[Provided by GH]
[Provided by GH]

Gyeonggi Housing and Urban Development Corp. (GH) said Thursday that 20,946 applications poured in for 240 units of equity-accumulation pre-sale housing — the first of its kind in the country — during the apartment subscription period for "Gwangyo Jayeon & Centreville" in Gwangyo new town, Suwon, from Monday through Wednesday.

The average competition ratio for the equity-accumulation units reached 71 to 1 for special supply and 100 to 1 for the first round of general supply. An additional 30,856 applications were submitted for 360 standard public pre-sale units offered in the same complex, bringing total subscriptions across the entire development to 51,802.

For the equity-accumulation special supply, 11,985 applications were received for 168 units. The youth special supply category drew particular attention, with 5,768 applications competing for 36 units — accounting for 48.1 percent of all special supply applications. The average competition ratio for youth special supply was 160 to 1, the highest among the six special supply categories.

The most sought-after unit type among youth applicants was the 59-square-meter Type B, where 4,629 applications were submitted for 22 units allocated to youth, yielding a competition ratio of 210 to 1. For the equity-accumulation general supply, 7,233 first-round and 1,728 second-round applications were received for 72 units.

Under the equity-accumulation model, buyers can move in immediately by paying just 25 percent of the initial pre-sale price — covering the down payment and balance combined — and depositing a rental deposit for GH's retained share. After move-in, residents make additional payments every five years, calculated on the basis of the original pre-sale price plus accrued interest, acquiring equity stakes of 20, 20, 20 and 15 percent in stages to achieve full ownership over 20 years.

The standard public pre-sale units offered alongside also drew strong interest. Some 10,521 applications were submitted for 270 special supply units, while the 90 general supply units attracted 16,587 first-round and 3,748 second-round applications. The average first-round competition ratio for general supply stood at 184 to 1, with the 84-square-meter Type A recording the highest ratio in the complex at 260 to 1, drawing 2,606 applications for 10 units.

GH President Kim Yong-jin said the strong response from young people and residents across the province to the country's first equity-accumulation pre-sale housing was encouraging. "Building on the results of this first offering, we will continue to supply innovative public housing that serves as a genuine residential ladder for young people who, despite having a steady income, have struggled to save a large lump sum upfront," Kim said.


fob140@heraldcorp.com