'1.5 Billion Lotto' The H Jae Gaepo... 250,000 People Rush for 5 Non-Sequential Unit Applications

Photo by Hyundai Construction

[Asia Economy Reporter Park Jihwan] Approximately 250,000 applicants flocked to the non-priority subscription for 5 units of the reconstruction apartment D.H. Xi Gaepo in Irwon-dong, Gangnam-gu, Seoul, known as the 1.5 billion won lottery.

According to the Korea Real Estate Board's subscription homepage on the 11th, a total of 248,983 people applied for the non-priority subscription for 5 units of D.H. Xi Gaepo held that day. For the 84㎡ exclusive unit with one unit available, 120,400 people applied, and for the 118㎡ exclusive unit with four units supplied, 128,583 people applied.

Non-priority subscription refers to additional subscriptions accepted when there are remaining units due to disqualification or contract cancellations after the resident selection. Regardless of whether applicants have a subscription savings account, any household member aged 19 or older residing in the relevant area without home ownership can apply.

The sale price of the housing types offered in this non-priority subscription is the same as the price in March 2018. Analysts suggest that the large number of applicants is due to the expectation of significant price gains upon winning.

The current sale price is approximately 1.4176 billion won for the 84㎡ unit and between 1.8878 billion and 1.9069 billion won for the 118㎡ unit. The market price of the 84㎡ unit in this apartment is in the 3 billion won range, and it is known that winners can gain at least 1.5 billion won in profit immediately upon contract.

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