'Hoban Summit Mokdong' First Priority Subscription Closed... Average Competition Rate 128 to 1

▲ Aerial view of 'Hoban Summit Mokdong' in Sinjeong-dong, Yangcheon-gu, Seoul. (Provided by Hoban Construction)

[Asia Economy Reporter Chunhee Lee] 'Hoban Summit Mokdong' in Yangcheon-gu, Seoul, succeeded in closing the first-priority subscription with triple-digit competition rates in most unit types. The average competition rate was 128 to 1, and the highest competition rate was 179 to 1 for the 59㎡ (exclusive area) unit.

According to the Korea Real Estate Board's subscription homepage on the 22nd, the first-priority local subscription application for Hoban Summit Mokdong, held on the 21st, attracted 17,671 applicants for 138 units excluding special supply, showing an average competition rate of 128 to 1.

The highest competition rate was for the 59㎡A (exclusive area) type, with 3,397 applicants competing for 19 units, resulting in a high competition rate of 178.8 to 1. Other unit types also recorded mostly triple-digit competition rates, ranging from 95.6 to 1 to 156.3 to 1.

This complex also showed a high competition rate of 63.5 to 1, with 6,347 applicants for 100 units during the special supply subscription held on the 20th.

In particular, Hoban Summit Mokdong attracted attention as the last complex to avoid the strengthened subscription regulations implemented from the 17th. The Ministry of Land, Infrastructure and Transport enforced an amendment to the 'Housing Supply Regulations' from the 17th as a follow-up measure to the December 16 real estate policy announced last year, which included strengthening residency requirements for priority supply candidates in the relevant areas and extending the re-winning restriction period. These regulations apply to complexes applying for resident recruitment approval after this date.

Accordingly, the residency requirement for first-priority local subscription in speculative overheated districts in the metropolitan area or large-scale land development districts over 660,000㎡ has been strengthened from 1 year to 2 years. This applies not only to speculative overheated districts such as Seoul and Gwacheon-si in Gyeonggi Province but also to Gwacheon Knowledge Information Town and the upcoming 3rd new towns.

The new rules also include a plan to extend the maximum re-winning restriction period from the current 5 years to up to 10 years for houses under the price ceiling system or in speculative overheated districts. However, Hoban Summit Mokdong completed its resident recruitment announcement on the 10th, making it the last complex to avoid regulations such as strengthened residency requirements and extended re-winning restriction periods.

A sales official from Hoban Construction said, "We expected good results as tens of thousands of people accessed the cyber model house daily," adding, "It seems that consumers gave favorable evaluations in terms of location, price, and product quality." The average sale price per 3.3㎡ of this complex was about 24.48 million KRW.

This complex is supplied through the Sinjeong Redevelopment Promotion District 2-2 housing redevelopment project, consisting of 7 buildings from 3 basement floors to 19 above-ground floors, with 407 units ranging from 39 to 84㎡. Among them, 238 units are for general sale, including special and general supply.

The biggest advantage of this complex is its excellent infrastructure. It is a station-area complex located within a 5-minute walk from Sinjeong Sageori Station on Subway Line 2. It is also adjacent to major roads such as Gyeongin Expressway, Nambu Beltway, and Seobu Arterial Road.

Educational infrastructure is also excellent. Nammyung Elementary, Yangmyeong Elementary, and Sinseo Middle School are located right next to the complex, and Sinseo High School and Baekam High School are also nearby. Additionally, Mokdong Academy District, one of Seoul's three major academy districts, is adjacent, which is expected to satisfy parent applicants.

The announcement of winners is scheduled for the 29th. Subsequently, contracts with winners will be conducted over three days from the 11th to the 13th of next month. The expected move-in date is March 2022.

This content was produced with the assistance of AI translation services.