Disappearing 'Jupjup'... Where Are the Last Supplies?

Strengthening Eligibility for Uncontracted Subscriptions Starting in March

Starting from March, the eligibility criteria for so-called ‘Jupjup (non-priority subscription)’, which supplies canceled contracts due to fraudulent winning through a lottery, will be strengthened, drawing attention to the non-priority subscription units available before the system is implemented.

According to the Ministry of Land, Infrastructure and Transport and the real estate industry on the 22nd, the Ministry announced a legislative notice on the amendment of the ‘Housing Supply Regulations’ the day before, stating that from March, the eligibility for unsubscribed apartment units will be significantly tightened. Until now, there were no special eligibility restrictions for subscriptions except for age, but from now on, it will be strengthened to ‘adult members of a non-homeowner household in the relevant city or county.’ The amended regulations are scheduled to be promulgated and implemented at the end of March after consultations with related agencies and review by the Ministry of Government Legislation following the legislative notice.

However, these regulations will not apply to houses supplied before the system is implemented, so a large number of ‘Jupjup’ applicants are expected to rush to secure the last available units.

City Construction will conduct a non-priority subscription for the remaining unsubscribed units of 44 households of 84㎡ (exclusive area) at Hwaseong Namyang City Pradium Phase 4 starting from 8 a.m. on the 27th through its website. The sale price ranges from 303 million to 376 million KRW, which is considered more than 30 million KRW cheaper compared to the actual transaction price of 413 million KRW for the same area in nearby Donggwang Viewel, according to local real estate agencies. Any household head residing in the metropolitan area can apply regardless of home ownership status.

In Hwaseong City, Lotte Construction is also conducting a non-priority subscription for 5 units of 59㎡ at ‘Banjeong I-Park Castle Phase 5’. The sale price is around 392 million to 420 million KRW. However, only household heads residing in Hwaseong City are eligible to apply.

Another notable non-priority subscription is for 635 units of Ssangyong The Platinum offered by Ssangyong Construction in Gundo-eup, Anseong. The units include 398 of 59㎡, 132 of 74㎡, 1 of 129㎡, and 4 of 141㎡. The penthouse units of 129㎡ and 141㎡ are especially attracting attention.

In the provinces, ‘Jungsan Xi Phase 1’ in Jungsan-dong, Gyeongsan City, Gyeongbuk, is available as ‘Jupjup’ units. Five units of 74㎡ are subject to subscription, with applications accepted on the 22nd. Note that eligibility is limited to residents of Gyeongsan City.

Generally, non-priority subscriptions can be applied for by anyone aged 19 or older without special eligibility restrictions such as holding a subscription savings account or non-homeownership. Also, there is no restriction on re-winning even if selected. Since unsubscribed units are supplied again at the original sale price at the time of supply, they are considered a ‘lottery’ because they can be purchased cheaper compared to the sharply risen surrounding market prices.

In December last year, the non-priority subscription for one remaining unit at ‘DMC Fine City Xi’ in Susaek Jeungsan New Town, Eunpyeong-gu, attracted about 298,000 applicants, setting a record for the highest competition rate ever.