'Lottery Subscription' Jamsil Le El Minimum Winning Score 70... Even Perfect Four-Person Family Accounts Mostly Failed [Real Estate AtoZ]

Seoul's First 'Perfect Score Account' Emerges
433-to-1 Competition for 74m² Units
Sale Price Set 1 Billion Won Below Market Value
Over 100,000 Applicants Rush for Subscription

In the subscription for the 'Jamsil Le El' apartment complex in Songpa-gu, Seoul, the minimum winning score was recorded at 70 points, meaning that even a four-person family with a perfect score account (69 points) failed to win. This subscription also saw the first perfect score account in Seoul this year.

According to Subscription Home by Korea Real Estate Board on September 9, the minimum winning score for the 51-square-meter unit of Jamsil Le El, for which winners were announced on this day, was 70 points. With 2,679 applicants for 7 units, the competition ratio reached 382.7 to 1. For other unit sizes, the minimum score was 74 points, and the highest scores ranged from 78 to 79 points. This essentially means that it was impossible to win with the maximum score (69 points) attainable by a four-person family.

For the 74-square-meter unit, the first perfect score account (84 points) in Seoul this year was recorded. With 9,975 applicants for 23 units, the competition ratio reached 433.7 to 1. Achieving 84 points requires meeting all conditions: being without a home for more than 15 years, having a subscription account for more than 15 years, and supporting a family of six or more.

Jamsil Le El Two Cido. Provided by Lotte Construction

Jamsil Le El is being built by reconstructing the Jamsil Miseong and Clover apartment complexes, with 13 buildings ranging from three basement levels to 35 floors above ground, totaling 1,865 units. Of these, only 216 units are available for general sale. Due to the price ceiling system, the sale price was set more than 1 billion KRW (over 10 billion KRW) lower than the surrounding market prices, earning it the nickname 'lottery subscription.' Over two days, more than 100,000 applicants flocked to both special and general supply categories combined.

The sale price for the 74-square-meter unit is 1.87 billion KRW. However, due to the June 27 loan regulation, the mortgage loan limit is only 600 million KRW. As the combined amount of the down payment, interim payment, and balance exceeds 1 billion KRW, there is criticism that this is a 'lottery for the cash-rich.'