"Despite Loan Restrictions, 36,000 Rush In: '1 Billion Won Lottery' Jamsil Leel Subscription Frenzy [Real Estate AtoZ]"

36,695 Applicants for 106 Special Units
Average Competition Ratio Hits 346 to 1
Sale Price Set at 1.8 Billion Won, Market Price Reaches 3.1 Billion Won
At Least 1 Billion Won Profit Margin Expected
Despite 600 Million Won Loan Cap, Cash-Rich B

The subscription market in Seoul's Gangnam area has heated up once again. The special supply for the large-scale complex "Jamsil Leel," the first to be offered since the June 27 loan regulation that capped mortgage loans at 600 million won, drew an overwhelming 36,000 applicants, proving the power of the so-called "lottery subscription." The appeal of a price ceiling, which is expected to yield at least a 1 billion won (10 billion KRW) profit compared to the current market price, appears to have outweighed the regulatory burden. However, with the loan cap in place, winners are now faced with the challenge of securing more than 1 billion won (10 billion KRW) in cash themselves.

Jamsil Leel Two-Sido. Lotte Construction.

According to Korea Real Estate Board's Cheongyak Home on August 30, the special supply for "Jamsil Leel" held on August 29 attracted 36,695 applicants for 106 available units, resulting in an average competition ratio of 346 to 1. The special supply for first-time homebuyers alone drew 15,593 applicants, while 15,046 newlywed couples also applied. In addition, 5,495 multi-child families and 492 applicants for the elderly parent support category participated.

"Jamsil Leel," which is being developed through the reconstruction of the Jamsil Miseong and Clover Apartments, will consist of 13 buildings with up to 35 floors, totaling 1,865 units. Of these, 216 units are being offered for general sale. The sale price for an exclusive 74 square meter unit has been set at approximately 1.8 billion won (18 billion KRW). Considering that a 74 square meter unit in the nearby "Jamsil Raemian I-Park" was traded for 3.1 billion won (31 billion KRW) last month, buyers can expect at least a 1 billion won (10 billion KRW) profit margin.

This complex has drawn intense market attention as it is the first to be offered in the Gangnam area since the government's June 27 measures. With the mortgage loan limit for the Seoul metropolitan area and regulated zones capped at 600 million won, winners will need to cover at least 1.2 billion won (12 billion KRW) in cash for a 74 square meter unit. Despite the reduced borrowing capacity and the increased difficulty in raising funds, the scarcity of new developments in Gangnam and the safety margin compared to market prices have outweighed these hurdles.

This popularity once again highlights the unique characteristics of the Gangnam pre-sale market. In the three Gangnam districts and Yongsan, where price ceilings are in effect, buyers are guaranteed to earn several hundred million won in profit compared to market prices. Even with stricter loan regulations, demand from buyers with sufficient cash reserves is inevitable.

General subscription for Jamsil Leel will begin on September 1 for first-priority applicants in the Seoul area, continue on September 2 for first-priority applicants in other areas, and on September 3 for second-priority applicants. Winners will be announced on September 9, and official contracts will be signed from September 22 to 24. Move-in is scheduled for January 2026.