features a 4-bay flat layout, a large island kitchen, and a circulation pantry, optimizing the flow of daily life. The 84㎡C type adopts a tower layout to enhance openness and privacy, while the 109㎡ type offers a specialized design with four bedrooms, a spacious kitchen, and an island dining table. All units come with glass balconies and a free underground storage room for each household.
Reasonable sales conditions also supported the project's popularity. These include a minimum sale price in the 600 million won range, a fixed first contract payment of 10 million won, 60% of the interim payment interest-free, and a safe pre-sale transfer program (allowing transfer before the first interim payment). These attractive conditions appealed to both genuine homebuyers and investors.
A sales representative stated, "As a rare large-scale branded complex with more than 800 units in a prime location in Nam-gu, Ulsan, it naturally drew attention from both local buyers and investors. In particular, the success of this subscription process signals a recovery in Ulsan's housing market."
Meanwhile, Hanwha Forena Ulsan Mugeo will consist of eight buildings ranging from three basement levels to 25 above-ground floors, offering a total of 816 units with exclusive areas from 84㎡ to 166㎡. By unit type, there will be 275 units of 84㎡A, 151 units of 84㎡B, 165 units of 84㎡C, 67 units of 99㎡, 156 units of 109㎡, and 2 units of 166㎡P. Winners will be announced on October 15, and official contracts will take place at the end of October.
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