Wirye Leasville First Class in Songpa
Market Price Around 2 Billion KRW, Sale Price 900 Million KRW
More than 110,000 applicants rushed to apply for a single unit in the unranked subscription (also known as "Jupjup") for Wirye Leasville First Class in Songpa-gu, Seoul. Interest from prospective buyers surged, as this so-called "lottery subscription" offers the potential for a market profit of around 1 billion KRW (approximately 1 billion won) if selected.
According to Korea Real Estate Board's Cheongyak Home on September 30, a total of 113,874 applications were submitted for the unranked subscription for one 105-square-meter unit at Wirye Leasville First Class, which took place the previous day. This unit became available after the original contract was canceled due to the first buyer violating housing supply regulations.
The overwhelming demand is attributed to the possibility of earning a market profit of up to 1 billion KRW if selected. The complex was built by Gyeryong Construction, and when it was first offered in 2019, the sale price was set at 895.08 million KRW. Since then, prices have soared, with a transaction recorded at 2.01 billion KRW in March this year. However, this subscription unit is being offered at the original 2019 sale price, meaning a profit of more than 1 billion KRW is possible for the winner. In addition, there are no resale restrictions and no requirement to reside in the property, so the winner can immediately lease out the unit after paying the balance.
The winner will be announced on October 2, with document submission scheduled for October 13 and the contract signing on October 14. The balance must be paid in full within 30 days of signing, and move-in is scheduled for November. If the contract is canceled, the applicant will be restricted from winning another subscription for 10 years.
Recently, the real estate market has seen continued enthusiasm for unranked subscriptions. These subscriptions often have no resale restrictions or residency requirements, and are offered at the original sale price, making them several hundred million KRW cheaper than current market values. For example, in July, an unranked subscription for four units at Olympic Park Foreon in Gangdong-gu, Seoul attracted 224,693 applicants, resulting in a competition ratio of 56,173.3 to 1.
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