Local Brand Complexes Sorting the Wheat from the Chaff, First Priority Subscription Fully Subscribed 'Warmth'

Although not as much as in the metropolitan area, some complexes in provincial regions have performed well, with certain complexes closing subscriptions within the ranking depending on the brand, location, and sale price.

Goduk Jaicentero Bird's-eye View / Image Courtesy of GS Construction

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According to the Korea Real Estate Board's subscription website on the 3rd, Godeok Jaicentero, built by GS Construction in Godeok-dong, Pyeongtaek-si, Gyeonggi-do, recorded a competition rate of 45.3 to 1 with 4,034 applicants for 89 units in the first-priority subscription on the 28th of last month. In particular, for the exclusive area 84㎡A, 1,233 applicants from the relevant area, 706 from other parts of Gyeonggi, and 560 from other regions applied for 45 units, showing competition rates of 88.1 to 1, 213.9 to 1, and 112.6 to 1, respectively. The exclusive 84㎡B showed the highest competition rate of 132.0 to 1 from other parts of Gyeonggi.

The sale price of Godeok Jaicentero is 495 million KRW for a single unit size, which some consider somewhat high for a public sale with private participation complex. However, compared to the nearby Sinan Insbill Signature exclusive 84㎡, which traded between 585 million and 600 million KRW in March, it is about 100 million KRW cheaper, and demand is concentrated due to its proximity to large industrial complexes such as Samsung Electronics Pyeongtaek Campus and Brain City.

On the same day, Haeundae Station Prugio The One in U-dong, Haeundae-gu, Busan, succeeded in subscription popularity. This complex recorded an average competition rate of 4.8 to 1 with 1,211 applicants for 251 units in the first-priority subscription. Among them, the competition rate for the exclusive 84㎡, which supplied 79 units, was the highest at 8.54 to 1 in the relevant area. Among the four types in total, only the exclusive 74㎡ was closed in the second priority.

Haeundae Station Prugio The One is noted for its drawbacks in view and lighting. This is because the 45-story Haeundae Kyungdong Rein View 2nd phase will start moving in next May right in front of the complex. However, in the actual subscription, the ultra-station area of Haeundae Station, the floor plan, and the sale price cheaper than nearby market prices acted as positive factors. The exclusive 84㎡ ranges from 600 million to 900 million KRW depending on the floor, while the nearby Haeundae Central Prugio, which moved in this January, has a listing price exceeding 1 billion KRW.

Ham Young-jin, head of the Zigbang Big Data Lab, said, "It can be seen as almost no failure in subscriptions in the Gangnam area of Seoul," adding, "The success or failure of subscriptions inevitably polarizes depending on location and sale price."

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