Hanwha Forena Ulsan Mugeo Fully Subscribed in First-Round Bidding With 9.89-to-1 Average Competition Rate [Real Estate AtoZ]

'Hanwha Forena Ulsan Mugeo,' which is being built on the former Hanwha Chemical company housing site-a location long coveted by Ulsan residents-has achieved strong success, recording a nearly double-digit subscription competition rate.

Perspective view of Hanwha Forena Ulsan Mugeo. Hanwha Construction Division.

원본보기 아이콘

According to Korea Real Estate Board's subscription platform on October 1, a total of 5,427 applicants vied for 542 units in the first-priority general supply subscription held the previous day, resulting in an average competition rate of 9.89 to 1. This far exceeds Ulsan's average subscription competition rate for the year, which stands at 5.43 to 1 according to Real Estate R114. Notably, all unit types were fully subscribed, even though the total supply included 120 units that had been carried over from the special supply due to insufficient applicants.

The highest competition rate was recorded for the 84㎡A type, with 3,216 applicants for 111 units, resulting in a rate of 28.97 to 1. The other types also closed in the first round: 84㎡B type at 9.83 to 1, 166㎡ type at 10.00 to 1, 84㎡C type at 3.17 to 1, 99㎡ type at 4.05 to 1, and 109㎡ type at 2.41 to 1.

Industry analysts attribute this popularity to a combination of locational premium and brand power. The complex is located at 1422-5, Mugeo-dong, Nam-gu, Ulsan, on the former Hanwha Chemical company housing site, which was once considered a prestigious residential area. It boasts both a quiet and pleasant environment and the advantages of a central living zone.

In particular, the site is close to Ulsan Grand Park, Hyundai Department Store, and large supermarkets, while more than ten elementary and middle schools are nearby, providing excellent educational conditions. Future transportation developments, including a planned tram and metropolitan railway, are also expected to enhance the area's value.

'Hanwha Forena Ulsan Mugeo' is the first Forena-branded complex that Hanwha Construction Division is introducing in Ulsan. The project will comprise eight buildings ranging from three basement levels to 25 floors above ground, with exclusive areas from 84㎡ to 166㎡, totaling 816 units. The complex targets demand for luxury apartments by offering a signature exterior design (Forena Exterior), predominantly south-facing layouts, underground storage for all units, a sky lounge, a book cafe, a pet park, and a variety of community facilities and advanced systems.

The announcement of successful applicants is scheduled for October 15, with contract signings to take place over three days from October 27 to 29. Move-in is planned for the second half of 2028.

원본보기 아이콘

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.