Gwangyo new town's final housing release draws 23,820 applicants, averaging 147-to-1

Gwangyo Jayeon & Centreville, a public housing development supplied by Gyeonggi Housing and Urban Development (GH) and built by Dongbu, drew an average competition ratio of 147-to-1 in its first-priority apartment subscription round, with all unit types fully subscribed.

According to Dongbu on Thursday, the first-priority subscription held Tuesday drew 23,820 applications for 162 units on offer, excluding special supply allocations.

By supply type, the 84-square-meter public sale units attracted 16,587 applications for 90 units, yielding an average ratio of 184.30-to-1. The 59-square-meter equity-accumulation sale units received 7,233 applications for 72 units, averaging 100.46-to-1.

By unit type, the 84-square-meter Type A public sale units posted the highest competition ratio at 260.60-to-1, with 2,606 applications filed for 10 units.

Analysts attributed the strong subscription demand to the complex's scarcity value as the last new housing supply in Gwangyo new town, as well as its status as a public sale development subject to the price ceiling on new apartments.

Notably, the 59-square-meter units mark the first application of the equity-accumulation sale model anywhere in the country. Under this scheme, buyers initially acquire a 25 percent stake at the pre-sale price, then purchase additional equity in five-year increments to reach full ownership after 20 years.

The price for each additional equity tranche is calculated by applying the average interest rate on fixed-term deposits to the original pre-sale price. Buyers pay a rental deposit on the publicly held portion of the unit, and that burden decreases as they acquire more equity.

Gwangyo Jayeon & Centreville will be built at 633 Woncheon-dong, Yeongtong-gu, Suwon, Gyeonggi Province, rising 20 floors above ground with two basement levels and a total of 600 units — 360 public sale units at 84 square meters and 240 equity-accumulation units at 59 square meters. Move-in is scheduled for October 2029.

The complex is accessible via Gwangyo Jungang Station on the Shinbundang Line, and transportation links are expected to improve further once the Indukwon–Dongtan double-track rail line opens at Woncheon Station. The development also sits close to major business districts including Samsung Digital City and Gwangyo Techno Valley.

Nearby amenities include schools such as Maewon Elementary, Suwon Dasan Middle, Gwangyo Lake Middle and Yushin High, as well as Ajou University Hospital, Galleria department store and Lotte Mall. Gwangyo Lake Park and Saesaek Park provide green space in the immediate vicinity.

On-site community facilities will include an indoor golf practice range, a shared childcare center, co-working space, a mothers' lounge and a guesthouse. Each unit will also come with a separate storage room.

"The strong subscription results appear to reflect high interest in Gwangyo new town's excellent location and the new housing supply model," a Dongbu official said. "We will create a living environment that satisfies residents, drawing on the residential quality and product competitiveness that Centreville stands for."

Winners of the public sale units will be announced Tuesday, with equity-accumulation unit results following Wednesday. Contract signings for public sale units are scheduled for Dec. 21-23, while equity-accumulation unit contracts will run from Jan. 25-27 next year.

Meanwhile, Dongbu is also preparing to launch pre-sales for Nam Chuncheon Centreville in Hyoja-dong, Chuncheon, Gangwon Province — a 264-unit development rising up to 39 floors. The project marks the first new apartment supply in Hyoja-dong in four years and will feature AI-based residential services and a sky community, among other design highlights.