HDC Hyundai Development's Cheongju Gagyeong IPARK complexes No. 7 and No. 8 drew the most subscription applications of any housing project in South Korea this year.
First-priority subscriptions held the previous day drew 149,730 applications for 1,235 units, excluding special supply, according to the Korea Real Estate Board's subscription portal on the 21st. The average ratio of 121.24 applicants per unit was the highest among 202 complexes offered nationwide through Oct. 20 this year.
Complex No. 7 drew 72,777 applicants for 374 units, a ratio of 194.59 to 1. Complex No. 8 received 76,953 applications for 861 units, or 89.38 to 1. The most sought-after floor plan was the 84-square-meter type A in complex No. 7, which drew 655.06 applicants per unit.
Special supply also attracted strong interest. In the special supply round held on the 19th, 13,417 applications were filed for 436 units. The ratio for first-time buyers reached 113.36 to 1.
The strong response has been attributed to the scale of the IPARK brand town and existing local infrastructure. A total of 4,624 units across IPARK complexes No. 1 through No. 6 have been delivered in Gagyeong-dong in stages since 2016. With complexes No. 7 and No. 8, the area will hold roughly 6,300 IPARK homes. Analysts point to a location served by transit, schools and retail, combined with the scarcity value of the final phase of the brand town.
The design also emphasizes convenience. The complexes will include a loop walking trail and community facilities, along with large walk-in closets, pantries and flexible alpha rooms. Interest on 60% of the interim payments is deferred, and there are no restrictions on resale or on winning another subscription, and no mandatory residency period.
Cheongju Gagyeong IPARK complexes No. 7 and No. 8 will comprise 1,671 units ranging from 84 to 116 square meters. Complex No. 7 will have 543 units in four buildings rising 32 floors above ground with two basement levels, while complex No. 8 will have 1,128 units in nine buildings rising 29 floors with three basement levels.
Winners will be announced on the 27th for complex No. 8 and the 28th for complex No. 7. Contract signing runs from Nov. 9 to Nov. 15, with move-in scheduled for November 2029. The model house is located in Gangseo-dong, Heungdeok-gu, Cheongju.