Targeting All Age Groups... Why 20,000 Applicants Used Subscription Accounts for 'Cheonggye Riverview Xi'

Exclusive 797 Units of 59~84㎡ Available
Over 23,000 Visitors in Two Days
Success Despite 'High Sale Price' Criticism

Cheonggye Riverview Xi is attracting attention by succeeding in the first-priority subscription despite unfavorable conditions such as high sale prices and a sluggish subscription market. This is because most complexes sold in Seoul in the second half of this year failed to succeed due to the high sale prices and high interest rates.

According to the Korea Real Estate Agency's subscription homepage on the 14th, Cheonggye Riverview Xi in Yongdap-dong, Seongdong-gu, Seoul recorded an average competition rate of 45.98 to 1 with 18,255 applicants for the first-priority subscription recruiting 397 households. The highest competition rate was for the exclusive 84㎡ type, where 829 people applied for 3 units, resulting in a competition rate of 276.33 to 1. Other housing types were all closed in the first priority with △78m² at 62.44 to 1 △59m²B at 50.75 to 1 △59m²A at 41.57 to 1 △73m² at 35.76 to 1 △59㎡C at 33.88 to 1. More than 23,000 prospective applicants used their subscription accounts over two days to apply for this complex.

The special supply results conducted earlier on the 11th were also favorable. With 320 units (excluding institution recommendations) available, 5,196 people applied, resulting in an average competition rate of 16.23 to 1. By type, the first-time homebuyers category had 71 units with 3,834 applicants, achieving a competition rate of 54 to 1, and the newlywed category had 145 units with 1,273 applicants, recording a competition rate of 8.77 to 1.

Cheonggye Riverview Xi, like other complexes recently sold in Seoul, faced controversy over its high sale price. The sale price was set at 39.95 million KRW per 3.3m², with the highest price for the exclusive 59m² at 1.0442 billion KRW and the exclusive 84m² at 1.2771 billion KRW. This is even higher compared to Hillstate e-Pyeonhansesang Munjeong in Songpa-gu, Seoul, located in the Gangnam area, which is priced at 35.82 million KRW per 3.3m².

Moreover, unlike in the past when "anything in Seoul would sell," the subscription market atmosphere has recently cooled down. Complexes that received subscriptions in Seoul in the second half of this year, such as Imun I-Park Xi in Dongdaemun-gu and Sangdo Prugio Clavenue, showed poor subscription results. Imun I-Park Xi did not fill the number of units for some types in the first priority and moved to the second priority subscription, while in Sangdo Prugio Clavenue in Sangdo-dong, Dongjak-gu, many winners gave up their contracts, leading to a first-come, first-served sale.

However, the background behind Cheonggye Riverview Xi's success in breaking these adverse conditions is analyzed to be due to it being a newly built complex introduced in Seongdong-gu after 8 years, a large complex with over 1,000 units, and its proximity to subway stations, which attracted demand. Since the supply of Seoul Forest Riverview Xi in 2015, there has been no supply of large complexes with over 1,000 units in Seongdong-gu for 8 years. Although Cheonggye SK View is scheduled to move in early 2025 across the street, it only has about 400 units. Seoul Forest Riverview Xi is located in Haengdang-dong, so Cheonggye Riverview Xi is the first newly built large complex with over 1,000 units in Yongdap-dong. It is also a subway station area. The complex is built right in front of Exit 8 of Dapsimni Station on Seoul Subway Line 5, and it is about a 10-minute walk to use Sindap Station on Line 2.

Contrary to the common perception that mainly people in their 30s and 40s who prefer new buildings and are actively looking to buy a home apply for subscriptions, various age groups flocked to this complex. A sales promotion representative for Cheonggye Riverview Xi said, "Usually, the age group applying for subscriptions is mostly young people in their 30s and 40s looking to buy a home, but the age range of visitors to the model house was really diverse, from their 20s to their 60s," adding, "Since new buildings are rare in this area and it is a flat land, it seems that all age groups applied evenly."

This content was produced with the assistance of AI translation services.