Over 12,000 Applicants Flock to Pangyo Valley Xi Subscription

84㎡ Winning Market Profit 500 Million
Applications Flooded Due to Affordable Sale Price
3 Complexes Competition Rate 64.1 to 1

Perspective view of Pangyo Valley Ja-i.

[Asia Economy Reporter Donghyun Choi] More than 12,000 applicants flocked to the special supply of three complexes of ‘Pangyo Valley Xi’ in Godeung District, Seongnam, Gyeonggi Province, the first private housing supply in the metropolitan area in the new year. Accordingly, the first-priority subscription on the 8th for these complexes is also expected to see a sharp rise in the winning cutoff score due to overheating.

According to the Korea Real Estate Board’s subscription website on the 8th, the special supply of Pangyo Valley Xi in three complexes in Godeung District, which was supplied the day before, recorded an average competition rate of 64.1 to 1 with 12,769 applicants for 199 households.

By complex, the first complex, which supplied 74 households, saw the fiercest competition with 5,739 applicants. In particular, for the 84㎡ (exclusive area) first-time homebuyer supply in this complex, only 2 households were available but 1,497 people applied, pushing the competition rate up to 748.5 to 1. The second complex had 5,510 applicants for 74 households, and the third complex had 1,520 applicants for 51 households.

Despite being a special supply, the large number of applicants seems to be due to the affordable sale price. The sale price for the 84㎡ apartment in this complex is up to 856 million KRW, whereas the same size in ‘Godeung Hoban Summit Pangyo Valley’ within the district was sold for 1.345 billion KRW in November last year. This guarantees a price difference of about 500 million KRW upon winning.

Because of this, there is criticism that government regulations such as resale restrictions and re-subscription restrictions are not affecting the lottery-like subscription fever. Even for Pangyo Valley Xi, local priority supply eligibility requires residing in Seongnam for more than two years, the resale restriction period is eight years, and the re-subscription restriction period is ten years.

Meanwhile, the general first-priority subscription for Pangyo Valley Xi will be held on the same day. The general supply quantities by complex are △ Complex 1: 56 households △ Complex 2: 56 households △ Complex 3: 39 households. Since all supply units are small to medium-sized under 85㎡, winners will be selected solely by the point system.

An industry official predicted, "Since it is adjacent to Pangyo New Town and the sale price is very affordable, the winning cutoff score is expected to reach at least the mid-to-late 60s."

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