9,189 applications received for 1,307 general-supply units; complex spans 2,857 units in exclusive use areas of 59 and 84 square meters

A bird's-eye rendering of The Sharp Geomdan Lake Park. [Posco E&C]
A bird's-eye rendering of The Sharp Geomdan Lake Park. [Posco E&C]

The Sharp Geomdan Lake Park, a new apartment complex by Posco E&C in Incheon's Geomdan new town, recorded a peak competition ratio of 15.4 to 1 in its first-priority subscription round. Analysts say the relatively affordable pre-sale price — starting in the 400 million won ($259,000) range for the 59-square-meter (exclusive use area) type — has broadened demand for new apartments as far as Incheon.

According to the Korea Real Estate Board's subscription platform Cheongyanghome, Thursday's first-priority subscription results showed 9,189 applications received for 1,307 general-supply units — excluding special supply — for an average competition ratio of 7.03 to 1.

By block, Block 22 drew 4,838 applications for 677 units, averaging 7.15 to 1, while Block 23 received 4,351 applications for 630 units, averaging 6.91 to 1.

The highest ratio came from Block 22's 59-square-meter Type A, which drew 1,940 applications for 126 units, yielding a ratio of 15.4 to 1. Block 23's 59-square-meter Type A followed closely, with 1,635 applications for 125 units at 13.08 to 1.

The special supply round held Tuesday drew a combined 4,577 applications across Blocks 22 and 23. Block 22's 59-square-meter Type A first-time homebuyer special supply was the standout, attracting 1,139 applications for 67 units — a ratio of 17 to 1. That momentum carried into the first-priority round, reaffirming strong market preference for The Sharp brand within Geomdan new town.

The Sharp Geomdan Lake Park is a large-scale apartment complex on Blocks 22 and 23 of Geomdan new town, comprising 26 buildings with three below-ground and 29 above-ground floors, offering 59- and 84-square-meter units across a total of 2,857 households. Industry observers say the complex's status as the first Sharp-branded development in Geomdan new town, combined with its scale, has been a key draw for prospective buyers.

Its price competitiveness as a privately built housing project on public land subject to the price ceiling on new apartments has also been cited as a major factor in the strong subscription results. The 59-square-meter units starting in the 400 million won range have positioned the complex as a realistic homeownership option for end-users deterred by high pre-sale prices in Seoul and other major Greater Seoul markets.

"The market's strong interest in the symbolic value of the first large-scale Sharp brand complex in Geomdan new town, its price-ceiling-backed affordability, and its superior location and product quality — all of which were evident in the special supply round — have now been confirmed in the first-priority results as well," a company official said. "Given the strong subscription outcome, we expect the formal contract period to proceed smoothly."

Winner announcements are scheduled for July 2 for Block 22 and July 3 for Block 23. The formal contract period is set to run for five days, from July 14 to July 18.


hss@heraldcorp.com