Deposit set at 80% or less of market price; residents may stay up to 20 years

Total asset ceiling of 662 million won, vehicle value limit of 45.42 million won

Cheongdam Le El in Cheongdam-dong, Gangnam-gu, Seoul, will be offered as long-term jeonse housing. [Provided by Lotte Engineering & Construction]
Cheongdam Le El in Cheongdam-dong, Gangnam-gu, Seoul, will be offered as long-term jeonse housing. [Provided by Lotte Engineering & Construction]

The Seoul Housing & Communities Corporation (SH) is accepting applications for 1,381 units — and a reserve list — under its 51st round of long-term jeonse housing. A total of 291 new units will be offered across nine complexes, including Raemian Leventus and Cheongdam Le El in Gangnam-gu and DH Bangbae in Seocho-gu.

SH announced Monday that it had published the 51st round of long-term jeonse housing recruitment notices and will begin accepting apartment subscriptions on Sept. 14. The total of 1,381 units comprises 291 newly supplied units across nine complexes and 1,090 re-offered units across 70 complexes and districts.

All newly supplied units are of the Seoul Metropolitan Government's purchase type. The breakdown is: 24 units at Raemian Leventus in Gangnam-gu; 57 units at Cheongdam Le El, also in Gangnam-gu; nine units at Doosan We've The Prestige in Guro-gu; two units at the Imun 3 mixed public building in Dongdaemun-gu; 133 units at DH Bangbae in Seocho-gu; 20 units at Otiere Banpo, also in Seocho-gu; nine units at Seongdong Xi Riverview in Seongdong-gu; 36 units at Yeongdeungpo Xi Dignity in Yeongdeungpo-gu; and one unit at Urban Heim 102 in Jungnang-gu.

The 1,090 re-offered units include 705 SH-built units in districts such as Segok and Magok, 312 purchased units at complexes including DH Daechi Edelui and Maple Xi, and 73 units under Seoul REIT No. 3. Reserve-list slots are also included.

Applicants must be adult, non-homeowning household members currently residing in Seoul as of the recruitment announcement date. Income limits are set at 105 percent or 150 percent of the average monthly income of urban workers, depending on the size of the unit applied for; dual-income households may qualify at up to 140 percent or 200 percent. Total household assets must not exceed 662 million won ($481,000), and the value of any vehicle must not exceed 45.42 million won. Income and asset thresholds may be eased by up to 20 percentage points based on the number of children born to the household.

For general-supply units with an exclusive use area of 85 square meters or less, priority is determined by income conditions, place of residence and the number of subscription savings account deposits. For units exceeding 85 square meters, priority is based on the balance and duration of the subscription savings account.

Priority supply is reserved for senior citizens, people with disabilities, those supporting elderly parents, households with two or more children, and recipients of national merit awards. Applicants who do not qualify for priority supply are automatically moved to the general-supply pool for the same complex and unit size.

Applications will be accepted online and in person. First-priority applicants may apply Sept. 14–15, second-priority applicants on Wednesday and third- and fourth-priority applicants on Thursday. If the number of applicants exceeds a set proportion of available units, lower-priority application periods will be canceled.

Applicants selected for document screening will be announced Oct. 14, with final winners announced March 5 next year. Move-in for re-offered units is scheduled for April next year or later, while the timeline for newly supplied units may vary depending on when each complex is completed. Long-term jeonse housing is offered at a deposit of 80 percent or less of the surrounding market price and, unlike the Long-Term Jeonse Housing II ("Mirinaezip") program, does not allow conversion to pre-sale ownership.


quq@heraldcorp.com