If You Win, 500 Million Lotto... Uijeongbu 'Jupjup' Draws Attention

Apartments in Seongsu, Seoul, and the Gangnam area. The article is unrelated to the photo content. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Hyemin] Since the beginning of the year, non-designated subscription, so-called ‘Jupjup’ units, have been continuously appearing in Uijeongbu, Gyeonggi Province, attracting attention. This is due to the expectation that winning the lottery could yield a market price difference worth about 500 million KRW. However, with the market atmosphere reversing due to strengthened loan regulations, the need to secure the down payment and interim payment independently is considered a variable.

According to the Korea Real Estate Agency’s subscription website on the 11th, non-designated subscriptions for ‘Uijeongbu Station Central Xi and Weave Castle (Uisenja)’ and ‘Tapseok Central Xi’ will be held on the 17th. Non-designated subscription refers to the re-supply of units canceled or terminated due to reasons such as non-contract or disqualification after the main subscription is completed. These complexes are releasing units canceled due to illegal resale or supply order disruption after the resident recruitment.

The quantity is not large, with 3 units and 1 unit respectively, but they attract interest as lottery units where a market price difference worth about 500 million KRW can be expected immediately upon winning. In the case of Tapseok Central Xi located in Yonghyeon-dong, the sale price for an exclusive 84㎡ unit is 434 million KRW. The same size unit was traded at 970 million KRW in October last year, and currently, the asking price is around 1 billion KRW. Even after taxes, it is calculated that a minimum profit of about 400 to 500 million KRW can be obtained upon winning.

All these apartments are part of large complexes with over 2,500 households. Uisenja, considered the flagship apartment of Uijeongbu-dong, is close to Uijeongbu Station where the 수도권급행철도 (GTX)-C line will be introduced, providing transportation benefits. As of the recruitment announcement date (7th), anyone aged 19 or older residing in Uijeongbu without home ownership can apply. No subscription savings account is required, and winners are selected by lottery, so even those with low subscription scores can expect to win.

However, loans are a variable. Neither complex facilitates loans, so funds must be secured independently. Although there is no mandatory residence period and the balance can be settled through jeonse (long-term lease), Uisenja requires 50% of the sale price as an interim payment. A subscription official said, "The profit guaranteed just by winning is considerable, so the competition rate will be high," but also advised, "If you win but lack cash, you may lose the right to purchase, so you must thoroughly plan your funding."