3,000 applicants chase 62 units at Wolgyae Jungheung S-Class Riviere, with top ratio of 105-to-1

Jungheung Construction, part of Jungheung Construction Group, said Wednesday that its Wolgyae Jungheung S-Class Riviere development in Wolgyae-dong, Nowon-gu, Seoul, has closed first-priority local-resident apartment subscriptions across all unit types.

According to the Korea Real Estate Board's subscription platform Cheongyanghome, Tuesday's first-priority local-resident subscription drew 3,024 applications for 62 units — excluding special supply — for an average competition rate of 48.77-to-1.

The highest competition rate came from the 84-square-meter exclusive use area type, which recorded a peak ratio of 105-to-1 and led the overall subscription performance. The special supply held Monday also drew strong interest, with 3,885 applicants competing for 73 units at an average rate of 53.22-to-1.

"The prime transit-oriented location next to Seokgye Station, easy access to Seoul's major business districts, and the future value tied to the Jangwi New Town redevelopment and Kwangwoon University Station area development appear to have driven the high subscription competition rate," a project official said. "Since the complex is centered on small- and mid-sized units that end-users prefer, we expect the strong momentum to carry through to the contract stage."

The complex, supplied through a residential reconstruction project in Wolgyae-dong, will be built at 487-17 Wolgyae-dong, Nowon-gu, Seoul. It will rise up to 20 above-ground floors across five buildings, with three below-ground floors, offering a total of 355 units in 36-, 59- and 84-square-meter types, of which 135 are available for general pre-sale. Winners will be announced Aug. 5, and contracts will run over three days from Aug. 18 to Aug. 20.

The complex sits immediately next to Seokgye Station, a transfer point for subway lines 1 and 6, offering convenient access to Seoul's major business hubs including City Hall, Seoul Station and Digital Media City. It also provides easy entry and exit to the Eastern Outer Circular Expressway and the Inner Circular Road.

The surrounding area offers additional development upside. The Jangwi New Town redevelopment project, which will create roughly 32,000 households, and the Kwangwoon University Station area development — a mixed-use project combining office, commercial and residential space — are both under way nearby.

Shopping and cultural amenities are close at hand, including the Seokgye Station commercial district, E-mart Traders' Wolgyae branch and the planned iPark Mall. The complex also offers easy access to schools — including Seongok Elementary, Kwangwoon Middle and Daejin High School — as well as the Junggye-dong hagwon district. Nearby green spaces include Uicheon Stream, Jungnangcheon Ecological Park and Bukseoul Dream Forest.

The complex provides 1.6 parking spaces per household and will include community facilities such as a residents' common area, a small library and a daycare center.