Competition Rate 830,000:1 'Lotto Subscription'... 930,000 People Flock to 2 Units of Heukseok Xi

‘Lotto 500 million’ ‘Jupjup’ subscription drew 930,000 people for 2 households at Heukseok River Park Xi in Dongjak-gu, Seoul. With the easing of real estate regulations lifting many conditions for non-priority subscriptions, and as these units are from a major construction company brand guaranteeing market price gains, the enthusiasm was tremendous.

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

According to the real estate industry and the Korea Real Estate Board’s subscription website on the 26th, a total of 829,804 people nationwide applied for the 59㎡ exclusive area, which was open to nationwide subscription. For the 84㎡ exclusive area, which only Seoul residents without housing could apply for, 104,924 people applied. The competition rate for the 59㎡ units set a new record at three times the previous highest competition rate of about 298,000 people for one non-priority subscription unit at DMC Fine City Xi in Eunpyeong-gu, Seoul, in December 2020.

As applicants flooded in, access to the Korea Real Estate Board’s subscription website was disrupted on the morning of the 26th due to a temporary surge in users.

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

Heukseok Xi, which moved in this March, consists of 1,772 households ranging from 39㎡ to 120㎡ in size, from basement level 5 to 20 floors above ground. When it was first sold in May 2020, it recorded an average competition rate of 95.9 to 1 in the first priority subscription.

The non-priority subscription units are 59㎡ with a sale price excluding options of 646.5 million KRW. Winners must pay 20% of the contract price as a deposit upon signing and pay the remaining balance by September 7. This means about 130 million KRW in cash is needed for the contract.

The canceled contract units are 84㎡ 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 signing and pay the remaining 80% balance by September 7. About 200 million KRW is required as a deposit. Eligibility requires being a household head without housing residing in Seoul.

Both the non-priority subscription units and the canceled contract 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.

The announcement date for winners is the 29th for canceled contract units and the 30th for non-priority units.

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