"Even Single-Person Households Can Win" Sejong 'Lotto Subscription' Competition Rate Up to 1000 to 1

Sejong-si Garak Village 6·7 Complex, Jungheung S-Class Pradium

More than 40,000 people flocked to the special supply subscription in Sejong City, where winners can expect capital gains of 300 million to 400 million KRW, resulting in an average competition rate of 400 to 1.

According to the Korea Real Estate Board's subscription website on the 22nd, the ‘Garak Village 6·7 Complex Joongheung S-Class Pradium’ in Goun-dong, Sejong City, which received subscriptions the previous day, attracted 43,745 applicants for 107 units, recording an average competition rate of 408.8 to 1. The 59㎡A first-time homebuyer category in Complex 6 saw the highest competition rate of 1068.9 to 1, with 18,169 applicants for 17 units. This was partly because some of the units were allocated through a lottery system that allows single-person households and low-score applicants to win. According to the subscription system revised in November last year, 30% of the first-time homebuyer units are supplied through a lottery system regardless of income or household requirements. Accordingly, in Garak Village Complex 6, where all unit types were 59㎡A, six units (four 59㎡A, one 59㎡B, one 59㎡C) were allocated through the lottery system. Complex 7 was supplied with 84㎡ units and had no lottery units.

The 2030 generation, mostly single-person households and low-score applicants, has often been criticized for being left in the blind spot of the subscription system and called ‘Cheongpo-jok (subscription abandonment group).’ Although the lottery system has at least created some opportunities where there were none before, it is still considered close to false hope. In Seoul, the number of cases where the sale price exceeds 900 million KRW is increasing, but under the current subscription system, no special supply units are allocated if the sale price exceeds 900 million KRW. Also, at least four units per housing type must be allocated as first-time homebuyer units for one unit to be assigned through the lottery system. In small complexes, there may be no lottery units or only one unit available. In February, the ‘Centreville Asterium Yeongdeungpo’ in Yeongdeungpo-gu recorded a competition rate of 2107 to 1, with about half of the applicants applying for a category that included one lottery unit.

The background for discussing subscription system reforms, such as expanding the lottery system, is to manage the panic buying problem among the 2030 generation. President-elect Yoon Seok-yeol has pledged to improve the housing subscription system. A representative plan is to adjust the ratio between the lottery and point-based systems, focusing on expanding the lottery system. For small homes under 60㎡, a new 60% lottery (40% point-based) system will be introduced to increase the winning chances for one- to two-person households and newlyweds. For homes between 60 and 85㎡, the lottery ratio will be set at 30%, and for homes over 85㎡, it will be 20%. An industry insider said, "The clearer the signal that the lottery units will be expanded, the more likely it is that non-homeowners with low scores and young social entrants will shift from purchase demand to subscription waiting demand." However, he added, "The recent severe inflation in construction raw materials could lead to a rapid increase in sale costs, which could be a burden."

Meanwhile, the Garak Village 6·7 Complex Joongheung S-Class Pradium will proceed with the first priority subscription on the 22nd and the second priority subscription on the 23rd, following the special supply on the 21st. Applicants who have held a subscription savings account for over two years and meet the regional deposit requirements qualify for first priority. The deposit is about 2 million KRW for Sejong residents and 2.5 million KRW for other metropolitan cities. The announcement of winners will be on the 30th of this month, and the contract period is from April 11 to 13.

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