90,000 Apply for Godeok Gangil Jeil Punggyeongchae Subscription... First Priority Competition Rate 150 to 1

1st Priority Average Competition Rate 150.2 to 1
Total of 94,788 Applicants Combining Special and 1st Priority

Perspective View of Godeok Gangil Jeil Punggyeongchae

[Asia Economy Reporter Ryu Tae-min] ‘Godeok Gangil Jeil Punggyeongchae,’ the last apartment complex in Seoul to avoid the so-called ‘Jeonwolse Prohibition Act,’ attracted attention and closed its first-priority subscription with an average competition rate of 150 to 1.

According to the Korea Real Estate Board’s subscription website on the 5th, 73,769 people applied for the 491 units of Godeok Gangil Jeil Punggyeongchae, which received first-priority subscriptions the day before. This resulted in an average competition rate of 150.2 to 1.

The highest competition rate was 629.76 to 1 in the 101㎡ A Other Area, where 11,821 subscription accounts were submitted. This area is subject to a lottery system, with a total of 82 units recruited in the relevant and other areas combined, attracting 25,961 applicants.

This complex drew attention as the last apartment complex in the metropolitan area subject to the price ceiling system that avoids the so-called ‘Jeonwolse Prohibition Act,’ which imposes a maximum five-year mandatory residence requirement.

In the special supply held on the 3rd, 21,018 people applied for 289 units, bringing the total number of applicants for first-priority and special supply to 94,788. Among them, 21,018 applied for categories such as first-time homebuyers and newlyweds. The first-time homebuyer category saw 12,236 applicants for 76 units, resulting in an average competition rate of 161 to 1. Newlyweds also recorded an average competition rate of 65.7 to 1.

The complex consists of six buildings ranging from two basement floors to 27 floors above ground, with a total of 780 units. It is composed of medium to large-sized units with exclusive areas ranging from 84 to 101㎡.

The average sale price per 3.3㎡ of Godeok Gangil Jeil Punggyeongchae was set at 24.29 million KRW, with prices ranging from 814.7 million KRW to 899.9 million KRW for the 84㎡ units and from 956.4 million KRW to 1.0866 billion KRW for the 101㎡ units.

Meanwhile, the winners will be announced on the 12th of this month, and the official contracts will be signed from the 27th of this month to the 6th of next month. Move-in is scheduled for January 2024.

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