[Asia Economy Reporter Yoo In-ho] Interest among actual homebuyers is increasing regarding the public pre-sale housing subscription to be implemented from July next year. Inquiries from actual buyers about not only the pre-sale subscription target areas but also conditions and benefits are steadily rising.
In fact, the 3rd New Town website surpassed 1 million visitors within about a month of its launch. The 'Subscription Schedule Notification Service,' which notifies applicants interested in the 3rd New Town subscription of the schedule via text message 3 to 4 months in advance after they register their contact information and areas of interest, showed an evenly distributed interest regardless of specific regions.
Pre-sale subscription means reserving an apartment sale 1 to 2 years before the main subscription. While the main subscription is conducted about 2 years before apartment occupancy, the pre-sale subscription is applied for 3 to 4 years before occupancy. If the applicant wins the pre-sale subscription and maintains eligibility until the main subscription, they can move into the apartment.
This 3rd New Town pre-sale subscription will be conducted in the second half of next year. Occupancy is scheduled for 2024. Considering that delays are common due to the nature of new town development, the occupancy period may be postponed, so it is necessary to participate in the pre-sale subscription. However, the sale price will be finalized at the time of the main subscription.
The announcement for recruiting residents is conducted by apartment blocks, during which information such as area, number of households, estimated sale price, rough design plans, and main subscription schedule are disclosed. The actual sale price, which applies the price ceiling system, is finalized at the main subscription and is known to be supplied at about 30% cheaper than the surrounding market price.
Accordingly, analyses suggest that actual buyers need to prepare in advance to increase their chances of winning in the 3rd New Town subscription.
Above all, the residency requirement for the relevant area must be checked. If the applicant resides in the area at the time of the pre-sale subscription, it is considered initially fulfilled, but the mandatory residency period must be completed by the time of the main subscription. For speculative overheated districts, a 2-year residency is required, and for regulated areas, up to 1 year of residency is required.
Since all pre-sale subscription units in the 3rd New Town are public sales, the eligibility conditions are the same as for public sales. Basically, applicants must be members of a household without home ownership, have a subscription savings account, and meet the residency requirements for the relevant area. For general public sale supply, first-priority eligibility is granted based on the subscription savings account membership period and the number of payments made.
In speculative overheated districts or subscription overheated areas, first-priority eligibility is granted to heads of households without home ownership who have been subscribed to the savings account for more than 24 months, have made at least 24 monthly payments, and whose household members have not won a subscription within the last 5 years. In the metropolitan area, first-priority eligibility applies to members of households without home ownership who have been subscribed for more than 12 months and have made at least 12 payments.
Within the first priority group, preference is given to residents of the relevant area. Winners must be members of a household without home ownership for more than 3 years, and the selection method is based on a standard exclusive area of 40㎡. For housing units exceeding 40㎡, winners are selected in order of the highest total subscription savings amount, while for units below that area, winners are selected in order of the highest number of payments made. Since there is high demand for housing types exceeding 40㎡, the total savings amount determines the outcome.
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