Banpo Raemian Triniwon Lottery Draws Intense Competition, Signaling Cash-Rich Demand
SEOUL, November 11, 2025 – The subscription lottery for units in the newly constructed Banpo raemian Triniwon complex in Seoul’s Seocho-gu has revealed a striking level of demand from affluent buyers, with the 59.84㎡ exclusive apartment type recording a competition rate of 238 to 1. This surge in applications underscores a growing trend of high-net-worth individuals seeking prime residential properties in the capital.
The intense competition for these apartments, priced at the million won level, reflects a broader market dynamic where limited supply in desirable locations fuels demand among those with substantial financial resources. The Banpo Raemian Triniwon project, offering a prestigious address and modern amenities, has become a focal point for this segment of the market.
Elsewhere, ‘The sharp Bundang Tier One’ in Seongnam, Gyeonggi-do, saw an average competition rate of 100.4 to 1 with 4,721 applicants vying for 47 units. This complex, approved for sale prior to new regulations, is exempt from residency requirements. Unit prices range from 1.974 billion won for a 66㎡ exclusive use to 2.52-2.684 billion won for an 84㎡ exclusive housing type. The location’s proximity to Jeongja Station, served by the Shinbundang and suinbundang lines, is believed to have contributed to its success despite high prices.
In contrast, new developments in Suwon’s Gwonseon-gu experienced lower demand. ‘Elif Hansin the Hue Suwon’ C3 block received 330 applications for 322 households, while D3 block saw 425 applications for 534 households, resulting in a shortfall of 109 applications.
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