Government Launches Investigation into Housing Subscription and Supply Status
Plans to Verify Suspicions of Falsified Residency
Full Score Requires 15 Years of No Home Ownership and at Least 6 Dependents
The government is launching an investigation into the actual status of the winners of 'Raemian One Pentas' (Sinbanpo 15th reconstruction) in Seocho-gu, Seoul. Since Raemian One Pentas was a popular subscription complex known as a so-called 'lottery apartment,' and many of the winners had high scores including perfect scores, the government plans to examine whether there were any suspicious cases of disguised moving-in. On the 21st, the Ministry of Land, Infrastructure and Transport announced that it will conduct an inspection of housing subscription and supply status in the second half of this year (July to December), including Raemian One Pentas.
This complex consists of 6 buildings ranging from 4 basement floors to a maximum of 35 floors, with a total of 641 households, and last month, 292 units were sold to the general public. It is a complex subject to the price ceiling system, with an average price of 67.36 million KRW per 3.3㎡. The sale price for an exclusive area of 59㎡ is 1.74 billion KRW, and for 84㎡, it is about 2.33 billion KRW based on the highest price. Nearby, Raemian One Bailey's 84㎡ units are traded in the 4 billion KRW range, so winning a unit in Raemian One Pentas of the same size is expected to yield a price difference of about 2 billion KRW.
In particular, although the average sale price per 3.3㎡ (1 pyeong) is 67.36 million KRW, which is the highest ever, it recorded a high competition rate because the price was cheaper compared to nearby complexes. The exclusive 59㎡ units are priced at 1.74 billion KRW (highest price basis), and the 84㎡ units at 2.33 billion KRW, but they are about 2 billion KRW cheaper than the adjacent Raemian One Bailey. Due to this expectation, 93,864 people applied for 178 units in the first priority subscription held at the end of last month, recording an average competition rate of 527 to 1. As a result of the winner announcement, perfect subscription score accounts appeared in the exclusive 84㎡A, 107㎡A, and 155㎡ housing types. Except for one type, 137㎡ B type (69 points), the lowest winning scores all exceeded 70 points.
To receive a perfect subscription score, one must meet conditions such as ▲more than 15 years of no home ownership (32 points) ▲more than 15 years of subscription account membership (17 points) ▲6 or more dependents excluding oneself (35 points). In particular, to get a score in the 70s, the household size including dependents must be 5 to 6 people. Accordingly, some have strongly raised suspicions that some winning households may have inflated their scores by including parents or others who do not actually live together as household members. As the controversy grew, the Ministry of Land, Infrastructure and Transport decided to conduct an investigation into the winners' actual status. The Raemian One Pentas investigation is scheduled to proceed after the preliminary winner announcement for prospective residents in early next month.
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