"Boss, did you come to see the pre-sale rights? I'll sell them to you for 5000"

Office-tels Without Resale Restrictions 'Singil AK Prugio'
Thousands of Million-Won Premium Immediately After Winner Announcement

On the afternoon of the 5th, immediately after the announcement of the winners for the officetel 'Singil AK Prugio,' which attracted 120,000 applicants, real estate agents gathered in front of a large supermarket in Mok-dong, Yangcheon-gu, Seoul. The model house for the officetel is located 100 meters away from this spot, and contracts with the winners begin on the 5th.

"Boss, did you win the pre-sale rights? Which building and unit number? How much are you thinking? I can match up to five thousand (5,000)."

◆‘Tteotdabang’ Crowds Just Before Pre-sale Winner Announcement...Instantly "10 Million Won More" = On the afternoon of the 4th, dozens of people were gathered in a disorderly manner next to a public parking lot in Mokdong, Yangcheon-gu, Seoul. About 100 meters away is the model house of the officetel ‘Singil AK Prugio,’ which attracted 120,000 applicants for pre-sale. On this afternoon, just before the announcement of the pre-sale winners, mobile brokerage offices, known as ‘Tteotdabang,’ gathered to avoid crackdowns. In the pre-sale held on the 3rd, 96 units (exclusive area 78㎡) were offered, and 125,919 people applied, recording an average competition rate of 1,312 to 1.

As I approached the place where brokerage office representatives were gathered and lingered for a moment, someone suddenly grabbed my arm from the left. "Did you come to see the pre-sale rights? Let’s go over there and talk," he said, leading me to a less crowded spot. He briefly picked up his phone and urgently called someone, saying, "Found a buyer." He was Mr. P, the representative of A Real Estate Agency (hereafter ‘the agency’) operating in Gunpo City. "Which building and unit number? Do it with us. We can match up to five thousand (50 million won) in the initial premium."

‘Chopi’ refers to the premium attached to pre-sale rights before the actual contract is made immediately after the announcement of the pre-sale winners. It is short for ‘initial premium.’

While the conversation continued briefly, people presumed to be from other brokerage offices began approaching one by one. Someone handed over a business card with a gesture to ‘contact here.’ Witnessing this, the A agency representative said, "We got it, what’s going on!" and pushed away the crowd. "Boss, don’t contact that side. Give me that business card again. You have to contact only us."

Since the contract date was the next day, I said I would come back then. Representative A said, "There will be other officetel announcements tomorrow, and many units will be released, so the premium (P) might drop further," adding, "You have to sign the contract right now." When I apologized and turned to leave, he said, "Make sure to contact me again. We can even try up to six thousand (60 million won)."

On the afternoon of the 5th, immediately after the announcement of the winners for the officetel 'Singil AK Prugio,' which attracted 120,000 applicants, real estate agents gathered in front of a large supermarket in Mok-dong, Yangcheon-gu, Seoul. The model house for the officetel is located 100 meters away from here, and contracts with the winners begin on the 5th.

◆Rare Listings Without Resale Restrictions...The Paradox of Regulation = Since the resale restriction on real estate pre-sale rights was implemented in September last year, the once rampant ‘Tteotdabang’ have disappeared. According to the Enforcement Decree of the Building Sales Act, officetels with 100 or more units sold in speculative overheated districts or regulated areas are prohibited from resale until ownership registration. However, this regulation does not apply to officetels with fewer than 100 units.

To prevent abnormal overheating caused by resale, the government introduced this regulation, and the market responded by offering officetels with fewer than 100 units. This year alone, there have been many pre-sales of officetels with 99, 95, and 85 units. ‘Singil AK Prugio’ also offered 96 units, allowing resale. This is the background for the reappearance of ‘Tteotdabang’ in the heart of Seoul.

The large-scale ‘Tteotdabang’ that appeared after a long time is expected to move to Yangjae-dong, Seocho-gu, Seoul, over the weekend. The contract (from the 7th to the 8th) for ‘Gwacheon Government Complex Station Hillstate,’ which closed pre-sale applications on the 2nd, will take place. This officetel attracted 124,227 applicants for 89 units, recording an average competition rate of 1,398 to 1. Although there was controversy over the high pre-sale price, ranging from 1.542 billion won to a maximum of 2.2 billion won, it was supplied with fewer than 100 units, attracting a large influx of speculative demand.

An industry insider said, "Due to soaring apartment prices and loan regulations, it has become virtually impossible for both actual buyers and investors to access apartments," adding, "Officetels, which have lower regulatory barriers and allow resale, paradoxically become rare listings, increasing their value. Therefore, speculative demand in the non-residential product market like officetels is likely to continue for the time being."

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