Hillsstate Songdo The Sky Non-Sequential Subscription '1175.3 to 1'

[Asia Economy Reporter Kim Yuri] Over 60,000 people flocked to apply for 50 units in the non-priority subscription of 'Hillstate Songdo The Sky' in Yeonsu-gu, Incheon.

According to Hyundai Engineering & Construction on the 12th, 58,763 applications were received for the non-priority subscription held the previous day, recording an average competition rate of 1175.3 to 1. The highest competition rate was 28,007.5 to 1 for the 84㎡ (exclusive area) A type. With 2 units available, 56,015 people applied. 157㎡A type recorded a competition rate of 1574.6 to 1 with 12,597 applicants for 8 units supplied, and 120㎡A type saw 27,173 applicants for 40 units, showing a competition rate of 679.3 to 1.

Hillstate Songdo The Sky previously recorded an average competition rate of 72.2 to 1 with 58,021 applicants in the first-priority subscription held in March. The sale price for the 84㎡ units is up to approximately 773.8 million KRW. The complex is located in B2 Block, 1st District, Songdo International City, Yeonsu-gu, Incheon. It consists of 6 buildings (including 1 officetel building) ranging from 5 basement floors to a maximum of 59 floors above ground, with a total of 1,525 units including 1,205 apartments sized 84 to 175㎡ and 320 residential officetel units sized 59㎡.

The market viewed the high competition rate as influenced by the possibility of multiple applications per type and the anticipated strengthening of resale restrictions in non-regulated areas starting in August. On the same day, the government announced that the resale restriction period for houses supplied in private land in the Seoul metropolitan area’s overconcentration control zones, growth management zones, and urban areas of provincial metropolitan cities, including Incheon where the complex is located, will be strengthened from the existing 6 months to until the ownership transfer registration is completed. This includes Incheon, Uijeongbu, Guri, Namyangju, Hanam, Osan, Ansan, Gunpo, Pyeongtaek, as well as Daejeon, Daegu, Gwangju, Ulsan, and Busan. Once the revision of the Housing Act Enforcement Decree containing these measures is completed in August, the regulations will apply to complexes that announce their resident recruitment after that. The market expects that restrictions on pre-sale rights trading will reduce speculative demand in these areas.

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