Mokdong Yunseul Xi, an officetel developed and built by GS E&C in Seoul’s Yangcheon district, recorded a highest subscription competition rate of 32 to 1. A total of 3,788 people applied for 651 units in the September 8 subscription, according to the Korea Real Estate Board’s subscription portal on September 9. The average presale price was about 88 million won per 3.3 square meters of exclusive area. Group 1, comprising 115-square-meter A-type units, posted a 32-to-1 rate in the priority allocation for Seoul residents, while Group 2’s 114-square-meter B type reached 20.3 to 1 and Group 3’s 114-square-meter C type reached 20.7 to 1. Market watchers attributed the demand to the scarcity of newly built large homes in Mokdong, where apartment-rebuilding projects are advancing and some buyers are seeking newer housing without leaving the area or school district. The project drew 68,395 visitors on the Hogangnono property app from August 31 to September 6, the highest nationwide, while its model house attracted visitors from Mokdong, Seoul and the surrounding metropolitan area. Built on the former KT Mokdong site, the project will have three buildings, six basement levels, up to 48 floors above ground and units ranging from 114 to 203 square meters. Features include balconies in every unit, selected four-bay and multi-sided balcony layouts, duplex units, expanded community facilities and financial incentives. Winners will be announced September 11, contracts will run from September 13 to 14, and move-in is scheduled for the second half of 2030.