The unscheduled subscription, commonly referred to as “줍줍” (Jupjup), involves recruiting residents for leftover units after a regular subscription process. Interest in these units has increased recently due to rising housing prices, as these units are often more affordable compared to market rates. For instance, last month, a 55㎡ unit in Gwacheon, offered at nearly 1 billion won below market price, attracted so many applicants that it caused delays on the subscription website. This month, a similar opportunity is available with an expected market price difference of around 1 billion won for a unit in Olympic Park Foreon in Gangdong-gu, Seoul, which is expected to be highly competitive. This article will focus on the upcoming Olympic Park Foreon unscheduled subscription, particularly after the new regulations implemented on June 27.
**Q: How is the unscheduled subscription for Olympic Park Foreon in Gangdong-gu, Seoul conducted?**
The Olympic Park Foreon unscheduled subscription will be accepted on the Korea Real Estate Board’s subscription site over two days, on the 10th and 11th of this month. Four units will be available: one unit with 39㎡, one with 59㎡, and two with 84㎡. The results will be announced on the 15th, and the contract terms require a 10% down payment, with the remaining 90% due within 90 days of the 21st of this month.
**Q: Why is there so much interest in the Olympic Park Foreon unscheduled subscription?**
The anticipated value increase is driving interest, with potential capital gains of over 1 billion won. The 84㎡ units are expected to be priced between 1.25 and 1.38 billion won. In contrast, recent transactions for similar units have been around 2.4 to 2.6 billion won, making them significantly cheaper. The starting prices for these unscheduled units were set during the initial general subscription in 2023.
**Q: Can anyone apply for the Olympic Park Foreon unscheduled subscription?**
No, only adults residing in Seoul and without homes can apply as of the public announcement date (the 4th of this month). The Ministry of Land, Infrastructure, and Transport recently revised the eligibility criteria, limiting applications to non-homeowners. Olympic Park Foreon is the first complex to be affected by this new regulation, with location requirements set by local authorities. For this offer, the Gangdong district has limited applications to Seoul residents.
**Q: Can I get a loan if I win the Olympic Park Foreon unscheduled subscription?**
Following the June 27 policy changes, mortgage loans in regulated areas, including the capital region, are capped at 600 million won. Since Olympic Park Foreon’s ownership registration hasn’t been completed, regular mortgage loans can’t be used, but balance loans up to 600 million won are allowed. For instance, if you win a 84㎡ unit priced at 1.25 billion won, you would need to pay a 10% down payment (125 million won) and can finance up to 600 million won, leaving the remaining 525 million won to be covered personally.
**Q: Can I lease (jeonse) the unit immediately after winning the subscription?**
Conducting a gap investment, buying a home with a tenant’s lease, is not feasible due to the ban on conditional lease loans imposed by the new regulations. Without lease loans, the remaining balance must be covered by personal funds. Olympic Park Foreon also enforces a two-year occupancy requirement to prevent speculative demand, though a law passed last year allows the occupancy requirement to be delayed up to three years within the unit’s move-in period.