"You Could Make KRW 1 Billion Just by Winning"... Non-Priority Subscription Apartments Coming to Gwacheon and Seoul

[Financial News] Apartments offering expected market-price gains of around KRW 1 billion if won will be available through a "jupjup" (non-priority housing subscription) in Gwacheon City and Seoul's Gwangjin District.
According to Korea Real Estate Board (KREB)'s Cheongyak Home on the 27th, one unit each at Gwacheon Prugio Bellarte in Gwacheon City and Gangbyeon Station Central I-PARK in Seoul's Gwangjin District will be reoffered following illegal activity.
Applications for Gwacheon Prugio Bellarte will open on the 28th, while those for Gangbyeon Station Central I-PARK will open on the 6th of next month. Both units had their contracts canceled after violations were identified during the original contracting process.
One 99-square-meter B-type unit at Gwacheon Prugio Bellarte—Building 603, Unit 2701—will be reoffered. Its supply price is KRW 952.18 million. Nearby apartments of the same size have recently traded at around KRW 2.2 billion.
In Seoul's Gwangjin District, one 84-square-meter C-type unit at Gangbyeon Station Central I-PARK in Guui-dong—Building 101, Unit 402—will be reoffered. The sale price is KRW 1.22202 billion, the price at the time of the original offering.
According to the Ministry of Land, Infrastructure and Transport (MOLIT), a presale right for an 84-square-meter unit in the complex traded for KRW 2.2 billion on the 18th of last month. That is a difference of approximately KRW 980 million compared with the current supply price.
Applications for both units can be submitted regardless of whether applicants hold a housing subscription account. However, only heads of households without homes who reside in Gwacheon City may apply for Gwacheon Prugio Bellarte, while only those residing in Seoul may apply for Gangbyeon Station Central I-PARK. Neither complex has a mandatory residence period, but winners will be subject to a 10-year restriction on winning another housing subscription.
[email protected] Ahn Ga-eul Reporter