2200 Applicants Flocked to Special Supply for Gaepo1 Reconstruction 'The H Firstier I-Park'

[Asia Economy Reporter Yuri Kim] On the 21st, an intense competition for first-priority subscription is expected for the reconstruction of Jugong Complex 1 in Gaepo-dong, Gangnam-gu, Seoul. This apartment, transforming into "The H Firstier I-Park," attracted over 2,200 applicants in the special supply recruitment (100 units) held on the 20th.

According to the Korea Real Estate Board on the 21st, 2,208 people applied for 100 units of The H Firstier I-Park in Gaepo-dong, Gangnam-gu, which received special supply subscriptions the previous day, recording an average competition rate of 22 to 1. All special supply units are 34㎡ (exclusive area), structured as ultra-small apartments with one bedroom, one living room, and one bathroom. Among the 100 units, 67 were allocated for newlywed couples' special supply, attracting 1,720 applicants. Additionally, 224 applications were received for the multi-child family special supply.

In speculative overheated districts such as Seoul, units priced over 900 million KRW are not supplied for special categories like newlywed couples or multi-child families. This is why special supply units rarely appear in private apartments in the Gangnam area of Seoul. Despite the limited demand for these ultra-small apartments in the special supply, many applicants have gathered due to their rarity and the expectation of several hundred million KRW in capital gains.

Industry insiders expect the competition rate for the first-priority subscription to soar as the general supply exceeds 1,000 units. Rarely in the Gangnam area, 100 units over 85㎡ will be allocated by lottery, allowing cash-rich applicants with low subscription scores to actively compete. The average sale price per 3.3㎡ of this complex is 47.5 million KRW, with prices ranging from 690 million KRW to 2.383 billion KRW depending on the area.

The H Firstier I-Park consists of 74 buildings from 4 basement floors to 35 aboveground floors, totaling 6,702 units ranging from 34㎡ to 179㎡, of which 1,235 units sized 34㎡ to 132㎡ are for general sale. These include 237 units of 34㎡, 324 units of 49㎡, 549 units of 59㎡, 59 units of 112㎡, and 66 units of 132㎡. The expected move-in date is January 2024.

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