Seoul Housing & Communities Corporation (SH) announced on February 27 that it will begin the main application process for the "land-lease sale housing" units at Magok District Complex 17.
Magok Complex 17 is a "land-lease sale housing" project, in which the land is owned by the public sector and the buildings are owned by individual buyers. Residents can live there for 40 years and may renew their contracts for an additional 40 years, allowing for stable occupancy of up to 80 years (40 years + 40 years). After the 10-year resale restriction period, residents may also conduct transactions between individuals. Magok Complex 17 was previously known as "Magok District Complex 10-2" during the 2023 pre-application phase. This is the first case among SH’s pre-application complexes to move to the main application stage. Including units for pre-application winners, a total of 381 households will be recruited.
The total supply consists of 355 units with an exclusive area of 59 square meters and 26 units with an exclusive area of 84 square meters, totaling 381 units. Of these, 175 units will be given priority to pre-application winners, while the remaining units are divided into 162 special supply units (for youth, newlyweds, first-time buyers, newborns, etc.) and 44 general supply units. If any pre-application winners lose eligibility or withdraw, those units will be added to the general supply.
The sales price is set at between 290 million won and 340 million won for the 59-square-meter units, and between 400 million won and 450 million won for the 84-square-meter units. The monthly land lease fee is 663,900 won for 59 square meters and 946,000 won for 84 square meters. If the land lease fee is a burden, it can be converted to a deposit format through an agreement between the successful applicant and SH.
Applicants must be members of a non-homeowning household residing in the Seoul metropolitan area (Seoul, Gyeonggi, or Incheon) as of the date of the recruitment notice, and must also be subscribers to either the Comprehensive Housing Subscription Savings or Housing Subscription Savings programs. In the event of competition within the same priority group, 100% of the supply will be given first to those who have lived in Seoul for more than two consecutive years, with any remaining units then offered to residents of the rest of the metropolitan area outside Seoul.
Magok Complex 17 is located between Magok Station and Songjeong Station on Subway Line 5, with a bus stop in front of the complex for convenient access to public transportation. By using Subway Line 9 and the Airport Railroad, residents can easily reach major hubs such as Yeouido, Gangnam, Incheon International Airport, and Seoul Station.
Hwang Sangha, President of SH, stated, "We will continue our efforts to increase the supply of high-quality public sale housing at reasonable prices," adding, "Starting with Magok Complex 17, we will ensure the smooth supply of various complexes, including Goduk Gangil District Complex 3 in the second half of the year, and do our utmost to stabilize housing for Seoul citizens."
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