Record-Breaking Subscription: Announcement of the Winner of Dongtan Station Lotte Castle’s Non-priority Subscription

The winner of the non-priority subscription for Dongtan Station Lotte Castle

The winner of the non-priority subscription for Dongtan Station Lotte Castle, which attracted 2.94 million applicants, has been announced. This unprecedented competition for just one unit highlights the significant market interest driven by the potential for substantial profit margins and the unique characteristics of non-priority subscriptions. Let’s delve into the details of the announcement and the factors behind the overwhelming response.

Recently, the non-priority subscription for Dongtan Station Lotte Castle garnered immense attention by setting a record-breaking competition rate. Located in Dongtan 2 New Town, Hwaseong-si, Gyeonggi-do, this apartment saw 2.94 million applicants vying for just one unit with a floor area of 84㎡. The winner was announced at midnight on August 2, and the fortunate individual received a text message confirming their win at 8 AM.

The details of the winner have not been disclosed to the public due to privacy concerns, but a screenshot of the notification message purportedly sent by the Korea Real Estate Board's subscription home system circulated in online communities, generating significant buzz. However, the authenticity of the circulated message remains unverified.

The immense popularity of the Dongtan Station Lotte Castle non-priority subscription can be attributed to its unique feature of not requiring a subscription savings account. Additionally, the potential for a substantial profit margin of up to 1 billion KRW (~$10 million) upon winning the subscription further fueled the high demand. Initially priced at 482 million KRW during its first sale in December 2017, the same apartment unit was traded for 1.62 billion KRW in October last year, with current listings ranging from 1.7 to 1.8 billion KRW.

On the original application deadline of July 29, the Korea Real Estate Board extended the application period by one day due to an unprecedented surge of over 2.5 million users accessing the subscription home site simultaneously, causing it to crash. This incident vividly illustrates the extraordinary demand for this particular subscription.

Previously, the record for the highest number of applicants for a non-priority subscription was set by 'The H Firstier I-Park' (The H) in Gangnam-gu, Seoul, in February of this year, where 1.01 million people applied for three units. However, the Dongtan Station Lotte Castle subscription has now surpassed this record, setting a new benchmark.

The contract signing date for Dongtan Station Lotte Castle is scheduled for the 9th of this month. The winner is required to pay 20% of the contract price upfront, with the remaining 80% due within two months of the contract date. The absence of a residency requirement and restrictions on resale makes this property even more attractive as an investment opportunity.

The non-priority subscription for Dongtan Station Lotte Castle has set a new record in the South Korean real estate market, attracting unprecedented competition and interest. Driven by the unique characteristics of non-priority subscriptions and the potential for significant profit margins, this subscription event is expected to have a lasting impact on the market. For those looking to seize similar opportunities in the future, this case serves as a valuable reference for making informed decisions.