According to Maeil Business Newspaper, IVE’s An Yujin was selected through the lottery allocation for DH Bangbae, a large-scale redevelopment project in Seoul’s Bangbae-dong, Seocho District, with residents scheduled to move in this September.
The complex was first offered for sale in August 2024, with official prices ranging from:
- 59㎡: up to ₩1.7025 billion
- 84㎡: ₩2.243 billion
- 101㎡: ₩2.5 billion
- 114㎡: ₩2.762 billion
Lottery allocations were available only for units measuring 84㎡ or larger. With 84㎡ units now reportedly valued at around ₩4 billion on the resale market, successful buyers could potentially see an estimated ₩1.8 billion (approximately US$1.3 million) in unrealized market gains.
Critics argue that although the units are allocated by lottery, only applicants with substantial financial resources can realistically participate. For DH Bangbae, buyers were required to pay a 20% down payment, meaning applicants for an 84㎡ unit needed access to more than ₩400 million in cash upfront. In addition, the project did not offer deferred-interest financing, requiring purchasers who used construction loans to pay interest throughout the payment period.
Because of these financial requirements, many argue that ordinary young people are effectively excluded from competing for what are often described as “lottery apartments.”
The issue also gained traction on the anonymous workplace forum Blind, where one widely shared post argued that An Yujin’s case highlighted flaws in the current housing subscription system. The post’s author wrote that the existing system gives “lottery opportunities” almost exclusively to people with significant disposable assets, while average young adults lack the financial means to even qualify. The writer further argued that the biggest issue is not the lottery itself, but the high financial threshold required to enter, calling it an “insurmountable barrier” for ordinary applicants.
The controversy has fueled broader discussions about housing affordability and whether South Korea’s subscription system should be reformed to provide more equitable opportunities for first-time homebuyers.
Notably, the criticism has focused largely on the system rather than on An Yujin personally. There are no allegations of wrongdoing or preferential treatment, and reports indicate that her selection was made through the standard lottery process available to eligible applicants.
Sources: Daum | 마이데일리
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