Netizens are debating the fairness.
Koreaboo
6 minutes ago
IVE member Yujin has become a hot topic after it was reported that she was selected for a luxury apartment lottery.
IVE’s Yujin | @_yujin_an/Instagram
According to a July 10 report by Maeil Business Newspaper, Yujin recently won a unit in the general sale lottery of The H Bangbae, a large-scale redevelopment project in Seoul’s Bangbae-dong in Seocho District. The complex was first put on sale in August 2024, with prices ranging from ₩1.70 billion KRW (about $1.14 million USD) to ₩2.76 billion KRW (about $1.84 million USD), depending on unit size.
The H Bangbae | Namu Wiki
The lottery allocation originally covered around 215 units, which were 84 square meters or larger. Notably, this housing project is subject to Korea’s price cap system and doesn’t require mandatory owner-occupancy. Due to this benefit, the competition among applicants was exceptionally high, and those with housing subscription scores exceeding 70 points were considered the strongest contenders. However, a certain percentage of units were reserved for random allocation under the lottery system, and Yujin reportedly secured one of those units.
Reports state that while the 84-square-meter units sold for ₩2.24 billion KRW (about $1.50 million USD), their market value is currently ₩4.00 billion KRW (about $2.67 million USD) in the resale market. This sparked heated discussions about how Yujin has probably made at least ₩2.00 billion KRW (about $1.33 million USD) in profit by winning this lottery.
| theqoo
- “Wow… I guess some people are just destined for success.”
- “It’s huge that a top-tier idol applied for a housing subscription and even won a spot in a prime location. Seriously, some people are just destined to win.”
- “So even wealthy people apply for housing subscriptions…”
- “A spirited girl…”
- “She’s a smart cookie.”
However, the initial reaction has now transformed into a concern about the fairness of the entire system. Many critics argue that, though the houses are allocated by lottery, no one can participate in it unless they are substantially well off. To secure a unit in The H Bangbae, buyers were required to pay a 20% down payment, meaning applicants needed more than ₩400 million KRW (about $267,000 USD) in cash for the smallest unit under the lottery system. The project also did not offer deferred-interest financing, so buyers who purchased the properties through construction loans had to pay interest throughout the payment period.
Due to these strict requirements, many felt that young people who were not as well off as someone like Yujin were effectively excluded from competing for the so-called lottery apartments.
While Yujin’s big win has sparked this controversial discourse, none of the criticism has been directed at the idol herself. Netizens’ focus is on broader discussions about the housing crisis in Seoul and whether the subscription system needs stricter reforms to make opportunities more equitable to young, first-time homebuyers.
Source: Theqoo and Yonhap