'1 Billion Lotto' Gwacheon and Hanam Subscription Attracts Over 4,000 Applicants for 3 Households

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More than 4,000 people flocked to the non-priority subscription for three apartments in Gwacheon-si and Hanam-si, Gyeonggi Province, where a price difference of over 1 billion KRW can be expected upon winning, resulting in a competition rate of thousands to one. It is interpreted that a large crowd gathered due to the expectation of a '1 billion KRW lotto' as the apartments were offered at prices significantly lower than the surrounding market prices.

According to the Korea Real Estate Board's subscription website on the 4th, the 131㎡ (exclusive area) unit of 'Wirye Foret Xi' in Hakam-dong, Hanam-si, recorded a competition rate of 4,030 to 1 with 4,030 applicants for one unit in the non-priority subscription held the day before. The sale price for this unit was 925.21 million KRW, while the estimated market price for similar units in nearby newly built complexes was about 2 billion KRW. Although only non-homeowner household members residing in Hanam-si could apply, the expectation of price gains seems to have attracted many applicants.

However, this complex is subject to the price ceiling system because it was supplied as a private sale on public land in the speculative overheated district of the metropolitan area. A mandatory residence period of five years applies after moving in, and resale is prohibited for ten years. Non-priority subscription refers to accepting new applications for remaining units caused by cancellations or disqualifications after the initial resident recruitment. Anyone aged 19 or older residing in the relevant area can apply without restrictions such as holding a subscription account or homeownership status.

On the same day in Gwacheon, a special non-priority subscription was held for two 59㎡ units at Gwacheon Xi in Byeolyang-dong. Among them, 123 people applied for one unit reserved for households supporting elderly parents, and 107 applied for one unit reserved for multi-child households. Following the special supply the day before, a general non-priority subscription for a total of 12 units, including nine 59㎡ units and one 84㎡ unit, will be held on the 4th.

In the case of Gwacheon Xi, a large crowd is expected to gather for the general supply on the 4th due to the low sale price. The 84㎡ unit in this complex was traded for 2.05 billion KRW on the 16th of last month. Considering that the sale price for the 84㎡ unit in this non-priority subscription is 976.8 million KRW, a price difference of over 1 billion KRW can be expected. The 59㎡ units are also priced significantly lower than actual transaction prices, ranging from 817.9 million KRW to 916.3 million KRW.

The low entry barrier is also cited as a reason for its popularity. This complex has no mandatory residence period, and buyers can pay only 20% of the deposit and find tenants to pay the remaining balance. Additionally, anyone aged 19 or older who is a non-homeowner household head residing in Gwacheon can apply, and since the selection is by lottery, many prospective applicants with low scores are believed to have applied. Resale is also possible after the ownership transfer registration is completed.

Meanwhile, in May, the non-priority subscription for 'Gwacheon Weverfield' in Wonmun-dong, Gwacheon-si, recorded a high competition rate of 2,132 to 1 on average, with 8,531 applicants for four units.

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