The lowest score required to win the first-priority subscription lottery for the smallest unit in Otier Banpo (Shinbanpo 21st Reconstruction) located in Jamwon-dong, Seocho District, Seoul, which is projected to have a minimum increase in market value of 2 billion Korean won, was achieved as a perfect score by a household of five people.
As per the Korea Real Estate Board’s subscription home on the 21st, during the first-priority general supply subscription for Otier Banpo, held on the 13th, the winning scores for the smallest housing type, a 44㎡ exclusive unit, among the 12 available types, reached a high of 79 points and a low of 74 points. These represent the highest scores achievable by households of six and five members, respectively. The competition ratio for this housing type was 622.8 to 1, with 3,114 applicants vying for just 5 available units.
Subscription scores are determined by the duration of non-homeownership, the length of time as a subscription account member, and the number of dependents. A non-homeownership period of 15 years or longer (32 points), a subscription account membership lasting 15 years or more (17 points), and having six or more dependents aside from yourself (35 points) lead to a maximum score of 84 points.
Meanwhile, the minimum score for the larger areas, 59.5839㎡ Type A, 97.6619㎡, and 113.4788㎡ Type B, was 69 points, which represented the highest score for a household of four people. The lowest winning score for smaller units was higher than that for larger units. This is thought to be because of the concentration of high-scoring subscription accounts on units with relatively lighter burdens, affected by high subscription prices caused by recent increases in construction costs and loan regulations.
The highest scores achieved by all 12 housing categories that were subject to subscription were 70 points or more. The lowest scores required to win for each housing type varied from 69 to 74 points.
Otiers Banpo consists of 251 homes spread over two buildings, featuring four basement levels and 20 floors above ground. It is the first residential project to introduce Posco E&C’s high-end housing brand Otier (HAUTERRE). This post-reservation complex is set to welcome residents in July.
Situated in the Seocho District, this development is subject to a price cap system, with the cost of a 84㎡ unit ranging between 2.515 billion and 2.7565 billion South Korean won. When compared to neighboring developments, it is anticipated to provide market value increases between 2 billion and 3 billion South Korean won.
Previously, during the special allocation held on the 10th, 15,505 individuals applied for 43 households, leading to a competition ratio of 360.6 to 1. On the 13th, during the first-priority application, 30,540 people applied for the same number of households, resulting in an average competition rate of 710.2 to 1, with all housing categories being fully booked.
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