Wirye 'Lotto Public Sale' General Subscription Also a Game of Nerves

General Sale of Wirye Fore Shine Complexes 15 and 17 on the 10th
30,000 Applied Earlier for Special Supply... Competitive Atmosphere
Sale Price Half of Nearby Market Price, a 'Lotto' Opportunity

Aerial view of Wirye A1-5 Block, Songpa-gu, Seoul (Photo by SH Corporation)

[Asia Economy Reporter Moon Jiwon] The market's attention is focused on the general supply of the 'Wirye New Town Public Sale,' which attracted 30,000 applicants for the special supply. Since the sale price is only about half of the surrounding market price, it is expected that the first-priority winning cutoff score will also soar, earning it the nickname "Lotto Sale."

According to the industry on the 8th, Seoul Housing and Communities Corporation (SH) will conduct the first-priority subscription for the general sale units of Wirye Forest Shine Complex 15 (A1-12 Block) and Complex 17 (A1-5 Block) in Songpa-gu, Seoul, on the 10th. They will supply 70 units and 220 units respectively as general sales. Since the subscription applications are accepted on the same day, duplicate applications are not allowed.

As the price ceiling system is applied, the sale price is about half of the surrounding market price. The sale price for the 84㎡ (exclusive area) unit in this complex is around 670 million KRW, while the recent actual transaction price for the same size in the nearby Wirye 24 Complex (Kkum-e Green) is about 1.5 billion KRW. Because of this, over 30,000 people applied for the special supply held from the 30th of last month to the 1st of this month for 1,170 units. The average competition rate was 25.5 to 1.

This supply is divided with 50% allocated to those who have lived in Seoul for more than two years and the remaining 50% to residents of the metropolitan area. Applicants must meet the condition of being without a home, and the resale restriction period and re-winning restriction period are 10 years from the winning date. The mandatory residence period is five years from the initial move-in date. Since it is post-sale, the move-in is scheduled for next year.

The competition rate is expected to be particularly high for Wirye Forest Shine Complex 17, which is adjacent to Geoye High School and Geoam Elementary School. The variety of housing sizes?66, 70, 75, 80, and 84㎡?is also an advantage. Complex 15 consists of three types: 64, 74, and 84㎡.

Winners are determined based on the amount saved in their subscription savings account. Earlier this year, for the public sale of Magok District Complex 9 in Gangseo-gu, Seoul, the winning cutoff for a 59㎡ unit was a savings amount of 22.3 million KRW. For the Gwacheon Jade Xi public sale, the cutoff for the 49㎡A unit in Gwacheon was 17.4 million KRW.

Industry insiders predict that the cutoff for Wirye will exceed 20 million KRW. Even saving 100,000 KRW monthly for nearly 20 years does not guarantee winning.

Among prospective applicants, there is a fierce competition to increase the chances of winning. Especially those with savings amounts close to the cutoff are focusing on finding the appropriate supply type. An industry official explained, "If you cannot be confident of winning with your savings account, it is necessary to boldly apply for the desired housing type."

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