Subscription results are in for a new apartment complex in Gwangju that will include the city's first The Hyundai shopping mall.
The first phase of All New Champions City, a mixed-use residential complex being developed on the former Jeonbang and Ilshin Spinning site, drew an average subscription competition rate of 1.2 to 1. Winners are set to be announced Tuesday, and attention is now turning to how many will follow through with actual contracts. The contract rate is expected to influence pre-sale prices at subsequent developments in the area, including the Hakdong Zone 4 redevelopment and the Gwangcheon redevelopment.
According to the Korea Real Estate Board's subscription platform and Champions City, the subscription closed Wednesday, with 3,641 applications received for 2,932 units across first and second priority — excluding special supply applicants — for a competition rate of 1.24 to 1.
Among the 16 unit types on offer, the 84-square-meter Type A drew the strongest interest, with 958 applications for 175 units, a rate of 5.47 to 1. The 103-square-meter Type A received 309 applications for 209 units, a rate of 1.48 to 1.
The 200-square-meter Type B received two applications for one unit, while the 214-square-meter Type A drew 10 applications for one unit.
On a first-priority basis, the remaining roughly 10 unit types fell short of their supply targets.
Particularly large shortfalls were recorded among the 84-square-meter Types B, C, D, E and F, as well as the 103-square-meter Type B.
sij@heraldcorp.com
