The market is paying attention to the contract rate of ‘Olympic Park Foreon (Dunchon Jugong)’ in Dunchon-dong, Gangdong-gu, Seoul. There is an expectation that if Dunchon Jugong records a high contract rate, it will be able to reverse the cooling atmosphere of the pre-sale market.
According to the sales industry on the 17th, Dunchon Jugong will close the party contract that has been in progress since the 3rd. In the first-priority subscription held in December of last year, 13,647 people applied for 3,695 households, finishing with an average competition rate of 3.7 to 1, which was lower than market expectations.
Contract abandonment continued among the winners, but the situation changed on the 5th when the government lifted all areas of the metropolitan area except for the four districts of Seoul (Seocho, Gangnam, Songpa, Yongsan) from real estate regulation areas and pre-sale price ceilings. In Dunchon Jugong, as Gangdong-gu was lifted from the regulated area and the pre-sale price ceiling system, the resale restriction period was reduced from 8 years to 1 year, and the 2-year obligation of actual residence disappeared, allowing you to let go of the jeonse and monthly rent at the time of moving in. The 84㎡ exclusive area, which was unable to receive interim payment loans due to the pre-sale price exceeding 1.2 billion won, can also be loaned according to the changed regulations.
After announcing that the government’s deregulation policy would be retroactively applied, it is known that the number of contract inquiries for Dunchon Jugong increased rapidly. An official in charge of sales said, “We cannot disclose the specific contract rate, but following the announcement of the deregulation policy, those who were hesitant regarding signing the contract have turned friendly, so the contract is progressing better than expected.” There may be some, but mostly positive.”
However, there is also an airflow that cannot be optimistic until the actual contract rate is announced. ‘Jangwi Xi Radiant’ in Jangwi-dong, Seongbuk-gu, which started selling at the same time as Dunchon Jugong, had only 793 contracts out of 1330 general sales, and the contract rate was only 59.6%. On the 10th and 11th, non-priority subscriptions were made for the remaining 537 households, but the remaining amount might not be resolved.
The high pre-sale price of Dunchon Jugong also raises concerns. ‘Gangdong Heritage Xi’ in Gil-dong, Gangdong-gu achieved an average competition rate of 54:1 with a pre-sale price that was 400 million won cheaper than Dunchon Jugong. All 219 households for general sale were sold in the party contract held on the 10th and 12th and the preliminary winner contract therefollowing. The 59㎡ sale price for Gangdong Heritage Xi is between 650 million and 775 million won. The sale price for the same area in Dunchon Jugong ranges from 900 million to 1.06 billion won.
An industry insider explained, “As interest rates rise and the real estate market cools down, consumers’ price sensitivity has increased.”
Oh Se-seong, Hankyung.com reporter sesung@hankyung.com
