'800 Million Lotto' Non-Sequential Subscription Attracts 170,000 Applicants with Competition Rate of 84,000 to 1

'Godeok Lotte Castle Bene Luce' Perspective View

In the non-priority subscription for two units at the 'Godeok Lotte Castle Bene Luce' apartment in Godeok-dong, Gangdong-gu, Seoul, 170,000 people applied, resulting in a competition rate exceeding 80,000 to 1. The expected market price gain upon winning is about 800 million KRW, raising expectations of a 'lottery subscription.'

According to the Korea Real Estate Board's subscription website on the 16th, 168,644 people applied for the non-priority subscription for two units of 84㎡ exclusive area at Godeok Lotte Castle Bene Luce in Sangil-dong, Gangdong-gu, Seoul, due to contract cancellations. The competition rate is 84,322 to 1.

This apartment was sold in May 2017 and residents moved in December 2019, but two contracts were canceled due to supply order disturbances.

It attracted attention as it is a large complex with over 1,800 units and a branded apartment, and because it is a rare supply in Seoul.

Its proximity to Sangil-dong Station on Subway Line 5 and its location in Gangdong-gu, one of the four Gangnam districts, also contributed to its popularity. The subscription price remains the same as five years ago. Depending on the balcony, extension fees, and floor, prices were set at 725 million KRW and 794 million KRW respectively. These are the original prices from five years ago, which are now similar to the current new contract jeonse prices for the same area.

Mid-level units of the same size were traded in the mid to high 1.6 billion KRW range last year, and current asking prices are around 1.7 to 1.8 billion KRW. If selected in the subscription, a market price gain of 800 million to 1 billion KRW is expected, and since winners are decided by lottery, many subscription demands aiming for market price gains flooded in.

The winners will be announced on the 21st, and the contract signing date is the 28th.

If selected, a 10% down payment of the subscription price must be paid on the 28th, and the remaining 90% balance must be paid on May 31, two months later. Since the market price exceeds 1.5 billion KRW, balance loans are not possible.

Gangdong-gu, where the complex is located, is a speculative overheating district, so a funding plan must be submitted when reporting real estate transactions. If a winner cancels the contract after selection, they will be restricted from winning again for 10 years.

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