'1 Billion Lotto' One Bailey, Subscription 1st Priority Highest Competition Rate 1873:1... "Must Exceed 69 Points in Scoring" (Comprehensive)

224 Households Recruitment Attracts 36,116 Subscription Accounts

Rendering of Raemian One Bailey

[Asia Economy Reporter Ryu Tae-min] This year, the so-called biggest catch in the Gangnam area, ‘Raemian One Bailey,’ recorded a maximum competition rate of 1873.5 to 1 in the first-priority subscription. Compared to the surrounding market price exceeding 100 million KRW per pyeong, it is analyzed that the subscription competition became fiercer as it is expected to yield a minimum market price difference of about 1 billion KRW as a ‘lottery apartment’ and avoid the three-year residence obligation.

Ramian One Bailey First Priority Competition Rate (Data=Captured from Korea Real Estate Agency Subscription Home)

According to the Korea Real Estate Agency’s Subscription Home on the 17th, ‘Raemian One Bailey’ attracted 36,116 applicants for 224 households in the first-priority subscription. The average competition rate was 161.2 to 1.

The exclusive 46㎡ A type recorded the highest competition rate of 1873.5 to 1 with 3,747 applicants for 2 households. ▲59㎡ A type was 124.9 to 1, ▲59㎡ B type was 79.5 to 1, ▲74㎡ A type was 537.6 to 1, ▲74㎡ B type was 471.3 to 1, and ▲74㎡ C type was 407.5 to 1.

This complex, which reconstructed ‘Sinbanpo 3rd·Gyeongnam Apartment,’ is being developed with a total of 2,990 households across 23 buildings from basement level 4 to ground level 35, with exclusive areas ranging from 46 to 234㎡. Among them, 224 households with exclusive areas of 46 to 74㎡ are general supply. The average sale price per 3.3㎡ is 56.53 million KRW. The sale prices by size are set at ▲49㎡ type from 905 million to 923.7 million KRW, ▲59㎡ type from 1.265 billion to 1.425 billion KRW, and ▲74㎡ type from 1.58 billion to 1.76 billion KRW.

The average winning score is estimated to be in the 70s across all sizes. Jeong Ji-young, CEO of I’m Happy and a subscription expert, predicted about the winning score for One Bailey, saying, “Due to the unprecedented competition rate, a minimum of 69 points or more will be required to win across all sizes,” and “A score in the low 70s will be considered stable.”

In particular, with the recent correction notice deleting the three-year residence obligation clause, it is analyzed that subscription demand surged not only from cash-rich individuals but also from those aiming for gap investment. According to the revised Housing Act by the Ministry of Land, Infrastructure and Transport, private sale apartments applying for resident recruitment approval after February 19 are subject to the price ceiling system and have a residence obligation. One Bailey avoided the residence obligation regulation by applying for approval last December.

Considering the surrounding complex market prices, this complex is expected to yield a market price difference exceeding 1 billion KRW in the future, attracting investors. The nearby Acro River Park 60㎡ was actually traded for 2.67 billion KRW last month, and Raemian Prestige 60㎡ changed hands for 2.62 billion KRW in April. Raemian One Bailey is also expected to see housing prices soar in line with nearby complex prices.

Meanwhile, in the Gangnam area this year, lottery sale complexes are expected to continue besides Raemian One Bailey. ‘Raemian One Pentas (Sinbanpo 15th)’, ‘The H Bangbae (Bangbae 5 District)’, and ‘Sinbanpo Maple Xi (Sinbanpo 4 District)’ are preparing for general sales in the second half of the year.