Syangyong Construction's 'Syangyong The Platinum Seodaemun' in Hong-eun-dong, Seodaemun District, achieved a remarkable subscription rate of 240.5 to 1 in its first round, successfully closing all unit types.
The Korea Real Estate Agency reported on the 26th that for the first round of subscriptions in the designated area, 1,112 applicants registered for 28 units (excluding special supply), resulting in an average competition rate of 39.71 to 1.
By unit type, the 59㎡A model attracted 721 applicants for 3 units, yielding the highest competition rate of 240.5 to 1. The 84㎡A model recorded a rate of 25.39 to 1, while the 84㎡B model had a rate of 15.67 to 1.
The high subscription rates are attributed to competitive pricing compared to surrounding market rates. The selling price for the 59㎡ unit is set at 1.08 billion won for the third floor, while the 84㎡ units range from 1.28 billion to 1.37 billion won. Given the recent upward trend in prices for newly built apartments in the Seodaemun area, the pricing is considered competitive.
'Syangyong The Platinum Seodaemun' will consist of three buildings with a total of 177 units, spanning from four basement levels to 20 stories, located at 355 Hong-eun-dong, Seodaemun District. The general sale includes 62 units, broken down into 3 units of 59㎡A, 53 units of 84㎡A, and 6 units of 84㎡B. Occupancy is expected in January 2030.
The development features a four-bay flat structure with storage spaces such as a pantry, dressing room, and individual storage. Each unit is allocated approximately 1.63 parking spaces. Various community facilities, including a fitness club, golf practice range, and a reading café, will also be available.
Nearby amenities include Myongji Elementary School, Myongji Middle School, Myongji High School, Myongji University, and a range of private tutoring centers, along with green spaces like Baengnyeonsan and Hongjecheon, contributing to a pleasant living environment.
The winners will be announced on September 2, with the contract signing scheduled from September 14 to 16.
A representative from the development stated, “By setting a reasonable price lower than nearby market rates, we attracted interest primarily from actual buyers since the model home opening, leading to excellent subscription rates. We expect the contract process to proceed smoothly due to the differentiated layouts and diverse community facilities.”
Meanwhile, the model home for 'Syangyong The Platinum Seodaemun' is located at 235 Susaek-ro, Eunpyeong District, Seoul.
* This article has been translated by AI.
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