Seoul Apartment Offered at Half Market Price Amid Resale Cancellation

A single unit in the upscale Songpa Signature Lotte Castle apartment complex in Seoul is set to be re-offered for sale at a price significantly below market value, potentially attracting a surge in demand. The apartment, a 84-square-meter unit on the 29th floor, will be available for approximately 1 billion won (USD $800,000), including option fees and taxes.

This offering presents a substantial discount compared to recent transactions for identical units within the same complex. Records show that similar 84-square-meter apartments have recently sold for around 2.1 billion won (USD $1.7 million), creating a price difference of up to 1.1 billion won (USD $900,000).

The unit is being re-supplied due to a cancellation resulting from illegal resale or disruption of supply order. Eligibility is restricted to individuals who are the head of a household residing in Seoul and do not own a home as of the application date. Applicants do not need a housing subscription account to enter the lottery for this unit.

The application period is set for August 18, with the winner to be announced on August 21. The resale restriction period, initially set for three years from the first winner announcement in September 2019, has now expired. The residency obligation remains at three years, and the successful applicant will face a 10-year restriction on re-applying for housing. Move-in is scheduled for next month.