"10 Billion Won Lottery, Application Period Extended by Two Days Due to Website Crash"... Frenzy Over Gwacheon 'Jupjup' Apartment

Granreve Desiang 55m² Single Unit Draws Massive Applications
LH Extends Application Deadline to 5 p.m. on June 18, Open 24 Hours
Over 50,000 Waiting Online, System Errors Spark Complaints: "Failed After 3 Hours Waiting"
Potential Market Gain of 1 Billion Won... But Mandatory Profit-Sharing Mortgage Requires Caution

The application period for the public sale apartment at 'Gwacheon S-7 Block Granreve Desiang,' which saw over 50,000 applicants vying for a single unit, will be extended due to a surge in website traffic as the application deadline approached. On June 16, Korea Land and Housing Corporation (LH) announced that the application deadline for the re-supply of this complex, which began accepting applications earlier that morning, would be extended from the original deadline of 5:00 p.m. on June 16 to 5:00 p.m. on June 18.

Perspective view of Gwacheon S-7 Block Granreve Desiang public sale apartment. LH.

The unit being offered this time is a single apartment with an exclusive area of 55 square meters. This unit became available due to a cancelled contract. The sale price was set in 2020 at 539.33 million won (mid-500 million won range including balcony extension costs). Compared to the current market price in the area, which is in the mid-1.5 billion won range, buyers could potentially realize a market profit of over 1 billion won, leading to the apartment being dubbed a 'lottery apartment.' In this area, a 59-square-meter unit in 'Raemian Shure' was sold last month for 1.67 billion won, setting a new record.

As soon as applications opened at 10:00 a.m. that day, the waiting queue reached around 50,000 people, causing connection issues. Many prospective applicants expressed frustration that they were unable to even attempt to apply due to system errors. Complaints included statements such as, "After waiting three hours to access the application page, an error occurred and I was pushed back to the waiting queue."

LH stated, "Due to the nature of public sales supplied under the price ceiling system, the number of applicants surged, making it difficult to process applications smoothly. As a result, we had no choice but to extend the application deadline by one day." Applications can be submitted 24 hours a day until the new deadline at 5:00 p.m. on June 18.

However, as this is a Newlywed Hope Town housing unit, applicants are required to enroll in a profit-sharing mortgage. Depending on the loan period and the number of children, up to 50% of the market profit must be settled with the Housing and Urban Fund. Applicants should take note of this requirement.

Eligibility for application is limited to members of homeless households residing anywhere in the country as of the recruitment announcement date (May 29), and includes: newlywed couples married within seven years or with children aged six or younger; those planning to marry within one year; and single-parent families with children aged six or younger.

This is not the first time the LH application site, LH Cheongyak Plus, has experienced connection issues. In April, a massive influx of applicants for the unranked public housing in Sejong City caused the LH application site to crash. At that time, the number of applicants reached 108,507.