'Lotto Jubjub' Attracted 135,000 People to Asan Hoban Summit
275 Remaining Units Available for Non-Sequential Subscription on the 16th
[Asia Economy Reporter Onyu Lim] Approximately 135,000 applicants flocked to the non-priority subscription for apartments in Asan, Chungnam, a non-regulated area.
According to Hoban Construction on the 17th, about 135,940 people applied for the non-priority subscription of 275 remaining units at 'Tangjeong Hoban Summit Grand Mark' in Asan, Chungnam, conducted by the company the previous day. The apartments supplied this time were leftover units arising from disqualified or uncontracted cases after the preliminary winner contracts among the 3,027 units generally sold by the company divided into five blocks.
This complex supplied in Asan, a non-regulated area, was subject to the price ceiling system, with an average sale price set affordably at 10.5 million KRW per 3.3㎡. Moreover, the non-priority subscription allowed anyone aged 19 or older to apply without special eligibility restrictions such as holding a subscription savings account or being a homeowner, which seems to have attracted many applicants. A Hoban Construction official said, "Since it is a property in a non-regulated area and just before the tightening of non-priority subscription regulations, it appears that applicants surged." On the day of the non-priority subscription, it even appeared as a popular search term on portal sites, and tens of thousands of people reportedly accessed the homepage per hour.
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Despite the trend of regulatory tightening, the continued rise in housing prices has made non-priority subscriptions very popular among multi-homeowners and cash-rich individuals since 2019. However, as the problem of tens of thousands of applicants crowding non-priority subscriptions repeatedly occurred, the government plans to apply requirements such as residency in the relevant area, being an adult member of a non-homeowning household, and restrictions on re-winning from the end of next month for apartment non-priority subscriptions, which previously had no special eligibility restrictions.
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