36,000 People Flock to Deok Eun Zai Non-Sequential 'Jupjup' Subscription

DMC River Park Xi (above) and DMC River Foret Xi bird's-eye view.

[Asia Economy Reporter Choi Dong-hyun] Despite the government's strong real estate measures, the enthusiasm for 'lottery subscription' remained strong. Over 36,000 people flocked to the non-priority subscription for apartments in Deogeun District, Goyang City, where a large number of disqualified winners and contract cancellations occurred due to high pre-sale price controversies, rendering the government measures ineffective.

According to the Korea Real Estate Board's subscription homepage on the 18th, a total of 35,862 people applied for the non-priority subscriptions held the previous day for 'DMC Riverpark Xi' and 'DMC Riverforet Xi' in Deogeun District, with 21,510 and 14,352 applicants respectively. Considering that the non-priority supply volume for the two complexes was only 263 households, the competition rate reached 136 to 1. Non-priority subscription refers to a random lottery to select winners for households left without owners due to contract cancellations or disqualification after the general subscription winners have proceeded with contracts.

The subscription competition rates were 202.9 to 1 for DMC Riverpark Xi and 91.4 to 1 for DMC Riverforet Xi. Even considering that non-priority subscriptions could be applied for multiple times due to different announcement dates, this is an unusual competition rate. Although both complexes are apartments sold on public land, their pre-sale prices were set at 25.83 million KRW and 26.30 million KRW per 3.3㎡ respectively, sparking controversy over high pre-sale prices. The 'DMC Rivercity Xi' in the same district's A6 block, which was sold three weeks later, had a much lower pre-sale price of 19.87 million KRW per 3.3㎡.

Despite various controversies, the high popularity of the two complexes in this non-priority subscription is interpreted as partly due to anxiety over the government's tightening of regulations in the metropolitan area. Concerns that the supply of new apartments in Seoul would decrease due to price ceiling systems, excess profit recovery systems, and various loan regulations stimulated demand for apartments in suburban land development districts around Seoul. In fact, both complexes allowed subscriptions from anyone aged 19 or older residing in the metropolitan area, regardless of whether they held a subscription savings account.

For new apartments, the increasing scarcity is also interpreted as contributing to expectations of price increases. Goyang City, which was removed from the adjusted target areas except for some regions in November last year, was re-designated as an adjusted target area in the government's measures announced the day before.

Meanwhile, DMC Riverpark Xi in A4 block consists of 702 households in 6 buildings, ranging from 84 to 99㎡ (exclusive area), with 2 basement floors and 24 floors above ground. DMC Riverforet Xi in A7 block consists of 318 households in 5 buildings, all 84㎡, with 2 basement floors and 24 floors above ground. Both complexes are located on public land, and resale of pre-sale rights is restricted until ownership registration is completed.

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