Remodeling Avoiding Bunsangje, a Huge Hit

29 Households for Sale at 'Songpa The Platinum'
Over 75,000 Applicants, 2599:1 Competition Rate
Applications Flood Despite High Sale Prices and Various Regulations

[Asia Economy Reporter Kim Hyemin] 'Songpa The Platinum,' which attracted attention as the first remodeled apartment in Korea to offer general sales, received applications from over 75,000 people for 29 units. Although the sale price was relatively high due to the non-application of the price ceiling system, it is analyzed that a large number of applicants flocked because of the advantage of being able to avoid various regulations.

According to the sales industry on the 12th, 'Songpa The Platinum,' a remodeled apartment of Anam Apartment in Ogeum-dong, Songpa-gu, received 75,382 applications for 29 units in the general sales held the day before, resulting in an average competition rate of 2,599 to 1. For the 72㎡ (exclusive area) units, 15 units received 41,961 applications, and for the 65㎡ units, 14 units received 33,421 applications.

Although there are differences in the subscription methods, this far exceeds the previous highest competition rate for general apartments, which was 809.1 to 1 at Dongtan Station Dietro Prestige.

This complex attracted market attention as it is the first apartment to offer general sales after the 2012 amendment of the Housing Act allowed an increase in the number of units in remodeling projects. With a scale of 328 units, the general sales portion was set below the 30-unit threshold for the price ceiling system, resulting in a high sale price. The price per 3.3㎡ is 52 million KRW, comparable to the Seocho-gu area, with the 72㎡ units reaching up to 1.5 billion KRW. This is the highest price ever for apartments sold in Songpa-gu.

The influx of applicants despite the high price seems to be because it was free from various regulations, which is rare in Seoul. Anyone aged 19 or older could freely apply without a subscription savings account, and there was no obligation for actual residence. The possibility of reselling the sale rights after the contract was also cited as a factor contributing to its popularity.

These results are expected to influence the sales of other remodeled apartments in the future. An industry insider said, "It is highly likely that the pricing standards for Songpa-gu Seongji Apartment and Seocho-gu Banpo Prugio, which plan to increase only 29 units, will be based on this case."

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