Pre-Subscription D-1... Priority Supply Differs by District, 'Caution Needed'

Complex Regulations Including Residency Requirements, Be Careful
Meeting Residency Period Essential for Main Subscription
All Overlapping Subscriptions Will Be Invalidated

[Asia Economy Reporter Jo Gang-wook] As the pre-sale schedule for the 3rd phase new towns in the Seoul metropolitan area begins on the 28th, accurate verification of the complex regulations by prospective applicants is required. This is because the priority supply regulations differ by target district, and income requirements and overlapping application eligibility vary by application type.

According to the Ministry of Land, Infrastructure and Transport on the 27th, for pre-sale applications, if applicants are residing in the relevant area as of the resident recruitment announcement date, they are given priority supply eligibility, but they can fulfill the requirements retroactively by the main sale. However, if the residency requirements are not met by the main sale date, the winning status will be canceled, and the applicant will be disqualified from winning other pre-sale applications for one year from the winning date.

It should be noted that residency requirements vary depending on whether the area is a large-scale land development district over 660,000㎡ or a speculative overheated district. For Incheon Gyeyang, as of the announcement date on the 16th of this month, it is sufficient to reside in Incheon. There is no separate residency period requirement. In the case of Namyangju Jinjeop 2, residents of Namyangju must meet a one-year residency period, and residents of Gyeonggi Province must meet six months. For Seongnam Bokjeong 1 and Uiwang Cheonggye 2, which are in speculative overheated districts, residents must have lived in Seongnam City and Uiwang City respectively for two years. For Wirye New Town, which is both a large-scale land development district and a speculative overheated district, a two-year residency period is set for both Seongnam City and Gyeonggi Province.

The expected timing of the main sale should also be carefully considered. For Wirye New Town, the Ministry of Land, Infrastructure and Transport announced the expected main sale date as September 15 of next year. Since the residency requirement is two years, applicants must have moved into Seongnam City or Gyeonggi Province before September 15 of last year to meet this condition. Seongnam Bokjeong 1 also has a two-year residency requirement, and since the main sale is scheduled for October 15 next year, applicants must have moved into Seongnam City at least nine months prior.

If a pre-sale applicant applies for multiple overlapping applications, all will be invalidated. Cross applications by household members are also prohibited. However, it is possible for an applicant to apply for both special supply and general supply in public housing. If selected for special supply, the applicant will be excluded from the general supply selection.

Pre-sale winners and their household members cannot apply for pre-sale in other complexes and must maintain non-homeownership status until the main sale recruitment announcement date. Caution is advised as holding rights such as sale rights or occupancy rights may be considered as homeownership. For houses newly contracted after December 11, 2018, based on the resident recruitment announcement, project plan approval, or management disposition plan approval application, the contract signing date is considered as the date of homeownership.

Pre-sale winners can relinquish their winning status at any time before being selected as the final occupant in the main sale. However, if the winning status is canceled due to failure to meet qualifications, the applicant cannot be selected as a pre-sale winner for one year from the winning date. Transfer of pre-sale winning rights is generally not allowed. However, inheritance is possible in the event of the winner’s death.

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