First-round average competition ratio hits 39.71 to 1

Pre-sale price seen as reasonable compared to nearby new complexes

A rendering of Ssangyong the Platinum Seodaemun. [Ssangyong E&C]
A rendering of Ssangyong the Platinum Seodaemun. [Ssangyong E&C]

Ssangyong the Platinum Seodaemun, a residential development in Hongeun-dong, Seodaemun-gu, Seoul, closed all unit types in the first-round apartment subscription with a peak competition ratio of 240.5 to 1 and an average of 39.71 to 1. More than 1,000 applicants were drawn in by pre-sale prices considered reasonable compared to market prices at nearby new complexes.

According to the Korea Real Estate Board's subscription portal, the first-round general subscription for local residents held Tuesday drew 1,112 applicants for 28 units, closing at an average ratio of 39.71 to 1.

By unit type, the 59-square-meter Type A saw the fiercest competition at 240.5 to 1. The 84-square-meter Type A recorded a ratio of 25.39 to 1, while the 84-square-meter Type B came in at 15.67 to 1.

"The reasonable pre-sale price, set below nearby market rates, drove popularity among end-user buyers," a project official said. Pre-sale prices start at 1.08 billion won ($781,000) for the 59-square-meter unit on the third floor, with 84-square-meter units ranging from 1.28 billion to 1.37 billion won.

The complex will be built on a site at 355 Hongeun-dong, Seodaemun-gu, comprising three buildings with four below-ground floors and 20 above-ground floors. Several elementary, middle and high schools are located nearby, including Myeongji, Chungam and Hongyeon elementary schools. The complex is also close to Baengnyeonsan, Hongje Stream and Ansan Urban Natural Park. Of the 177 total units, 62 are available for general pre-sale. Move-in is scheduled for January 2030.

Winners will be announced Wednesday, with contract signings running from Sept. 14 through Sept. 16.


shy@heraldcorp.com
hss@heraldcorp.com