'Sejong Richensia Familie' First Priority Fully Subscribed... Average Competition Rate 183 to 1

[Asia Economy Reporter Moon Jiwon] Approximately 85,000 applicants flocked to apply for the 'Sejong Richensia Familier' residential-commercial complex apartments located in H2 and H3 blocks of the 6-3 living zone in Sejong Administrative City.

According to the Korea Real Estate Agency's subscription website on the 3rd, the first-priority subscription for Sejong Richensia Familier held the previous day attracted 71,464 applicants for 390 units (excluding special supply), recording an average competition rate of 183.2 to 1. Including the 13,382 applicants from the earlier special supply, a total of 84,846 people applied.

The H2 block saw 48,266 applicants for 218 units, resulting in an average competition rate of 221.4 to 1, while the H3 block attracted 23,198 applicants for 172 units, showing an average competition rate of 134.8 to 1.

The highest competition rate was for the H2 block’s 90㎡B unit in the other Gyeonggi area category, which drew 19,843 applicants, equating to 2,099.9 to 1. The H3 block also showed a high competition rate of 1,976 to 1 with 1,500 applicants for the same 90㎡D unit in the other Gyeonggi area category.

Considering that the announcement dates for winners in both H2 and H3 blocks were the same, making duplicate applications impossible, these are significant competition rates.

The apartment sale price per 3.3㎡ was 12.81 million KRW for H2 block and 13.09 million KRW for H3 block, marking the highest prices since the first sale in Sejong City in 2010.

Although the prices are relatively high, the surge in apartment prices in Sejong City last year led many applicants to believe they could gain substantial capital gains, which explains the influx of applicants.

The winners for both H2 and H3 blocks will be announced on the 9th, and the official contracts will be conducted over five days from the 22nd to the 26th. The resale restriction period is four years from the announcement date, and move-in is scheduled for January 2024.

Sejong Richensia Familier is a residential-commercial complex comprising 1,350 apartment units, 217 officetel rooms, and commercial facilities.

The H2 block consists of 12 buildings with 3 basement floors and up to 34 floors above ground, including 770 apartments ranging from 59 to 100㎡ and 130 officetel rooms ranging from 20 to 35㎡. The H3 block consists of 8 buildings with 3 basement floors and up to 35 floors above ground, including 580 apartments ranging from 59 to 112㎡ and 87 officetel rooms ranging from 20 to 35㎡.

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