Sejong Subscription Rush After Abolishing 'Public Official Special Allocation'... Sejong Xi The City Average Competition Rate 92 to 1

Sejong Ja-i The City Bird's-eye View

[Asia Economy Reporter Ryu Tae-min] More than 20,000 applicants flocked to the special supply of 'Sejong Xi The City,' the first housing complex to be sold after the abolition of special public housing for Sejong City government officials, recording an average competition rate of 92 to 1. In particular, the life-first type, which is popular among prospective applicants, showed a high competition rate of up to 612 to 1.

According to the Korea Real Estate Board's subscription homepage on the 28th, 22,678 people (excluding institutional recommendations) applied for the special supply of Sejong Xi The City, located at 1567 Jeongan Sejong-ro, Sejong City, recording an average competition rate of 92 to 1. By category, the life-first type had the highest competition rate of 509.7 to 1, with 11,725 applicants for 23 units. The newlywed couple type followed with 7,827 applicants (260.9 to 1) for 30 units, and the elderly parent support (21 to 1) and multi-child family (16 to 1) types also recorded double-digit competition rates.

The type with the highest competition rate was 84㎡A (exclusive area). For the 84㎡A life-first type, 7,961 applicants competed for 13 units, recording a rate of 612 to 1. The 84㎡C life-first type had the second highest competition rate of 422 to 1, with 2,536 applicants for 6 units, followed by the 84㎡B life-first type with 1,228 applicants for 4 units (307 to 1).

Sejong Xi The City consists of 24 buildings from basement level 2 to ground level 25, with 44 types ranging from 84 to 154㎡ exclusive area. The total scale is 1,350 households.

This complex gained popularity as the abolition of special public housing for government officials in Sejong City increased the supply available to the general public due to changes in the subscription system. In particular, the large number of medium to large-sized units, which are highly preferred, and the opportunity to move into Sejong City through a lottery system rather than a point system played a significant role.

The application of the price ceiling system also influenced the affordability. The sale price for 84㎡ units was up to 470 million KRW. Compared to the nearby Areum-dong Beomjigi 1st Complex Hanyang Soojain 84㎡, which was sold for 865 million KRW in April, and Haemil-dong Haemil Village 3rd Complex Sejong Master Hills 84㎡, which was sold for 670 million KRW in February, the price is about 200 to 400 million KRW cheaper.

Meanwhile, from the 28th, first-priority subscriptions for 1,106 households will also proceed. 50% of the total supply will be preferentially allocated to local residents who have lived in Sejong City for more than one year, and the remaining 50% will be supplied to residents of other regions (no residency conditions). The resale restriction period is 4 years for general supply and 5 years for special supply, with no mandatory residence period. Move-in is scheduled for July 2024.

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