'Geomeam Station Royal Park City Prugio' attracts 85,000 applicants for first priority subscription... Incheon record high

Model of Geomam Station Royal Park City Prugio.

[Asia Economy Reporter Donghyun Choi] 'Geoman Station Royal Park City Prugio,' which was highlighted as Incheon's 'last lotto' before real estate regulations were strengthened, attracted about 85,000 applicants in the first-priority subscription, breaking Incheon's all-time highest subscription record.

According to the Korea Real Estate Board's subscription website on the 9th, 84,730 applications poured in for the first-priority subscription of Geoman Station Royal Park City Prugio, which was held that day, for 3,134 units (excluding special supply), closing all types in the first priority. The 84㎡C type in Complex 1 recorded the highest competition rate of 94.77 to 1. This complex, supplied by DK Urban Development and DK Asia in the Geoman Station area of Seo-gu, Incheon, instantly surpassed the 58,021 applications of 'Hillstate Songdo The Sky,' which set the highest record in Incheon this year, achieving the highest subscription number in Incheon.

The complex is developed as a 'high-end' apartment with about 90% of the total units being small to medium-sized under 84㎡ (exclusive area), offering ocean view and river view, double station access to Geoman Station and Dokjeong Station, and various leisure facilities with a resort concept. Along with a sale price cheaper than the surrounding market price, it is interpreted that a large number of young demanders wanting to 'own a home' gathered as 80% of the units were selected by lottery.

The sale price averages 15.74 million KRW per 3.3㎡. For the 84㎡ type, it is 15.29 million KRW per 3.3㎡. This is cheaper than the nearby Geomdan New Town, where prices are traded at around 17 million KRW per 3.3㎡. A sales official explained, "The complex's great popularity comes from providing top-class community facilities that one would expect only in Gangnam and various services usually enjoyed only at luxury resorts, allowing residents to solve everything within the complex," adding, "As the last beneficiary complex avoiding strict real estate regulations such as resale restrictions and mandatory residence, even non-homeowners with low subscription scores have a high chance of winning, so a large number of young people in their 30s and 40s seem to have gathered."

This complex is not subject to resale prohibition regulations on pre-sale rights, so unlimited resale is possible regardless of the number of times after six months from the announcement of winners. With the application of the safe resale program, resale is possible before the first interim payment. It also avoided the 'up to 5 years mandatory residence' regulation applied to apartments under the metropolitan area price ceiling system. The contract requires 10% down payment and 60% interim payment with interest deferred, and the loan-to-value ratio (LTV) can be up to 70%.

Meanwhile, this complex, constructed by Daewoo E&C, consists of 25 buildings ranging from 2 basement floors to a maximum of 40 floors above ground, with units sized from 59 to 241㎡, totaling 4,805 households.

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