Godeok Gangil Complex 3 in Seoul's Gangdong district will open main subscription applications next month for homes sold under a land-lease arrangement. It marks another chance to own an apartment in Seoul for around 300 million won, following Magok Complex 17 in Gangseo district, which drew 125 applicants per unit in its general supply in March. Because buyers purchase only the building and pay monthly rent for the land beneath it, the final sale price and the rent will determine how strong demand turns out to be.
Godeok Gangil Complex 3, located at 174 Gangil-dong in Gangdong district, will issue its main subscription notice in October, Seoul Housing & Urban Development Corporation (SH) said on the 7th. The complex comprises 1,305 units in total — 590 units of 49 square meters and 715 units of 59 square meters. The total includes units set aside for winners of the earlier advance reservation, so the number of newly available units and the detailed schedule will be confirmed in the main notice. The development spans 17 buildings ranging from two basement levels to 29 floors above ground, close to the Han River, Godeok Waterside Ecological Park and Misa Han River Park, with Gangbit Elementary and Middle Schools nearby.
Godeok Gangil Complex 3 has drawn attention for its price competitiveness since the advance reservation in 2023. At the time, the estimated building sale price was about 314 million won for the 49-square-meter units and about 355 million won for the 59-square-meter units. Estimated monthly land rent was about 350,000 won and 400,000 won, respectively. The advance reservation, covering 500 units of the 59-square-meter type, drew average competition of 40 to 1. Those figures were estimates, however, and the building sale price and land rent confirmed in next month's main notice will be the key variables shaping actual demand.
Under a land-lease housing arrangement, the public sector retains ownership of the land while buyers acquire ownership of the building only. Stripping the land cost out of the sale price lowers the upfront purchase cost, but buyers must pay monthly rent for use of the land. With apartment sale prices in Seoul climbing steeply of late, the appeal of buying a home in the capital with relatively little upfront cash has come into focus.
Magok Complex 17, which held its main subscription earlier, succeeded on the strength of those advantages. Building sale prices were set at 290 million to 340 million won for 59-square-meter units and 400 million to 450 million won for 84-square-meter units. Monthly land rent was 663,900 won and 946,000 won, respectively. In the main subscription in March, about 20,000 people applied for 381 units, including winners from the advance subscription, producing competition of 70 to 1 in special supply and 125 to 1 in general supply. The minimum housing savings deposit among winners of priority allocation in the first-priority general supply also climbed to 27.3 million won for 59-square-meter units and 30.45 million won for 84-square-meter units.
The main subscription for Godeok Gangil Complex 3 had originally been scheduled for August but was delayed by about two months over the application of mortgages reserved for the New:Home program. As the government tightened lending rules, a plan emerged to apply a loan-to-value ratio of 60% and a rental deposit deduction of 55 million won to main subscription winners, prompting a dispute over fairness toward those who had applied in the advance round.
At Magok Complex 17, where the same issue surfaced first, some winners whose financing plans were disrupted faced the prospect of forfeiting their contracts and called on the Ministry of Land, Infrastructure and Transport and SH to come up with remedies. The dispute was settled after the ministry decided to apply the mortgage terms announced when New:Home was first unveiled to main subscription winners as well and to waive the rental deposit deduction. As a result, Godeok Gangil Complex 3 buyers will also receive the original program mortgage terms — maturities of up to 40 years at fixed rates of 1.9% to 3.0% — regardless of whether they took part in the advance reservation.
Whether Godeok Gangil Complex 3 can match Magok Complex 17's success ultimately rests on the price list to be released next month. With sale prices for privately built apartments in Seoul on the rise, keeping the building sale price at around 300 million won would likely bring its price appeal back into focus. On the other hand, because land-lease housing requires buyers to shoulder land rent over a long period on top of the building payment, they need to weigh the monthly rent alongside the confirmed sale price.
