Bundang Remodeling Breaks Through Regulatory Freeze... "The Sharp Bundang Centro" Sells Out First Round with Top Competition Rate of 105.5:1 [Real Estate AtoZ]

60㎡A Type Sees Highest Competition at 105.5:1
All Unit Types Sell Out Among Local Residents
Strong Demand Despite 2.18 Billion Won Price for 84㎡ Unit
Rainbow Village 4th Complex Remodeled, New Build Premium Confirmed
Government Regulations Lock Listings, Fueling Subscription Demand
Winners Announced January 20, Official Contracts from February 2 for Three Days

"The Sharp Bundang Centro," supplied by POSCO E&C, achieved a sell-out of all unit types in the first round of subscriptions, recording a competition rate exceeding 100:1 for some types. The project’s success is attributed to its rarity as a newly built property in Bundang and the scarcity of available listings due to regulatory restrictions.

The Sharp Bundang Centro bird's-eye view. POSCO E&C.

According to Korea Real Estate Board's Cheongyak Home on January 14, a total of 2,052 subscription accounts were submitted for 40 units in the first-round subscription for "The Sharp Bundang Centro," held the previous day, resulting in an average competition rate of 51.3:1. As every unit type attracted more than five times the number of applicants compared to available units from first-priority local residents (those who have lived in Seongnam City for over a year), there will be no second-round subscription.

The most competitive unit was the exclusive 60.57㎡A type, which saw 211 applicants vying for just 2 units, resulting in the highest competition rate of 105.5:1. This was followed by the 60.94㎡C type at 80.0:1. The 78.44㎡N (22 units) and 84.08㎡N (11 units), which had the largest supply, also recorded competition rates of 9.05:1 and 14.0:1, respectively. Other types such as 64.38㎡A (17.0:1) and 73.59㎡B (10.0:1) also achieved double-digit competition rates.

The strong demand was already evident during the special supply round held on January 12, prior to the main subscription. For 44 units, 680 applications were received, resulting in an average rate of 15.5:1. In particular, the special supply for the 60.94㎡C type, which had only one unit available, attracted 177 applicants, recording a peak competition rate of 177.0:1, reflecting high demand among multi-child families and newlyweds.

"The Sharp Bundang Centro" is being developed by remodeling the Rainbow Village 4th complex in Gumi-dong, Bundang-gu, Seongnam City, into a single building with three basement levels and 15 above-ground floors. The general sale consists of 84 units, mainly medium-sized units ranging from 60㎡ to 84㎡ of exclusive area. The maximum sale price for the 84㎡ unit has been set at 2.18 billion won. Although there was some discussion about the high price relative to its location on the outskirts of Bundang, the extreme scarcity of new supply within Bundang is considered the key factor driving demand.

This subscription fever follows the success of "The Sharp Bundang Tier One," the first remodeling project in Bundang last year, once again confirming the popularity of new builds in the area. At that time, despite the 84㎡ unit being priced at around 2.6 billion won, it recorded a first-round average competition rate of 100.5:1, proving the premium for new properties in Bundang. Analysts note that, with existing housing listings locked up due to recent government regulations, remodeled complexes are absorbing the demand for new builds.

The winners will be announced on January 20, and the official contract period will take place over three days from February 2 to February 4.