2,161 applications received for 114 units
Geomam Station Prugio Pravenue, a public housing complex being developed by Incheon Housing and Community Corporation (iH) in the Geomam public housing district, drew a peak competition ratio of 132 to 1 in its first-round apartment subscriptions.
According to the Korea Real Estate Board's subscription portal, Tuesday's first-round subscriptions — excluding special supply units — drew 2,161 applications for 114 units, yielding an average competition ratio of 19 to 1.
The 60-square-meter Type A units attracted 263 applications for just 2 units, recording the peak ratio of 132 to 1, while the 60-square-meter Type B units drew 447 applications for 11 units, a ratio of 40.6 to 1.
The special supply round also drew strong interest, with 1,158 applications submitted for 336 units, an average ratio of 3.4 to 1.
Analysts say the complex's status as the first public pre-sale offering in the Geomam public housing district, combined with the price ceiling on new apartments, were the main factors driving subscription demand.
The project's location in a double transit-oriented area — with access to both the Airport Railroad and Incheon Metro Line 2 at Geomam Station — is also cited as a key draw.
The walkable distance to Geomam Station, along with access to both the Cheongna International City and Geomdan new town lifestyle zones, appears to have further attracted end-user interest.
The complex will be built on Block B1 of the Geomam public housing district, comprising three buildings with 2 below-ground floors and 25 above-ground floors, for a total of 441 units.
Units will come in exclusive use areas of 60 and 84 square meters. Winners will be announced Tuesday, and contract signings are scheduled from Nov. 2 to Nov. 4.
With iH planning additional public pre-sale supply within the Geomam public housing district, attention is turning to whether the strong subscription showing will translate into broader interest in the area's new housing market.
gilbert@heraldcorp.com
