"300 Million Lotto" Sejong Subscription Attracts 140,000 People... 2821 to 1 "All-Time High"

14 Million Special Attack Applicants Gather
Record High First-Choice Subscription Competition Rate
Single-Person Households and Low-Score Applicants Also Win
Subscription Possible Even Without Living in Sejong
Affordable Sale Prices Key to Success

Sejong-si Garak Village 6, 7 Complex Joongheung S-Class Pradium

[Asia Economy Reporter Ryu Tae-min] Approximately 100,000 people flocked to the first-priority subscription for apartments in Sejong City, where a market price gain of over 300 million KRW can be expected upon winning, resulting in an all-time high average competition rate of 2,821 to 1. Including the preliminary applicants for special supply submitted the previous day, the total crowd exceeded 140,000.

According to the Korea Real Estate Board's Subscription Home on the 23rd, the ‘Garak Village 6·7 Complex Joongheung S-Class Pradium’ in Goun-dong, Sejong City, which received first-priority subscriptions the day before, attracted 98,073 applicants for 72 units, recording an average competition rate of 1,362.1 to 1. The 7th complex 84㎡B type had the highest competition rate with 6,489 applicants for a single unit. The 84㎡A type in the same complex had the largest number of applicants at 44,858.

Including the special supply held on the 21st, a total of 141,818 people applied, resulting in an average competition rate of 2,821 to 1. For special supply, 43,745 applicants competed for 107 units across the two complexes. The previous highest record was the ‘Songpa The Platinum’ subscription in Songpa-gu, Seoul, in January, which saw 75,382 applicants for 29 units, recording a competition rate of 2,797 to 1.

In the case of special supply, it is understood that the crowd increased further because some units in Garak Village 6 Complex were allocated through a lottery system that allows single-person households and low-score applicants to win. According to the subscription system revised in November last year, 30% of the lifetime first-time supply is provided through a lottery system regardless of income or household requirements.

The affordable sale price is also cited as a reason for the popularity. This complex was supplied at the initial sale price from 2013 for units where tenants gave up the sale conversion after a 5-year rental obligation period. The highest price for a 59㎡ unit is 171.39 million KRW, and for an 84㎡ unit, it is 224.29 million KRW. Considering the current market price, which is around 400 million to 650 million KRW for 59㎡ units and mid-500 million to mid-700 million KRW for 84㎡ units, a profit of over 300 million KRW is expected upon winning. Additionally, with only about 20 million KRW as a 10% deposit, one can find tenants and pay the balance, lowering the entry barrier. The current jeonse (long-term deposit lease) price is around 250 million KRW.

Another factor behind the success is that subscriptions for Sejong can be made from anywhere nationwide. Sixty percent of the subscription units are preferentially supplied to applicants who have lived in Sejong for more than one year, while the remaining 40% are allocated to those who have lived less than one year in Sejong and applicants from other regions nationwide. The announcement of winners is scheduled for the 30th of this month, and the contract period is from the 11th to the 13th of next month.

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