Over 20,000 Apply for 'Hillstate Bongdam Pride City' Subscription

15,710 First-Priority Applications... Over 10,000 Applications in Seoul, Gyeonggi, and Other Areas
16 of 17 Housing Types Filled Supply Quotas in First-Priority Local Areas
Exclusive 59㎡C First-Priority Other Areas, 1,811 Applications for 17 Units... 106.53:1 Competition Ratio
Winners Announced on September 1, Official Contracts from September 13 to 19 for 7 Days

Hillsstate Bongdam Pride City bird's-eye view.

[Asia Economy Reporter Kangwook Cho] More than 20,000 applicants flocked to apply for ‘Hillstate Bongdam Pride City,’ launched in Block 2 of Naeri District, Bongdam-eup, Hwaseong-si, Gyeonggi-do.

According to the Korea Real Estate Board's subscription website on the 28th, a total of 21,425 applicants (2,861 for special supply, 18,564 for 1st and 2nd priority) applied for the subscription of ‘Hillstate Bongdam Pride City’ from the 23rd to the 26th, for 2,333 households (including special supply).

In particular, among the 17 housing types, 16 housing types filled the supply units in the 1st priority local area subscription. In the 1st priority other area subscription, which was held because the reserve winner ratio was not met, more than 10,000 subscription accounts were received, showing strong interest from non-local residents.

The 84㎡ exclusive area and the 115㎡ penthouse were quickly sold out in the 1st priority local area subscription. The 115㎡ exclusive area recorded a competition rate of 82.67 to 1, with 248 applicants for 3 units, and the 84㎡A exclusive area showed a competition rate of 16.3 to 1, with 538 applicants for 33 units. The 84㎡B, C, and D exclusive areas also closed in the 1st priority local area with competition rates of 15.69 to 1, 11.55 to 1, and 6.83 to 1, respectively.

Especially, the 59㎡C exclusive area, which failed to fill the 17 supply units in the 1st priority local area subscription, recorded a competition rate of 106.53 to 1 with 1,811 subscription accounts received only in the 1st priority other area subscription. The 59㎡A, 59㎡C, and 72㎡A exclusive areas, which received 1st priority other area subscriptions, each attracted more than 1,000 subscription accounts per housing type.

A sales official explained, “As house prices in Hwaseong Bongdam area continue to rise steadily, and the project is developed as a competitively priced branded large complex, there was considerable interest not only from Hwaseong but also from residents of Suwon, Seoul, and other metropolitan areas. Despite having 17 different housing types, the supply units were virtually filled in the 1st priority local area, and with the location value verified by the quick sell-out of the first complex, we expect good sales results.”

Perspective view of Hillstate Bongdam Pride City.

Hillstate Bongdam Pride City is the final complex of Bongdam Pride City, consisting of 4,034 households in total, with 17 buildings ranging from 3 basement floors to 35 floors above ground, and 2,333 households with exclusive areas of 59 to 105㎡. The number of households by exclusive area is △59㎡ 1,071 units △72㎡ 644 units △84㎡ 615 units △105㎡ 3 units (penthouses), and except for the penthouses, all housing types are small to medium-sized.

The sale price is on average around 340 million KRW for the 59㎡ exclusive area and around 450 million KRW for the 84㎡ exclusive area. Considering that last month, the ‘e-Pyeonhansesang Sinbongdam’ (moved in September 2019) 59㎡ exclusive area in Bongdam-eup was traded at 600 million KRW, and the ‘Bongdam Hanshin The Hue Edu Park’ (moved in June 2019) 84㎡ exclusive area was traded at 620 million KRW, the sale price is competitively positioned.

The winners will be announced on September 1, and the official contract period will be held for 7 days from the 13th to the 19th.

Move-in for Hillstate Bongdam Pride City is scheduled for August 2024.

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