"Wirye Lotto Sale" 1,676 Households Begin Full Subscription at the End of This Month... Prices and Conditions

[Asia Economy Reporter Kim Yuri] Two public sale blocks in Wirye New Town announced tenant recruitment on the 19th. This supply, which can be moved into as early as August next year, is highly anticipated by subscription waiters simply because it offers new homes in Wirye at prices ranging from 500 million to 600 million KRW.

Composed of small to medium-sized units ranging from 60 to 85㎡ (exclusive area), totaling 1,676 households. Special supply applications are from November 30 to December 1, and general sales begin on December 10. We examined the characteristics of the complexes, detailed prices, and sales conditions.

The sales targets this time are Wirye New Town A1-5BL and A1-12BL. Wirye New Town is located at the boundary of Seoul, Seongnam, and Hanam cities, and the two blocks supplied this time are located at the border area of Geoyeo-dong, Songpa-gu, Seoul, and Hanam city.

A1-5BL consists of a total of 1,282 households. School sites are planned on the south and north sides of the complex. Although A1-12BL is a small complex with 394 households, it is evaluated to have convenient access to commercial sites and medical facilities on the west side of the complex. There is a green area between the two complexes, allowing direct use of the neighborhood park, and Starfield and E-Mart are located on the southeast side of the complex, which is expected to enhance accessibility to living convenience facilities. Also, it is close to Songpa IC, allowing access to the Seoul Ring Expressway. A streetcar between Unam and Macheon is expected to pass west of A1-5BL. It is connected to Geoyeo Station and Macheon Station on Subway Line 5 within about 10 minutes by village bus.

Wirye District A1-5BL consists of 66㎡, 70㎡, 75㎡, 80㎡, and 84㎡ units. A1-12BL consists of 64㎡, 74㎡, and 84㎡ units.

The average sale price of these complexes, subject to the price ceiling system, is in the range of 500 million to 600 million KRW. A1-5BL is priced between 519,368,000 KRW and 657,101,000 KRW, and A1-12BL is priced between 501,076,000 KRW and 654,896,000 KRW.

The resale restriction period is 10 years from the date of winning (if ownership transfer registration is completed, it is considered 3 years after completion), and the residence obligation period is 5 years from the earliest possible move-in date.

◆Regional Priority Supply Volume= A1-5BL and A1-12BL are large-scale land development districts, and according to regulations, 50% is preferentially supplied to residents who have continuously lived in Seoul for more than 2 years. The remaining 50% is supplied to residents of the metropolitan area (less than 2 years in Seoul, Gyeonggi, Incheon). If a Seoul resident who has lived continuously for more than 2 years fails to win in the priority supply, they compete again with metropolitan area residents for the remaining 50% supply.

◆General Sale Subscription Qualifications= Targeted at subscribers of the Housing Subscription Savings (Chungyak Savings). Since the housing is supplied in a speculative overheated district, applicants must be 'members of a non-home-owning household' residing in the metropolitan area (Seoul, Incheon, Gyeonggi) as of the tenant recruitment announcement date.

Priority 1 applies to applicants who are heads of households, have subscribed to the savings for more than 2 years, and have paid monthly installments at least 24 times, and none of the household members are subject to re-winning restrictions. Priority 2 applies to those who have subscribed to the savings. If there is competition within Priority 1, applicants with more than 3 years as non-home-owning household members and higher total savings amount (recognized payment amount) are selected first.

◆Special Supply Reserve Tenant Selection= By lottery, 500% of the special supply units are selected as special supply reserve tenants. If contract cancellation or disqualification occurs among special supply winners, the units are sequentially supplied to the reserve tenants.

◆Resale Restriction and Move-in/Residence Obligation= Resale is prohibited for 10 years from the date of selection as a tenant. However, if ownership transfer registration is completed, it is considered 3 years after registration completion. The residence obligation period under the Public Housing Special Act is 5 years. If the residence obligation is violated or the tenant moves out, the public housing operator is required to repurchase the house. Winners of price ceiling system-applied housing are managed as winners regardless of contract signing, and neither the winner nor members of their household can be selected as tenants of other sale housing for 10 years from the winning date.

◆First-Time Homebuyer Supply Volume= The supply rate for first-time special supply has been increased from the existing 20% to 25% of the total supply units.

Meanwhile, subscription applications are accepted only online through the Korea Real Estate Agency subscription application site and SH Corporation website. The model house is also replaced by a cyber model house, and only contract holders can check the actual house through a pre-opening event before moving in. The announcement of winners and allocation of building and unit numbers for special and general sales will be posted on December 16 on the Korea Real Estate Agency subscription home and SH Corporation website.