This Year's First Newlywed Hope Town Preliminary Subscription Ends with an Average Competition Rate of 4.3 to 1

Citizens participating in pre-subscription (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] The first pre-sale application for the Newlywed Hope Town this year has concluded with an average competition rate of 4.3 to 1.

The Ministry of Land, Infrastructure and Transport announced on the 24th that the first public pre-sale application of the year, announced on the 28th of last month, received about 7,900 applications for the supply of 1,800 units in the Newlywed Hope Town, recording an average competition rate of 4.3 to 1.

The Namyangju Wangsuk2 district, a 3rd phase new town, showed an average competition rate of 6.8 to 1, followed by Incheon Gyeyang at 6.1 to 1, and Namyangju Wangsuk at 3.8 to 1. The highest competition rate was recorded for the 55㎡ terrace type in Namyangju Wangsuk, at 43 to 1.

Unlike other districts, the Incheon Gajeong2 district supplied 491 households exclusively to the local area, resulting in a total of 680 applications (1.4 to 1) and an early closing. This district is analyzed to have been popular among newlyweds as a child-friendly city, with excellent accessibility to Seoul, transportation convenience, parks and green spaces, job conditions, as well as specialized designs for childcare and education, and the installation of national and public kindergartens.

The majority of applicants were in their 30s (66.2%) and 20s (23.4%), and the applicants’ residential areas were 43.8% in Seoul and 56.1% in Gyeonggi and Incheon, indicating that currently, residents of Seoul also show high interest in the Gyeonggi and Incheon areas.

After verifying the eligibility of subscription savings accounts, winners will be announced first on the 31st, and additional screening will be conducted to confirm whether they meet income and non-homeownership criteria.

Kim Soo-sang, Director of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, said, “This public Newlywed Hope Town pre-sale was able to close amid high interest from newlyweds,” and added, “Next week, we plan to newly supply a total of 45,000 pre-sale units, including 13,000 public sale units and 32,000 private sale units in 2nd phase new towns and other areas.”

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