SH opens main subscription round for land-leasehold homes at Godeok Gangil Complex 3

[Financial News] Seoul Housing & Urban Development Corporation (SH Corporation) has begun the main subscription process for Godeok Gangil Complex 3, a land-leasehold housing development intended to help ensure housing stability for ordinary people who do not own homes.
SH said on the 16th that it had opened the main subscription round for Godeok Gangil Complex 3 (174 Gangil-dong and surrounding area) and published a notice inviting applications for a total of 1,305 units. This is the second complex for which SH has held a main subscription after a pre-subscription round. The final residents will be selected following two pre-subscription rounds, held in 2022 and 2023.
Godeok Gangil Complex 3 is a so-called “half-price apartment” development under the land-leasehold housing model, in which the public owns the land and the person who buys the home owns the building. Residents can live there stably for an initial 40 years, with the option to renew their contracts for up to 80 years in total (40 years + 40 years). Private transactions between individuals will also be allowed once the 10-year resale restriction expires.
The supply comprises a total of 1,305 units by exclusive floor area: 590 units of 49 square meters and 715 units of 59 square meters. Of these, 713 units will be offered in this main subscription round, excluding the 592 units allocated to pre-subscription winners. The supply consists of 566 special-allocation units for young people, newlyweds, first-time homebuyers, families with newborns and others, and 147 units for general allocation. Units left over when pre-subscription winners are deemed ineligible will also be transferred to the general allocation.
The building sale prices are around KRW 280 million–320 million for 49-square-meter units and KRW 340 million–390 million for 59-square-meter units. Monthly land rent has been set at KRW 426,000 for 49-square-meter units and KRW 511,500 for 59-square-meter units. To ease buyers’ financial burden, up to 60% of the rent can be converted into a deposit following consultation between the selected applicants and SH.
Applicants must, as of the date of the notice inviting applications, be members of a household without a home, reside in the Seoul metropolitan area (Seoul, Gyeonggi or Incheon), and hold either a Housing Subscription Comprehensive Savings account or a Housing Subscription Savings account. If applicants with the same priority compete, 50% of the units will be given priority to those who have continuously lived in Seoul for at least two years, with the rest allocated to residents of the Seoul metropolitan area.
Applications will be accepted on the following dates: pre-subscription winners, October 26–27; special allocation, November 2–3; and general allocation, November 4–6. The winners are scheduled to be announced on November 26.
Application dates for general allocation vary by priority and place of residence: first priority (Seoul residents for at least two years), November 4; first priority (Seoul residents for less than two years, and residents of Incheon or Gyeonggi), November 5; and second priority, November 6.
The winners are scheduled to be announced on November 26. Applications will be accepted online through SH’s internet subscription system. An in-person application desk will also operate in the main auditorium on the second floor of SH’s headquarters in Gangnam-gu for vulnerable groups, including older adults and people with disabilities.
Godeok Gangil Complex 3 boasts a pleasant natural environment, with abundant green spaces nearby, including the Hangang River, Misa Hangang Park and Godeok Ecological Park. Its proximity to the Seoul Ring Expressway and Olympic-daero makes it easy to reach major parts of Seoul, including Jamsil and Gangnam. The area also has excellent educational and daily-life infrastructure. Gangbit Elementary School, including its attached kindergarten, and Gangbit Middle School are right next to the complex, providing a safe route to school. IKEA, Costco, Starfield and other large retail facilities are also within a 20-minute drive. Built as high-quality “100-year homes” using high-strength concrete and highly insulated system windows, the homes offer improved residential safety and quality.
SH President Hwang Sang-ha said, “Godeok Gangil Complex 3 is a high-quality public-sale housing development with both an outstanding natural environment and excellent educational conditions.” He emphasized, “We will continue to provide high-quality homes at reasonable prices and do everything we can to ensure housing stability for Seoul residents.”

[email protected] Jeon Min-kyung Reporter