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Bundang Apartments Fail to Sell Despite High Competition, Contracts Halved for 2 Billion Won New Builds
🇰🇷 South Korea /Economy & Trade

Bundang Apartments Fail to Sell Despite High Competition, Contracts Halved for 2 Billion Won New Builds

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • A new apartment complex in Bundang, South Korea, saw over half of its lottery winners fail to sign contracts despite a high competition rate.
  • The 'The Sharp Bundang Cento' project, a remodeled apartment complex, had a 51:1 competition ratio but only half of the winners completed their contracts.
  • Analysts suggest the high price of over 2 billion won for the apartments deterred potential buyers, despite the rarity of new constructions in Bundang.

Despite a high competition rate of 51:1, more than half of the lottery winners for 'The Sharp Bundang Cento,' a remodeled apartment complex in Bundang, South Korea, opted not to sign contracts. The project, which transformed the existing Mujigae Village 4th complex into 647 units, faced a significant drop-off in buyers at the contract stage.

Analysts attribute the low conversion rate to the steep price tag, with units costing over 2 billion won (approximately $1.5 million USD). While new apartments are rare in the desirable Bundang district, the substantial cost appears to have outweighed the appeal for many prospective homeowners. This situation highlights a growing disconnect between developer pricing strategies and buyer affordability in sought-after urban areas.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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