3,264 applicants chase 2 units at Gwacheon apartment priced W1b below market

More than 3,000 applicants competed for just two units at Gwacheon Dietr Prestige in Gwacheon, Gyeonggi Province, after the apartments were re-listed following contract cancellations over illegal transactions. The units drew strong interest because they were priced about 1 billion won ($746,000) below comparable apartments nearby.

According to the Korea Real Estate Board's apartment subscription platform Cheongyanghome, 3,264 people applied Monday for two units with an exclusive use area of 59 square meters at Gwacheon Dietr Prestige, resulting in an average competition ratio of 1,632 to 1.

The units — Building 202, Unit 1501, and Building 206, Unit 2201 — were made available through a re-supply process for homes whose original contracts were canceled due to illegal resales or other violations of subscription rules. Their listed prices are 857.15 million won and 840.35 million won, respectively.

Buyers must also assume the previous contract holder's balcony expansion and optional add-on agreements, bringing the total cost to between 884.02 million won and 898.62 million won. Acquisition tax and other fees are separate.

The fierce competition is largely attributed to the units being priced roughly 1 billion won below nearby market rates.

A fourth-floor unit of the same 59-square-meter type at Raemian Suhr in Wonmun-dong, Gwacheon, sold for 1.895 billion won on Sept. 13. Compared with the re-supply price including options, the gap comes to between 996 million won and 1.01 billion won.

Eligibility was limited to householders with no home ownership who resided in Gwacheon as of Oct. 28, the date of the official recruitment announcement. No housing subscription account was required. Winners will be selected by lottery and will be subject to a 10-year re-winning restriction and a five-year residency obligation.

Winners will be announced Thursday, with document submission due Monday and contracts to be signed Nov. 12.

The down payment is 20 percent of the purchase price — 10 percent due at signing and the remaining 10 percent within seven days of the contract date. An interim payment of 60 percent is due Dec. 15, with the final 20 percent payable on the designated move-in date.

Gwacheon Dietr Prestige is being built on the S2BL site of the Gwacheon Knowledge and Information Town public housing district. The development will comprise eight buildings ranging from three below-ground floors to 25 to 28 above-ground floors, for a total of 740 units. Move-in is scheduled for May 2027.