One million bid for three apartments in Seoul's Gangnam

By Minh Long   March 1, 2024 | 05:21 am PT
One million bid for three apartments in Seoul's Gangnam
People walk on a street in Seoul, South Korea. Photo by Shutterstock/DiegoMariottini
Over one million people have participated in a lottery to buy one of three apartments in the prestigious Gangnam district of Seoul.

The H Firstier IPark complex attracted immense interest as these units were offered at their pre-sale prices from four years ago, rather than the inflated current market values, Bloomberg reported on Feb. 27.

The allure of these apartments is also heightened by their location near elite private education facilities and top-rated public high schools in Gangnam.

The sizes and prices of the units are 34 sq.m at 658.8 million won ($493,800), 59 sq.m at 1.29 billion won ($967,100), and 132 sq.m at 2.19 billion won ($1.6 million), as per News Directory 3.

In comparison, the market rates for other units in The H Firstier IPark significantly exceed those of the lottery, with a 34 sq.m apartment priced at 1.3 billion won, a 59 sq.m one close to 2.2 billion won, and a 132 sq.m apartment reaching 5 billion won.

The winners will be announced on Feb. 29, with contract signings planned for March 8.

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