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1,300 applicants just for 11 units?

2012-04-16

Recently, an apartment complex is drawing attention as it has recorded the highest competition ratio in third-tier holders’ subscriptions.

On April 6, SsangYong E&C (Chairman & CEO, S. Joon, Kim) closed third-tier holders’ applications for its 74㎡B-type units of “Gunsan Jigok SsangYong Yega Complex” located in Jigok-dong, Gunsan-si, Jeonbuk, Korea, recording a competition ratio of 126:1 as 1,389 potential buyers applied for eleven units.

The display apartment for this complex would have made an unusual scene where visitors lined up dozens of meters long in and out to check out the interior of different units and get consultations on the apartment sales. Pent-up demand for new apartments surfaced as one out of every eight adults aged 30 or higher in Gunsan visited the display apartment.

Kim, Kang Seok, SSangYong E&C director for new apartment sales, said, “No supply of new apartments in the neighborhoods over the last 2 years and the apartment’s relatively inexpensive price and proximity to the largest commercial district in Gunsan, known as Susong District, has strongly appealed to consumers, with more than 1,200 subscribers gathering to take a look.”
After announcing the winners on April 13, sale contracts will be received for three days from April 18 to 20 in the display apartment.

In the meantime, on April 5, the complex attracted considerable attention, recording a competition ratio of up to 6.74:1 in first-and-second-tier holders’ subscriptions as applications for all unit types are closed by first-tier holders except for one type.