According to the Maeil Business Newspaper, An Yujin of IVE was selected through lottery allocation for DH Bangbae, a large-scale redevelopment project in Seoul’s Bangbae-dong, Seocho District, whose residents are expected to move in in September.
The complex was first put up 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 allotments were only available for units of 84㎡ or higher. With the 84㎡ units now valued at around ₩4 billion on the resale market, successful buyers could potentially see around ₩1.8 billion (around $1.3 million) in unrealized market gains.
Following the report, online discussions quickly moved from An Yujin herself to the structure of South Korea’s housing subscription system.
Critics argue that although units are awarded by lottery, only applicants with significant financial resources can realistically participate. For DH Bangbae, buyers had to pay a 20% down payment, meaning applicants for an 84㎡ unit needed access to more than ₩400 million in cash upfront. Additionally, the project did not offer deferred interest financing, requiring buyers using construction loans to pay interest throughout the payment period.
Due to these financial needs, 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 a 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 offers “lottery opportunities” almost exclusively to people with significant available resources, while average young adults don’t have the financial means to even qualify. The writer further argued that the biggest problem is not the lottery itself, but the high financial threshold required to participate, calling it an “insurmountable barrier” for ordinary applicants.
The controversy has fueled broader discussions about housing affordability and whether South Korea’s membership system should be reformed to provide more equitable opportunities for first-time homebuyers.
Notably, the criticism focused largely on the system rather than on An Yujin personally. There are no allegations of wrongdoing or preferential treatment, and reports indicate that his selection was made through the standard lottery process available to eligible candidates.
Sources: Daum | My daily newspaper
