"5 Billion Lotto if You Win" Heukseok Zai Subscription Applications Surge, Website Crashes

Access Disruption Due to Surge in Applicants

Access to the Korea Real Estate Board's subscription homepage is experiencing disruptions on the morning of the 26th as applicants flock to the non-priority subscription for 'Heukseok River Park Xi (Heukseok Xi)' in Dongjak-gu, Seoul. This appears to be due to a temporary surge in users.

As of 10 a.m. on the 26th, users are flocking to the Cheongyak Home website, causing access delays. [Image source=Cheongyak Home website capture]

According to industry sources on the 26th, since around 9 a.m., demand for the Heukseok Xi non-priority subscription has surged, causing access issues on the subscription homepage. Currently, when accessing the subscription homepage, a screen appears with the message, "Processing delays have occurred at the bank you are using, and you are being connected in order," indicating a waiting status.

Heukseok Xi, which moved in this March, consists of a total of 1,772 households ranging from 39 to 120 square meters in exclusive area, spanning from basement level 5 to 20 floors above ground. At the time of its sale in May 2020, it recorded an average competition rate of 95.9 to 1 in the first priority subscription.

Perspective view of Heukseok River Park Xi.
[Image provided by GS Construction]

The non-priority subscription units are 59 square meters exclusive area, with a sale price excluding options of 646.5 million KRW. Winners must pay a 20% deposit upon contract signing, and the remaining balance must be paid by September 7. This means approximately 130 million KRW in cash is required for the contract.

Anyone aged 19 or older residing in Korea can apply for the non-priority subscription. No subscription savings account is required, and there are no restrictions such as re-winning limitations. However, those who have previously won a Heukseok Xi subscription or are disqualified winners cannot apply.

The contract cancellation units are 84 square meters exclusive area, with a basic sale price excluding options of 967.9 million KRW. Similarly, winners must pay 20% of the sale price as a deposit upon contract and pay the remaining 80% by September 7. Approximately 200 million KRW is needed as a deposit. Eligibility requires being a household head residing in Seoul and a member of a household without home ownership.

Both the non-priority subscription units and contract cancellation units are supplied at the initial sale price, so compared to recent transaction prices, winners can expect a market price gain of about 500 million KRW.

Meanwhile, the announcement dates for winners are September 29 for contract cancellation units and September 30 for non-priority units. Especially, the non-priority subscription is expected to have high competition due to the lack of special eligibility conditions.

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