The appearance of apartment complexes in Gyeonggi Gwacheon. /Courtesy of News1

The Korea Land and Housing Corporation (LH) has extended the application period for non-ranking subscription for 1 household, known as 'pick up', in Gwacheon, Gyeonggi Province. The expectation of a whopping 1 billion won in market profit has drawn a flood of applicants.

The Korea Land and Housing Corporation (LH) announced on the 16th that the application period for 1 household in the newlywed hope town at the S7 block of Gyeonggi Gwacheon Knowledge Information Town (Gwacheon Grand Leve Danchian) will be extended until 5 p.m. on the 18th. The original application deadline was set for 5 p.m. on that day.

Accordingly, applications will be accepted 24 hours a day until the deadline.

LH extended the application period because there was a large influx of applicants seeking market profit, making the application process difficult.

LH explained, "Due to the nature of public sales in the newlywed hope town, which are supplied at a low price due to the upper limit on sale prices, many applicants flocked, making it difficult to process applications smoothly, necessitating the extension of the application period."

Gwacheon Grand Leve Danchian is a complex of 472 units that first announced its sale in 2020. The sale price for the 1 household being resupplied this time has been set at 539.33 million won, the price from five years ago. Even if the options chosen by previously canceled households, such as balcony extensions, are taken over, the sale price does not exceed the mid-500 million won range. Considering the market prices of nearby apartments, a gain of about 1 billion won in market profit is expected.