533 general-supply units sought; average competition ratio of 5.76 to 1; price ceiling, transit proximity cited as key draws

A rendering of Hoban Summit Pungmu II. [Hoban Construction]
A rendering of Hoban Summit Pungmu II. [Hoban Construction]

Hoban Summit Pungmu II, a new apartment complex by Hoban Construction near Gimpo's Pungmu Station, drew an average competition ratio of 5.76 to 1 in its first-round subscription.

Hoban Construction said Tuesday that 3,072 applications were received for the 533 general-supply units — excluding special supply — when first-round subscriptions opened June 2.

According to subscription data from the Korea Real Estate Board's Apartment Subscription Home platform, the average competition ratio stood at 5.76 to 1. The highest ratio came from the 59-square-meter Type A units, where 1,080 applications were filed for 42 units, yielding a ratio of 25.71 to 1. The 84-square-meter Type A and Type B units followed at 10.73 to 1 and 3.78 to 1, respectively.

Hoban Construction attributed the strong interest to the complex's location directly adjacent to Pungmu Station, price competitiveness under the price ceiling on new apartments, and the scarcity of a large branded complex within the Gimpo Pungmu transit-oriented development zone.

Winners will be announced June 10. Contract signings are scheduled over four days from June 22 to June 25. Subscription applications for the balcony-type officetel units remain open through Thursday.

"From the moment the model house opened, we received a flood of inquiries about the walkable distance to Pungmu Station and the price ceiling designation," a sales official for Hoban Summit Pungmu II said. "The 38-story landmark product and its position at the heart of the 2,675-unit Hoban Summit brand town also earned strong reviews."

Hoban Summit Pungmu II will rise on Block C5 of the Gimpo Pungmu Station transit-oriented urban development project in Sau-dong, Gimpo, Gyeonggi Province. The complex comprises both apartment units and balcony-type officetel units.

The residential building will span three below-ground floors to 38 above-ground floors across five towers, offering 961 units ranging from 59 to 182 square meters in exclusive use area. The balcony-type officetel will occupy a single tower running two below-ground floors to 26 above-ground floors, with 98 units all sized at 84 square meters. Move-in is scheduled for January 2030.

The balcony-type officetel marks the first such product offered within the Gimpo Pungmu transit-oriented development zone. It combines a residential officetel layout with balcony design to enhance livability. Because apartments and officetels fall under different supply categories, a single applicant may subscribe to both.

Meanwhile, Hoban Construction is also expanding its urban renewal business in the greater Seoul area. After opening a Seoul office at the Korea Press Center in Jung-gu last year to serve as a base for metropolitan-area contracts, the company recently secured construction rights for the Myeonmok Station Zone 6-5 block street housing improvement project in Jungnang-gu, Seoul.


quq@heraldcorp.com