Preorders for Samsung Electronics Co.'s new foldable smartphones started Tuesday as the tech giant expects a sales boost with cheaper price tags.

Preorders for the Galaxy Z Fold3 and the Galaxy Z Flip3, both unveiled last week at Samsung's Unpacked online event, will run through Monday in South Korea. Those who preordered Samsung's third-generation foldable smartphones will receive the products next Tuesday, three days before their official launch.

Samsung has sharply lowered prices for its latest Galaxy Z series, cutting as much as 400,000 won ($340) compared with predecessors, so that it can popularize the foldable category.

The Z Fold3, which is Samsung's first foldable smartphone supporting its S Pen stylus with an under display camera, sells for 1.99 million won here. The Z Flip3, whose cover display is four times larger than the previous model, is priced at 1.25 million won.

Preorders for the new Galaxy Watch 4 smartwatch models and the Galaxy Buds2 wireless earbuds also started Tuesday.

Samsung will offer various benefits, including device care services, free accessories and gifts, to people who preordered their new mobile devices.

The company will also run a special trade-in program, in which consumers can exchange their old devices for new Galaxy Z smartphones, until Sept. 30.

Meanwhile, Samsung said about 460,000 people participated in an online draw to buy the limited edition of the Z Fold3 and the Z Flip3 last Thursday, which was twice more than the number of people who applied for the Z Fold2 special edition sales.

The Thom Browne edition of the Z Fold3 is priced at 3.96 million won, while that of the Z Flip3 costs 2.69 million won. The special package also includes the Galaxy Watch4, the Galaxy Buds2 and other accessories in collaboration with the US fashion brand. (Yonhap)