85% of Public Housing Allocated for Special Supply to First-Time Homebuyers, Newlyweds, and Multi-Child Families

Pre-Subscription Procedures and Winner Selection Criteria
Even if Selected in Pre-Subscription, Application for Main Subscription in Other Districts Is Possible

[Asia Economy Reporter Kangwook Cho] Guidelines specifying detailed matters such as how to apply for preliminary subscription, criteria for selecting winners, and restrictions for 30,000 households including the 3rd phase new towns will be implemented from the 21st.

According to the Ministry of Land, Infrastructure and Transport, the project operator must announce at least 10 days before the minimum application deadline the following: △location of the housing complex, number of houses to be built, number of units to be recruited △rough design drawings, housing supply area, estimated sale price △eligibility for preliminary subscription, required documents, application date and place △method and date of winner selection △main subscription schedule, expected move-in time, and precautions.

Also, eligibility and selection of reservation holders will be applied based on the preliminary subscription announcement date according to the current system under the ‘Enforcement Rules of the Special Act on Public Housing’ and the ‘Rules on Housing Supply.’ In the case of priority supply to residents of the housing construction area, applicants can apply for preliminary subscription even if they do not meet the residence period requirement as long as they currently reside there.

Winners can make a final decision on moving in after receiving information such as floor plans per household and confirmed sale prices from the public housing project operator before the main subscription begins. However, if the winner or any household member owns another house (excluding inheritance), purchases another house, or fails to meet the mandatory residence period for priority supply in the housing construction area, their winning qualification will be canceled. Even if selected in the preliminary subscription, it is possible to apply for the main subscription in other public housing districts.

There are no restrictions on participating in the main subscription regardless of preliminary subscription application or winning status, and no separate deposit is required until the reservation holder’s status is confirmed for moving in. Winners can give up their winning qualification at any time, but preliminary subscription applications will be restricted for a certain period.

For public sale housing, except for special supply which accounts for 85% (25% for first-time homebuyers, 30% for newlyweds, 10% for multiple children, 5% for elderly parents support, 5% for veterans, and 10% for others), general supply (15%) requires applicants to be first priority in subscription savings, and in case of competition within the same priority, selection is made sequentially based on the number of payments (for units under 40㎡) or total savings amount (for units over 40㎡).

In the case of the Newlywed Hope Town, priority supply is given through a point system considering household income to couples married within 2 years and prospective newlyweds (including newlyweds with children under 2 years old and single-parent families). Subsequently, unsuccessful applicants from the first stage and remaining applicants are selected by evaluating minor children and the period of being without a house.