Pre-Subscription Launch... Be Sure to Check Allotments by Residence Area

Second Application for 3rd Phase New Towns Including Wangsuk
24% of 11,020 Units Are Medium-Sized
Residence Requirements Differ by Region
Be Careful Not to Apply Multiple Times

[Asia Economy Reporter Jo Gang-wook] The second round of preliminary subscription applications for 11 districts in the Seoul metropolitan area, including the 3rd New Town Namyangju Wangsuk2 District, began on the 25th. The total number of preliminary subscription units, which will be conducted sequentially by rank until the 5th of next month, is 10,102 households, more than twice the 4,333 households of the first preliminary subscription in July. A notable feature is that 2,382 units of medium-sized apartments with a preferred size of 84㎡ (exclusive area) account for 23.6% of the total.

◇ Large price differences require careful financial planning = The preliminary subscription units by district are ▲ Namyangju Wangsuk2 1,412 households ▲ Seongnam Sinchon 304 households ▲ Seongnam Nakseong 884 households ▲ Seongnam Bokjeong2 632 households ▲ Suwon Dangsu 459 households ▲ Uijeongbu Ujeong 950 households ▲ Gunpo Daeyami 952 households ▲ Uiwang Wolam 825 households ▲ Bucheon Wonjong 374 households ▲ Incheon Geomdan 1,161 households ▲ Paju Unjeong3 2,149 households.

The sale prices vary by district: Namyangju Wangsuk2 ranges from 400 million to 500 million KRW depending on the housing type, Incheon Geomdan is in the high 300 million to 400 million KRW range, and Paju Unjeong3 is in the 300 million to 400 million KRW range. Districts closer to Seoul, such as Seongnam Sinchon and Bokjeong2, have higher prices ranging from 500 million to 600 million KRW. The price for a 59㎡ unit is highest in Seongnam Sinchon at 682.68 million KRW and lowest in Paju Unjeong3 at 324.53 million KRW.

Since the preliminary subscription will be followed by the main subscription in 2024 and move-in is expected around the end of 2026, experts advise carefully considering the financial plan for the next five years and the development potential of the area before selecting the apartment to apply for.

◇ Check residency requirements by district = Since the supply is in the metropolitan area, applicants must basically reside in Seoul, Gyeonggi, or Incheon. The allocation of units varies depending on the size of the district. Large-scale land development districts such as Namyangju Wangsuk2, Suwon Dangsu, Incheon Geomdan, and Paju Unjeong3 also allow applicants residing in Seoul to apply.

For Namyangju Wangsuk2, Suwon Dangsu, and Paju Unjeong3, 30% of the units are preferentially supplied to residents who have lived in the area for at least one year (two years in speculative overheating zones). Of the remaining units, 20% are allocated to Gyeonggi residents who have lived there for at least six months (two years in speculative overheating zones), and 50% are allocated to metropolitan area residents. In the case of Incheon Geomdan, half of the units are preferentially supplied to residents who have lived in Incheon for more than two years, and the rest are available to metropolitan area residents who do not meet this requirement.

The other seven districts allocate 100% of units preferentially to residents of the respective areas. For Seongnam Sinchon, Nakseong, and Bokjeong2, applicants must reside in Seongnam City; for Uijeongbu Ujeong, in Uijeongbu City; for Gunpo Daeyami, in Gunpo City; for Uiwang Wolam, in Uiwang City; and for Bucheon Wonjong, in Bucheon City to be eligible for preferential supply.

◇ No duplicate applications allowed... choose only one type = Experts advise being careful not to apply for multiple subscriptions simultaneously. If a winner of the first preliminary subscription applies for this second subscription, they will be disqualified and barred from applying for any preliminary or general subscription apartments for up to one year. It is possible to apply for or win the main subscription (general subscription) or purchase a house of another type, but in this case, the preliminary subscription win will be canceled.

To move into a preliminary subscription winning house, applicants must maintain the mandatory residence period and non-homeownership requirements. Even if income requirements are exceeded at the time of the main subscription due to salary increases, income and asset requirements will not be additionally reviewed after selection as a winner.

◇ Only 15% general supply... competition expected to be fierce = Fifteen percent of the total public sale units are allocated for general supply, while the remaining 85% are for special supply categories such as newlyweds (30%), first-time homebuyers (25%), multi-child families (10%), and elderly parent support (5%). The subscription dates vary depending on the supply type (public sale, newlywed town), applicant qualifications (special supply, general supply), and residency status, so applicants must check the supply type, eligibility, and subscription dates in advance. Public sale housing applications are accepted from the 25th to the 5th of next month, and newlywed town applications from the 25th to the 29th. Winners will be announced on the 25th of next month.

An expert in subscriptions said, "Including the special supply for newlyweds, more than half of the total units are targeted at newlyweds," advising, "Since many units are allocated, newlyweds or prospective newlyweds should actively target this preliminary subscription."