Preliminary Subscription for 800 Million Won Units at Capital Defense Command in Dongjak-gu... 10,000 New:Home Units to Be Supplied This Year

Expansion of New:Home Preliminary Subscriptions Including Dongtan 2, Hwaseong
Seongdong Detention Center and Myeonmok Administrative Town Excluded This Year

The Ministry of Land, Infrastructure and Transport announced on June 7 that it will supply a total of approximately 10,000 New:Home units across nine districts this year, starting with the site of the Capital Defense Command in Dongjak-gu, Seoul.

New:Home is the new name for public sale housing under the Yoon Suk-yeol administration, with the goal of supplying 500,000 units during the presidential term. In the first round of preliminary subscriptions held earlier in four locations, including Changneung in Goyang, Gyeonggi Province, the average competition rate reached 20.5 to 1.

New:Home Layout Map of the Capital Defense Command Site in Dongjak-gu, Seoul / Image Courtesy of the Ministry of Land, Infrastructure and Transport

Building on this momentum, the Ministry has decided to expand this year’s preliminary subscription supply from the previous 7,000 units to around 10,000 units. The supply schedule will also increase from once in each half of the year to three times-June, September, and December.

This month, 932 units in Namyangju, 204 units in Maegok, Anyang, and 590 units in Goduk Gangil District 3 will be supplied as “sharing-type” units. The 255 units at the Capital Defense Command site in Dongjak-gu will be provided as “general-type” units.

In Wangsuk, Namyangju (A19 Block), small units with exclusive areas of 46 to 59 square meters will be supplied, with expected sale prices ranging from 260 million to 330 million won. In Maegok S1 Block, Anyang, 141 units of 59 square meters and 63 units of 74 square meters will be offered at approximately 440 million won and 540 million won, respectively. The supply in Goduk Gangil District 3 consists of 590 units of 49 square meters, with an estimated price in the 310 million won range. The 255 units of 59 square meters at the Capital Defense Command New:Home site in Dongjak-gu are expected to be priced at around 870 million won.

In response to concerns that the sale price of the Capital Defense Command New:Home in Dongjak-gu is too high, Kwon Hyukjin, Director General for Housing and Land at the Ministry, stated, "While New:Home aims to provide affordable homeownership, there are also concerns about market overheating and windfall gains. We also considered that the market price of newly built apartments in the surrounding area is around 1.2 billion won."

The preliminary subscription schedule for the Capital Defense Command site in Dongjak-gu is the earliest, with the tenant recruitment announcement on June 9, special supply on June 19-20, and general supply on June 21-22. Successful applicants will be announced on July 5. For the other three complexes, special and general supply will take place on June 26-27 and June 28-29, respectively, with successful applicants to be announced on July 12-13.

2023 New:Home Preliminary Subscription Supply Location Map / Image provided by Ministry of Land, Infrastructure and Transport

In the second half of the year, preliminary subscriptions are planned for 452 units in Gyosan, Hanam; 439 units in Jangsang, Ansan; and 260 units in Magok 10-2 (all sharing-type) in September. Additionally, 300 units in Galmae Station Area, Guri; 340 units in Daeyami, Gunpo; and 500 units in Dongtan 2, Hwaseong (all selection-type), as well as 365 units in Galmae Station Area, Guri and 618 units in Gyeyang, Incheon (all general-type), are scheduled for preliminary subscription.

In December, 836 units in Wangsuk 2, Namyangju; 210 units at the Magok taxi depot; 300 units south of the Han River; 260 units in Wirye A1-14; 400 units in Changneung, Goyang; and 403 units in Dangsu 2, Suwon will be supplied as sharing-type units. Selection-type units will include 400 units in Daechang, Bucheon; 600 units in Changneung, Goyang; and 300 units in Jinjeop 2, Namyangju. General-type units will include 836 units at the Daebang-dong military site and 276 units in Gwanyang, Anyang.

Kwon also explained, "The supply south of the Han River scheduled for December will be finalized after discussions with Seoul Housing and Communities Corporation (SH). The supply from Seongdong Detention Center and Myeonmok Administrative Town has been excluded from this year’s preliminary subscription due to changes in project plans." He added that while there will be no regional supply this year, next year’s plans will take into account market conditions and land supply situations.

Eligibility for New:Home preliminary subscription will be determined based on the date of the tenant recruitment announcement. Applicants must be residents of the relevant area as of the announcement date and must continue to meet the residency requirement until the main subscription announcement. Detailed information can be found on the preliminary subscription website for each supply area.