About 66,000 people applied for a single apartment unit in Seoul's Gwangjin district that has been dubbed a "1 billion won lottery ticket."
A total of 66,863 people applied for one 84-square-meter unit offered in the general supply of Gangbyeon Station Central I'Park, according to the Korea Real Estate Board's subscription portal on the 6th. The unit was being offered again after its original contract was canceled over an illegal resale or a breach of housing supply rules.
The unit is priced at 1.22 billion won ($880,000). A separate 84-square-meter presale right in the same complex changed hands for 2.2 billion won in August, meaning the gap between the offering price and the market price approaches 1 billion won.
Applicants had to be heads of households who do not own a home and who were registered as living in Seoul as of the date the offering was announced. They could apply regardless of whether they held a housing subscription savings account, and the winner is chosen by lottery. The absence of any obligation for the winner to actually move in and live in the unit, which lowers the financial burden on the winner, is also cited as a reason so many applied.
The winner will be announced on the 12th, and the contract will be signed on the 23rd. The down payment is 122.202 million won, or 10% of the price, with the remaining balance of 1.099818 billion won due by Nov. 30. The buyer can move in immediately after paying the balance in full.
Gangbyeon Station Central I'Park, in Gwangjin district's Guui-dong, consists of four buildings with 215 units, rising up to 15 stories above ground with two basement levels.
