Increased Chances of Winning 'General Supply' Due to Abolition of Special Public Official Allocation
[Asia Economy Reporter Jang Sehee] More than 220,000 people flocked to the "lottery subscription" for apartments in Sejong City, where nationwide subscriptions were conducted. The increase in demand is attributed to the abolition of the special supply system for public officials, which raised the chances of winning in the general supply.
According to the Korea Real Estate Agency's Subscription Home on the 28th, the 'Sejong Xi The City' apartment, which received first-priority subscriptions that day, recorded an average competition rate of 199.7 to 1, with 220,842 applications for 1,106 units.
The 101㎡ B-type (384 units), which has the largest supply volume, attracted 61,592 applicants in the other category.
Since Sejong City is a region where nationwide subscriptions are possible, it appears that demand from across the country participated in the subscription, expecting significant price gains not only in Sejong but nationwide.
For the lottery system units, even homeowners can win if they pledge to dispose of their existing homes.
The average sale price per 3.3㎡ of this apartment was set at 13.67 million KRW. The sale price for an 84㎡ unit is up to approximately 488.67 million KRW.
Compared to the prices of nearby complexes in Sejong City, where apartment prices have recently risen significantly, a price difference of 200 to 400 million KRW is expected upon winning the subscription, raising expectations among prospective applicants as a "lottery subscription."
The resale restriction for this apartment is 4 years for general supply and 5 years for special supply, with no obligation for actual residence.
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