'1 Billion Won Lottery': 77,328 Apply for Just Two Homes in Seoul's Gwangjin District

An intense bidding war erupted for just two housing units in Seoul's Gwangjin District, with a staggering 77,328 people applying for the chance to purchase them. The 'Gangbyeon Station Central IPARK' development saw an unprecedented competition rate of 38,664 applicants per unit.

These two units were made available again after previous sales were canceled due to illegal activities. The application process was open to anyone, regardless of whether they had a housing subscription account. The sale price for the 84-square-meter units remains the same as the initial offering in 2024, ranging from approximately 1.24 billion to 1.27 billion won.

Buyers are required to pay a 10% down payment, with the remaining balance due by November of this year. Industry experts predict a potential profit of around 1 billion won for the successful buyers, given the current market prices. Nearby new developments, such as 'Lotte Castle East Pole' (expected occupancy in January 2025), have seen 84-square-meter units trading for as high as 2.23 billion won, highlighting the significant discount offered in this lottery.

The Gangbyeon Station Central IPARK complex consists of buildings ranging from 10 to 15 stories high, with four units in total.