"Busan Pre-Regulation Subscription" Hillstate Namcheon Station The First, Closes with an Average of 558 to 1

108,241 Applications for 109 Households... 84㎡D at 1,585 to 1
Highest Competition Rate Among Busan's 2024 Sale Complexes... Suyeong-gu Subscription Before Regulation

[Asia Economy Reporter Kim Yuri] Hyundai Engineering recorded an average subscription competition rate of 558 to 1 for 'Hillstate Namcheon Station The First Ga,' supplied in Namcheon-dong, Suyeong-gu, Busan. This is the highest subscription competition rate in Busan this year. Although it is a small-scale complex with about 217 households, it avoided regulations by announcing just before Suyeong-gu was designated as a regulated area last month, and its location in the immediate vicinity of Namcheon Station is also analyzed to have influenced the high competition rate.

According to the Korea Real Estate Agency on the 4th, Hillstate Namcheon Station The First, which received first-priority subscriptions the day before, attracted 60,824 subscription accounts for 109 households (excluding special supply), recording an average competition rate of 558.02 to 1 for first priority. The highest competition rate came from the 84㎡D (exclusive area) type. With 15 households available, 23,783 people applied, resulting in an average competition rate of 1,585.53 to 1. In addition, ▲70㎡A 228.05 to 1 ▲70㎡B 220.62 to 1 ▲84㎡A 568.46 to 1 ▲84㎡B 434.46 to 1 ▲84㎡C 800.87 to 1 were recorded.

According to Real Estate 114, the highest subscription competition rate in Busan so far this year was 230.73 to 1 for 'Ssangyong The Platinum Geoje Asiad,' supplied in Geoje-dong, Yeonje-gu, in June. 17,305 people applied for 75 households. Hillstate Namcheon Station The First recorded a subscription competition rate more than 2.4 times higher than this.

A sales official said, "The complex is located right in front of Exit 4 of Namcheon Station on Busan Subway Line 2, and it seems to have attracted great interest as it also avoided regulations."

On the 19th, the Ministry of Land, Infrastructure and Transport announced that Suyeong-gu, Busan, would be designated as a regulated area, effective from the 20th. This complex received approval for sale announcement on the 19th, before the regulation took effect, so it was not subject to regulated area restrictions and subscription eligibility conditions followed non-regulated area rules.

When designated as a regulated area, first-priority subscription requires subscription accounts to be held for more than 2 years and at least 24 payments made, strengthening eligibility requirements. The point system application expands to 75% for units under 85㎡ and 30% for units 85㎡ or larger, and the point system application for national and private housing requires applicants to be without home ownership. Financially, loan conditions such as loan-to-value ratio (LTV) 50% for under 900 million KRW and 30% for over 900 million KRW, and debt-to-income ratio (DTI) 50% are applied, and down payment of 10% of the sale price, and a limit of one guarantee per household for intermediate payment loans are also strengthened.

Hillstate Namcheon Station The First consists of 217 households in two buildings, ranging from 70 to 84㎡, from basement level 5 to ground level 34. Commercial facilities of 3,572㎡ will be established on the 1st and 2nd floors, and apartments will be located from the 3rd to the 34th floors. The announcement of winners is scheduled for the 10th, with official contracts conducted over three days from the 22nd to the 24th. Move-in is planned for December 2023.

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