'Half-Price Lotto' Magok 9 Complex, Competition Rate 146 to 1... First Priority Subscription Closed

[Asia Economy Reporter Yuri Kim] 'Magok Urban Development Project District 9 Complex (Magok 9 Complex)', which attracted the attention of subscription waiters as a 'half-price lotto', closed the first priority subscription with an average competition rate of 146.8 to 1.

According to the Korea Real Estate Board's subscription homepage on the 16th, the first priority subscription application for the relevant area of Magok 9 Complex conducted on the same day recorded an average competition rate of 146.8 to 1, with 36,999 applicants for 252 households supplied. The 84㎡ (exclusive area) N type had the highest competition rate of 264.5 to 1, with 3,175 applicants for 12 households, followed by the 84㎡ H type (148.6 to 1) and the 59㎡ H type (132.9 to 1).

The special supply subscription competition rate for Magok 9 Complex, which was conducted earlier, averaged 22.5 to 1, with 14,012 applicants for 710 households recruited.

Magok 9 Complex, supplied by Seoul Housing and Communities Corporation (SH Corporation), is a social mix complex consisting of a total of 1,529 households, including 962 sale housing units and 567 national rental and long-term lease units. The sale price was set at about half the surrounding market price, with the highest price for 84㎡ not exceeding 700 million KRW, which had predicted fierce competition.

The sale price averages 508,854,000 KRW for 59㎡ and 675,323,000 KRW for 84㎡. The adjacent Magok M Valley 8 Complex's 59㎡ was recently reported at an actual transaction price of 940 million KRW, and the 84㎡ at 1,075 million KRW, drawing attention for its lower sale price compared to the surrounding market price.

However, this complex is a multi-family housing built in a speculative overheating district, and resale is prohibited for 10 years from the date the resident is selected. As a housing subject to the price ceiling system, winners are managed as winners in the system regardless of contract conclusion, and the winner and members of their household cannot be selected as residents of other sale housing for 5 years from the winning date.

Magok District is an urban development district where, besides multi-family housing complexes, Magok MICE, Seoul Botanic Park, and industrial complexes are developed together. The first sale was completed in 2013, and the second sale in 2015. The 9 Complex being sold this time is the third sale.

Magok 9 Complex is widely formed with green spaces running through the complex, allowing residents to feel connected to parks even in the middle of the city. Airport Elementary School is adjacent to the northeast of the complex, and Songjeong Elementary School to the west. Magok Station on Line 5 is located within a 5-minute walk to the east of the complex, and many bus routes pass through Gonghang-daero to the south, providing excellent public transportation accessibility. The complex also has a considerable number of commercial facilities, and residents can use the commercial facilities of already completed complexes, which is an advantage in residential infrastructure. On the east side of the complex is Ewha Seoul Hospital, and corporate-linked facilities such as Lotte Central Research Institute and LG Science Park are also present. Public institutions such as the tax office, district office, and schools are planned within the district.

The announcement of winners and allocation of building and unit numbers will be posted on the Korea Real Estate Board subscription homepage and the corporation's homepage on the 25th. Move-in is scheduled for February 2021.

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