2nd Pangyo Apartment Lottery Looming

The second Pangyo apartment lottery on some 6,780 units will start on August 30.

The official notice for the distribution will be made on August 24, and subscriptions for units under 25.7 pyeong will be received from August 30 to September 15, and those over 25.7 pyeong from September 4 to September 15. The winners will be announced on October 12.

In particular, three percent or 204 homes of the entire units will be supplied to households with three or more children (under the age of 20), and the bond-bidding system will be applied to medium- and large-sized apartment units.

The Ministry of Construction and Transportation announced the August schedule for Pangyo distribution and subscription with the above dates on August 3. The details of the ministry’s plan are as the following in the form of question and answer.

― How many apartment units are to be supplied in this distribution?

“The number has dropped by 384 from the original 7,164, and a total of 6,780 units will be supplied. There are 4,618 units for medium- and large-sized apartments over 25.7 pyeong, 1,765 units for those under 25.7 pyeong, and 397 units to be leased for medium and large apartments supplied by Tong Yang Insurance.”

― How many units will be supplied to subscribers of housing subscription savings and deposits?

“Subscribers of housing subscription savings plans can apply for small and medium apartments and those with housing subscription deposits can apply for medium and large apartments up for sale or to be leased. Among the 1,765 small- and medium-sized units, 177 will be supplied to those who were displaced due to the apartment construction, the disabled and those given awards of merit for service to the country. Another 177 will be preferentially supplied to households which live with their elderly parents over the age of 65. Taking consideration into these figures, some 1,358 units will be given to regular subscribers of housing subscription savings.

On the other hand, 151 medium- and large-sized units will be specially supplied to households with three or more children, providing a considerably larger number at 4,467 units for general distribution. Subscribers of housing subscription deposits need to have at least a deposit of six million for those in Seoul, four million for Incheon and three million for Gyeonggi Province.”

― How to subscribe?

“Subscriptions are to be made through the Internet: subscribers of housing subscription savings at the Korea National Housing Corporation (KNHC) homepage (www.jugong.co.kr) and subscribers of housing subscription deposits at the homepage of the bank where they made their account. Internet subscriptions will be received from 8:30 a.m. to 6:00 p.m. Those who have difficulty in using the Internet, such as the elderly or overseas residents, can apply through their proxy at the bank window. Subscribers of housing subscription savings can apply at the Tancheon Sports Complex in Seongnam, Yeowol model house in Bucheon, and the housing exhibition hall at Uijeongbu. Applications of housing subscription deposits will be received at all banks and branches of the subscriber.”

― When will be distribution prices be decided and how much are they expected to be?

“The apartment distribution prices and the bond purchasing ceiling will be announced later this month after the KHNC deliberates on the matter. Small and medium apartments are expected to increase slightly from the distribution price of Jugong apartments (9.4 to 11.28 million won per pyeong) in March. There are housing sites somewhat more expensive than those of the March units, and financial expenses have occurred. The price of medium and large apartments is the added total of the distribution price set by the construction company and the bond purchasing loss, and will be set to a 90 percent level of the prices of surrounding areas. Based on the prices of Bundang New City, a 44-pyeong unit is expected at 810 million won (18.4 million won per pyeong).”

― Can I resell after I win a unit in the distribution lottery?

“Units under 25.7 pyeong are prohibited from being resold for 10 years, while those over 25.7 pyeong are prohibited for five years. Selling and donating are restricted but succeeding will be allowed.”

― Other matters?

“If a wrong subscription is made and you won the lottery, your win will be cancelled and your winning will be restricted for five to ten years. Check on your qualifications before you make your subscription. It will be helpful to try a subscription simulation in advance. Call the KHNC call center for Pangyo civil affairs at 1577-8982 for more details.”

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