"O'Tier Banpo Promises 2 Billion Won Capital Gains, Winning Application Scores Range from 69 to 79 Points"

The Otier Banpo apartment complex in Jamwon-dong, Seocho-gu, Seoul, which drew attention as a “lottery subscription” due to the expectation of a market profit of approximately 2 billion won, saw the lowest and highest subscription scores among successful applicants reach the maximum points possible for a household of four and a household of six, respectively. The symbolic significance of being POSCO E&C’s first high-end brand in the Gangnam area, combined with its prime location in Seoul, is believed to have attracted a large number of high-score applicants.

According to the announcement on the Korea Real Estate Board’s Subscription Home website on April 21, for Otier Banpo’s results, among the 12 housing types that accepted first-priority applications, the smallest unit (44 square meters of exclusive area) recorded a top subscription score of 79 and a minimum of 74.

Otier Banpo, Jamwon-dong, Seocho-gu. Photo by Lee Ji-eun

원본보기 아이콘

The subscription score is calculated based on the period of not owning a home, the length of time the subscription savings account has been held, and the number of dependents. The maximum score of 84 points can be achieved with more than 15 years of not owning a home (32 points), more than 15 years of holding a subscription savings account (17 points), and six or more dependents, excluding the applicant (35 points). Therefore, scores of 74 and 79 represent the highest possible scores for a family of five and a family of six, respectively.

The highest subscription scores for all housing types were confirmed to be over 70 points. The minimum successful scores ranged from 69 to 74. The minimum winning scores for the 59㎡A, 97㎡, and 113㎡B types were 69 points, which is the maximum achievable by a family of four.

Otier Banpo is a small-scale complex consisting of two buildings with four basement floors and 20 above-ground floors, totaling 251 units, with 86 units offered for general sale. As a post-sale complex-where apartments are sold after reaching a certain stage of construction-it is scheduled for move-in this coming July.

As the price ceiling system applies to this complex, the sale prices for exclusive 59㎡ and 84㎡ units have been set at a maximum of 2,046.1 million won and 2,756.5 million won, respectively. Considering that the recently built Shinbanpo Xi (completed in 2018) was traded at 4.6 billion won for an 84㎡ unit in October last year, a minimum market profit of at least 2 billion won is anticipated.

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.