Hoban Summit Incheon Geomdan Phase 3 Special Supply Sees 12.5:1 Competition... Subway Proximity and Price Ceiling "Safety Margin" Drive Success [Real Estate AtoZ]

2,848 Applications for 228 Units
1,389 Applications Concentrated on Main 84㎡B Type
Price Ceiling System Applied, 16.39 Million Won per 3.3㎡... Safety Margin of Around 100 Million Won
No Occupancy Requirement in Non-Regulated Area... First Priority Subscription on December 5

Hoban Summit Incheon Geomdan Phase 3 in Incheon Geomdan New Town has achieved strong results in the special supply subscription, recording a double-digit competition rate. Its popularity appears to be driven by its location near a subway station, the application of the price ceiling system, and the "safety margin" offered by post-construction sales.

Hoban Summit Incheon Geomdan Phase 3 Perspective View. Hoban Industries.

According to Korea Real Estate Board’s Cheongyak Home on December 5, a total of 2,848 applications were submitted for 228 units offered in the special supply of Hoban Summit Incheon Geomdan Phase 3, resulting in an average competition rate of 12.5 to 1. By type, the largest number of applications was for first-time homebuyers at 1,288, followed by newlyweds (1,229), multi-child families (261), households supporting elderly parents (38), and institutional recommendations (32).

Hoban Summit Incheon Geomdan Phase 3 is located in Wondang-dong, Seo-gu, Incheon (Geomdan New Town AB13 Block). The development comprises eight buildings ranging from two basement levels to 29 floors above ground, with a total of 905 units. There are two floor plans available: 84 square meters and 97 square meters of exclusive space. Of these, excluding 413 units previously offered through the advance subscription system, 492 units (228 for special supply and 262 for general supply) are being offered in this main subscription. Three years ago, during the advance subscription, only 23 out of 435 allocated units were forfeited, resulting in a low forfeit rate of just 5%. The advance subscription system allows a portion of the total units to be supplied one to two years before the main subscription (actual sale after apartment construction begins) and before project approval.

The sale price is subject to the price ceiling system, averaging 16.39 million won per 3.3 square meters. Even though it is a post-construction sale, the average price is 551 million won for 84 square meters and 620 million won for 97 square meters of exclusive space. This is up to 1.5 million won per 3.3 square meters lower than the recent average sale prices for new complexes in Geomdan (ranging from 17 million to 17.8 million won). For similar-sized units in nearby three- to four-year-old complexes (Moa Elga, Umirin The Heritage, Daebang Dietre River Park), actual transaction prices are around 670 million won, suggesting a safety margin of about 100 million won at the time of move-in.

The site is within walking distance of Ara Station on Incheon Subway Line 1, making it a rare opportunity as the last supply in the Ara station area. Additional factors include proximity to the Gyeyangcheon riverside park, the planned "Next Complex" development, and confirmed infrastructure such as the planned start of GTX-D construction in northwest Greater Seoul in 2028. The planned legal district and industrial complex nearby are expected to create stable demand from those seeking proximity to work.

Incheon Geomdan New Town, where the complex is located, is a non-regulated area, so there is no requirement for actual occupancy. There is a three-year resale restriction and a ten-year restriction on winning multiple times. The contract deposit is 10% of the sale price, and interim payment interest is deferred. The subscription schedule includes special supply on December 4, first priority on December 5, and second priority on December 8. The winners will be announced on January 12 of the following month.

This sale marks the fourth project by Hoban Group’s construction affiliates in Incheon Geomdan New Town. Hoban Industries previously supplied "Geomdan Hoban Summit Phase 1" (1,168 units) in October 2018 and "Hoban Summit Prime View" (719 units) in November 2019. In June 2023, Hoban Construction supplied "Geomdan Lake Park Station Hoban Summit" (856 units). With the addition of this project, the total number of "Hoban Brand Town" units in Incheon Geomdan New Town will exceed 3,600.