The leasehold sale dwellings at Magok District Complex 17 in Seoul were a hit, logging a subscription competition rate of 67.9 to 1.
According to the Seoul Housing and Urban Development Corporation (SH) on the 17th, 10,998 people applied for the special supply subscriptions for Magok District Complex 17 over two days on the 12th–13th, competing for 162 homes. The average competition rate was 67.9 to 1.
The highest competition rate was for the 59-square-meter "youth" type, where 4,937 people applied for 30 homes, recording a rate of 164.6 to 1.
In leasehold multifamily dwellings, the land is publicly owned and only the building is sold, lowering the initial sale price, and they are called "half-price apartments." Because the land is publicly owned, a separate monthly land rent must be paid, leading some to say it resembles "banjeonse."
The land rent is 663,900 won for 59 square meters and 946,000 won for 84 square meters. The sale prices range from 290 million to 340 million won for 59 square meters, and from 400 million to 450 million won for 84 square meters.
Winners of the subscription must live there for five years, and after 10 years they may sell the dwellings to a third party. Before 10 years, they may sell the dwellings only to SH.
Meanwhile, subscriptions for 72 homes in the general sale run through the 18th.