This Time, People Line Up for 'Lotto Sale' in Godeok Gangil

Hillstate Richeville and Jeil Punggyeongchae Preparing for Year-End Sales
Opportunities for Low-Scoring Applicants in Medium to Large Draws... Expectation of Interim Payment Loans Available

[Asia Economy Reporter Kim Yuri] The 'lottery subscription' fever in Gwacheon and Hanam, Gyeonggi Province, is expected to extend to the southeastern area of Seoul by the end of the year. This is because private complexes subject to the price ceiling system are set to be offered in the Godeok Gangil Public Housing District in Gangdong-gu, Seoul. It is anticipated that many account holders who failed to win in the subscription for Gwacheon Knowledge Information Town and Hanam Gam-il District, where the winning cutoff scores reached the mid-to-high 60s, will flock to apply for these complexes.

According to the real estate industry on the 11th, two private sale complexes in the Godeok Gangil District are preparing for sales consecutively this month and next month. In Gangil 2 District Block 5, 'Hillstate Reeshuville Gangil' is waiting for sale, and in Gangil 1 District Block 1, 'Godeok Gangil Jeil Punggyeongchae' is preparing for sale. Both complexes include small to medium-sized units under 85㎡ (exclusive area) as well as some medium to large-sized units. Accordingly, as was the case with Gwacheon Knowledge Information Town and Hanam Gam-il, not only low-score non-homeowners but also one-homeowners are expected to compete for the last price ceiling units of the year.

The eligibility requirement for first-priority applicants in these complexes is limited to those who have lived in the Seoul area for more than two years. However, since these are built on public land, unlike private land apartments in Seoul where all units are preferentially supplied to local residents, 50% of the supply will be available to residents of Incheon and Gyeonggi areas outside Seoul.

These complexes are also evaluated by the industry as 'lottery' opportunities. The sale price per 3.3㎡ is expected to be set in the mid-20 million KRW range, guaranteeing several hundred million KRW in price gains upon winning, similar to the previously supplied apartments in Gwacheon and Hanam. Although there are variations depending on location and complex conditions, prices are 200 million to 900 million KRW cheaper compared to surrounding market prices. For example, the 84㎡ units are priced in the 700 million KRW range, and the 101㎡ units in the 800 million KRW range, making mid-term loans likely available.

Hillstate Reeshuville Gangil consists of 7 buildings ranging from 2 basement floors to 27 above-ground floors, with 809 units of 84㎡ and 101㎡. The housing types are subdivided by area, so competition during subscription is expected to be intense. The 84㎡ units are offered in as many as 11 types, and the 101㎡ units are divided into 4 types. Of the total 247 units of 101㎡, about half (123 units) are expected to be allocated by lottery. One-homeowners will compete with non-homeowners who failed in the lottery for 25% (about 30 units) of the lottery units. Fifteen percent (about 84 units) of the units under 85㎡ (562 units) are allocated for first-time homebuyers under special supply. Although the schedule is not finalized, the special supply recruitment is expected on the 30th of this month, so the first-priority subscription date is likely to be December 1.

The complex is located on public land in Gangdong-gu, Seoul, and is adjacent to Hanam Misa Riverside City, known as 'Misa across the street,' allowing residents to utilize the established infrastructure. The Han River is located to the north, so some floors are expected to have views of the river. Nearby, Gangbit Elementary and Middle Schools are scheduled to open in the first half of next year, and Gangil Elementary, Gangdong Middle, and Gangil High Schools are also nearby. The complex is close to the Metropolitan Area 1st Ring Expressway, Seoul-Yangyang Expressway, and Olympic-daero. However, the industry notes that even if the subway lines 5 and 9 extensions proceed as expected, the distance to the complex will not be close.

In Block 1 of District 1, Godeok Gangil Jeil Punggyeongchae is preparing for sale, though the sale schedule has not yet been finalized. It consists of 6 buildings from 2 basement floors to 27 above-ground floors, with 780 units of 84㎡ and 101㎡. Compared to District 2, District 1 is relatively closer to Godeok Biz Valley and Sangil-dong Station on Subway Line 5.

This content was produced with the assistance of AI translation services.