'₩1.3 Billion Lottery' Jamsil Le El Subscription… An Impossible Dream for Those Without Cash?
"Next door is ₩3.1 billion, but our unit is ₩1.8 billion!"
The **'Jamsil Le El'** application announcement, promising a 'record-breaking lottery subscription' with a guaranteed **'₩1.3 billion'** capital gain upon successful application, was revealed today (the 19th). With its top-tier location in 'Jamsil', Lotte Construction's high-end brand 'Le El', and the application of a housing price cap, it seems like a 'perfect' subscription. However, a closer look reveals a fatal flaw that makes it an 'impossible dream' for ordinary citizens: it's truly only for the 'cash-rich'.
'₩1.3 Billion Safety Margin'… A Lottery is Still a Lottery
First, let's understand why 'Jamsil Le El' is called a 'lottery'.
- Complex: Reconstruction of Jamsil Miseong-Croba Apartments
- Location: Sincheon-dong, Songpa-gu, Seoul (Adjacent to Jamsillaru Station on Line 2, Jamsil Station on Lines 2 & 8)
- Scale: Total 1,865 units (216 units for general sale)
- Sale Price: ₩61.04 million per 3.3㎡ (Pyeong) (Housing Price Cap applied)
- Exclusive 59㎡: Approximately ₩1.628 billion
- Exclusive 74㎡: Approximately ₩1.865 billion
- Capital Gain: Considering that a 74㎡ unit right in the adjacent 'Jamsil Raemian I'Park' recently sold for ₩3.1 billion, a successful application instantly secures a safety margin of approximately ₩1.3 billion.
A ₩1.3 billion capital gain in the heart of Jamsil, boasting everything from transportation and school districts to amenities and Han River Park. There seems to be no 'lottery' more perfect than this.
However… 'No Clicks' Without '₩1.2 Billion in Cash'
The problem lies in 'funding'. 'Jamsil Le El' is a **'post-completion sale'** complex, with move-in scheduled for January next year. Only about 5 months remain until move-in. Within this short period, hundreds of millions of won in cash must be secured.
Let's take the exclusive 74㎡ unit (sale price ₩1.8648 billion) as an example:
- Down Payment (20%): Approximately ₩373 million (Cash needed by end of September)
- Interim Payment (60%): Interim loan possible (50%) + Self-payment (10%, approx. ₩186.5 million)
- Balance Payment (20%): Approximately ₩373 million
It doesn't end there. Under the government's current **'₩600 million loan regulation'**, the balance loan available at move-in cannot exceed a maximum of ₩600 million.
In conclusion, it is calculated that a person who successfully applies for an exclusive 74㎡ unit must be able to mobilize **at least ₩1.2 billion in cash** by move-in. Considering interim loan interest and ancillary costs like acquisition tax, the necessary cash amount increases further.
A 'Lottery Subscription' That Became Their Own League
The application schedule for 'Jamsil Le El' begins with a **special supply on August 29th**, followed by the **1st-priority application on September 1st**. The sweet fruit of this '₩1.3 billion lottery' is likely to become a feast only for the 'cash-rich' who can mobilize billions of won in cash.
Amid criticism that the housing price cap system disproportionately benefits the wealthy, market attention is focused on what outcome this 'Jamsil Le El' subscription will yield.
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