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 to 1
All Unit Types Sell Out in Local Priority Round
Strong Demand Despite 2.18 Billion Won Price for 84㎡ Units
Rainbow Village 4th Complex Remodeled, New-Build Premium Confirmed
Government Regulations Lock Up Listings, Fueling Subscription Demand
Winners Announced January 20, Official Contract Period February 2-4

"The Sharp Bundang Centro," supplied by POSCO E&C, achieved a sellout of all unit types in the first-round subscription, with competition rates exceeding 100 to 1 for some types. The success is attributed to the rarity of new constructions in Bundang and the lock-up of existing listings due to regulations, which combined to drive strong demand.

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 available units in the first-round subscription for "The Sharp Bundang Centro" held the previous day, resulting in an average competition rate of 51.3 to 1. All unit types saw the number of applicants in the first-priority local category (residents of Seongnam City for over one year) exceed five times the number of available units, so the second-round subscription will not be held.

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

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

"The Sharp Bundang Centro" is being developed by remodeling the Rainbow Village 4th Complex in Gumi-dong, Bundang-gu, Seongnam City, and will consist of a single building with three basement levels and 15 above-ground floors. The general sale will offer a total of 84 units, primarily mid-sized units ranging from 60㎡ to 84㎡ of exclusive area. The sale price for the 84㎡ exclusive unit is set at up to 2.18 billion won. While some have questioned whether the price is high for a location on the outskirts of Bundang, the extremely limited supply of new constructions within Bundang is seen as the key factor attracting demand.

The heated subscription for this project follows the success of "The Sharp Bundang Tier One," which was the first remodeling project in Bundang last year and confirmed the popularity of new constructions in the area. At that time, despite the 84㎡ unit being priced at around 2.6 billion won, the first-round subscription recorded an average competition rate of 100.5 to 1, proving the premium for new builds in Bundang. Analysts note that, with existing housing listings locked up due to recent government regulations, remodeled complexes are absorbing the demand for new constructions.

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