Seoul's First Apartment Offering of the Year 'Define Yeonhui' Draws 44-to-1 Competition for First-Priority Subscription [Real Estate AtoZ]

Perspective view of 'Define Yeonhui' in Yeonhui-dong, Seodaemun-gu. SK Ecoplant

Applications poured in for the first-priority subscription of 'Define Yeonhui' in Yeonhui-dong, Seodaemun-gu, the first apartment complex to be offered in Seoul this year, resulting in a competition rate of 44.1 to 1.

According to Korea Real Estate Board's Cheongyak Home on January 21, a total of 6,655 applicants competed for 151 units in the first-priority subscription for Define Yeonhui held the previous day, closing all unit types with an average competition rate of 44.1 to 1. Previously, during the special supply phase, 6,840 applicants vied for 181 units, recording an average competition rate of 37.8 to 1.

By unit type, the 59㎡A type saw the highest competition rate at 66.2 to 1, followed by the 84㎡A type (55.6 to 1), 59㎡B type (44.9 to 1), 84㎡B type (35.7 to 1), 115㎡B type (34.0 to 1), and 74㎡C type (33.0 to 1).

The sale price for the 84㎡ exclusive units in this complex was set at 1.397 billion to 1.565 billion won, depending on the unit type. The 59㎡ exclusive units were priced between 1.1 billion and 1.2 billion won.

Despite the limited price gap compared to recent transaction prices of similar-sized units in neighboring complexes, the subscription closed with a solid competition rate.

This complex marks both the first apartment offering in Seoul this year and the first application in Seoul of SK Ecoplant's premium residential brand 'Define,' which was launched in 2022. The development will consist of 13 buildings with 4 basement levels and 29 above-ground floors, totaling 959 units, of which 332 units sized 59 to 115㎡ are available for general sale. Move-in is scheduled for January 2029.