Why Are Subscription Competition Rates for Apartment Redevelopment Projects in the Greater Seoul Area Twice as High as General Ones?

This year, reconstruction and redevelopment apartment complexes are showing strong performance in the metropolitan area subscription market. As the uncertain real estate market atmosphere continues, it is interpreted that demand is concentrated on complexes with high stability as buyers become more selective in choosing apartments.

[Image source=Yonhap News]

According to the Korea Real Estate Board's Subscription Home on the 21st, among the metropolitan area (Seoul, Gyeonggi, Incheon) supply complexes that received subscription applications until October this year, 13 out of the top 20 complexes with the highest first-priority subscription competition rates were reconstruction and redevelopment apartments. Among these, 12 are branded apartments by major construction companies.

The difference in competition rates compared to general apartments is also significant. During the same period, 35 complexes supplied through redevelopment projects attracted 235,163 subscription accounts for 8,384 units excluding special supply, recording an average competition rate of 28.05 to 1. On the other hand, the overall competition rate for general apartments was an average of 12.39 to 1, less than half that of redevelopment apartments.

An industry insider said, "Reconstruction and redevelopment apartments are strongly supported by a mix of demand from those who want to stay in their original neighborhoods and those who expect future value," adding, "For homebuyers, securing a redevelopment apartment before construction cost increases push prices higher is also a good strategy."

Meanwhile, about 4,800 redevelopment apartments in the metropolitan area are scheduled to be supplied by the end of this year. According to Real Estate R114, out of 10,695 units in 13 complexes, 4,831 units are for general sale, and among these, 9 complexes are branded apartments by major companies. By region, Gyeonggi has the most with 5 complexes and 2,092 units, followed by Seoul with 6 complexes and 1,670 units, and Incheon with 2 complexes and 1,069 units.

DL Construction plans to supply ‘e-Pyeonhansesang Jemulpo Station Park Maison’ in November through the Sungui 3 Housing Redevelopment Project at 18 Sungui-dong, Michuhol-gu, Incheon. The complex will consist of a total of 736 units, with 449 units of 59, 74, and 84㎡ available for general sale.

The consortium of Samsung C&T Construction Division, SK Ecoplant, and Kolon Global plans to launch ‘Maegyo Station Pellucid’ in November in Seryu-dong, Gwonseon-gu, Suwon-si, Gyeonggi. The complex will be developed by redeveloping Suwon Gwonseon 113-6 district, consisting of a total of 2,178 units. Among these, 1,234 units ranging from 48 to 101㎡ will be available for general sale.

GS Construction will supply ‘Cheonggye Riverview Xi’ in December through the Yongdap-dong Housing Redevelopment in Seongdong-gu, Seoul. The complex will be a large-scale development with a total of 1,670 units ranging from 39 to 111㎡. Among these, 797 units sized 59 to 84㎡ will be for general sale.

Hyundai Construction is currently supplying ‘Hillstate Geum-o The First’ located in Geum-o-dong, Uijeongbu-si, Gyeonggi Province. The complex consists of 11 buildings from 3 basement floors to 32 above-ground floors, totaling 832 units ranging from 36 to 84㎡, with 408 units available for general sale.

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