SH Begins Main Subscription for 'Land-Lease Housing for Sale' at Godeok-Gangil Complex 3

Main subscription opens on the 16th for 1,305 units
Building sale prices: 280 million-390 million won
Up to 60% of land lease fees can be converted into a deposit

Seoul Housing & Communities Corporation (SH) will open the main subscription on October 16 for land-lease housing for sale at Godeok-Gangil Complex 3 in Gangdong-gu, Seoul. This is the second complex for which SH has held a main subscription after conducting a pre-subscription.

Perspective rendering of land-leasehold homes for sale at Godeok-Gangil Complex 3 in Gangdong-gu, Seoul. SH

Godeok-Gangil Complex 3 will recruit residents for a total of 1,305 units through this main subscription. It is a type of land-lease housing for sale in which the public owns the land and the buyer owns the building. Residents can live there securely for 40 years and, through contract renewals, for up to 80 years (40 years + 40 years). Private transactions will also be permitted after the 10-year resale restriction expires.

The supply comprises a total of 1,305 units: 590 units with an exclusive floor area of 49 square meters and 715 units with an exclusive floor area of 59 square meters. Of these, 592 units will be offered first to pre-subscription winners, while the remaining units will be divided into 566 special-supply units (for young adults, newlyweds, first-time homebuyers, newborn families, and others) and 147 general-supply units.

Building sale prices by exclusive floor area are approximately 280 million to 320 million won for 49 square meters and 340 million to 390 million won for 59 square meters. The monthly land lease fees are 426,000 won for 49 square meters and 511,500 won for 59 square meters. Applicants can apply to convert up to 60% of the land lease fee into a deposit.

Applicants must be members of a household without a home who live in the Seoul metropolitan area (Seoul, Gyeonggi Province, or Incheon) as of the date of the housing recruitment notice, and must hold a Housing Subscription Savings account or a Subscription Savings account. If there is competition among applicants in the same priority category, 50% of the units will be given priority to people who have continuously lived in Seoul for at least two years, with the remainder allocated to residents of the metropolitan area outside Seoul.

The subscription period is October 26-27 for pre-subscription winners, November 2-3 for special supply, and November 4-6 for general supply. Winners will be announced on November 26. For general supply, first-priority applications from people who have lived in Seoul for at least two years will be accepted on November 4; first-priority applications from people who have lived in Seoul for less than two years and those living in Incheon or Gyeonggi Province will be accepted on November 5; and second-priority applications will be accepted on November 6.

Godeok-Gangil Complex 3 is near the Han River and has ample green space, including Misa Hangang Park and Godeok Ecological Park. It is also convenient to travel to major hubs such as Jamsil, Gangnam, and Yongsan via nearby routes, including the Seoul Ring Expressway and Olympic-daero.

Nearby schools include Gangbit Elementary School, which has an attached kindergarten, and Gangbit Middle School. Major commercial facilities such as IKEA, Costco, and Starfield can be reached by car in under 20 minutes.

SH President Hwang Sang-ha said, "Godeok-Gangil Complex 3 is a high-quality public housing development for sale, offering a pleasant natural environment and excellent educational conditions. We will continue to do our utmost to provide quality public housing at reasonable prices and improve housing stability and standards for Seoul residents."

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