POSCO Construction 'The Sharp Gwangju Forest' June Sale

[Asia Economy Reporter Yoo In-ho] POSCO Engineering & Construction will launch sales for 'The Sharp Gwangju Forest' in Gwangju Metropolitan City next month. To respond to the spread of the novel coronavirus disease (COVID-19), a cyber model house was opened on the 28th.

The Sharp Gwangju Forest apartments, located at 876-6 Munheung-dong, Buk-gu, Gwangju Metropolitan City, will begin special supply applications on the 10th of next month, followed by first-priority applications on the 11th and second-priority applications on the 12th through the Korea Real Estate Agency's subscription homepage.

The announcement of winners will be on the 18th, and the official contracts will be held for seven days from the 29th to July 5th. Office-tel applications will be accepted on the homepage from the 10th to the 16th of next month. The winners will be announced on the 17th, and official contracts will be conducted from the 18th to the 19th.

The model house is located at 744-13 Hwajeong-dong, Seo-gu, Gwangju. Only those with prior reservations who have completed official contracts can enter the model house. Move-in is scheduled for July 2023.

The Sharp Gwangju Forest consists of seven apartment buildings with up to 39 floors above ground, totaling 907 apartment units and 84 residential office-tel units. By exclusive area, the apartments include ▲84㎡ with 679 units ▲101㎡ with 225 units ▲121㎡ with 1 unit ▲131㎡ with 2 units. The office-tels consist of ▲59㎡ with 84 units.

The Sharp Gwangju Forest offers products befitting the power of The Sharp brand. It features a 4-bay slab-type layout with about 25% of units exceeding 85㎡ exclusive area, broadening consumer choices. With up to 39 floors, it is expected to serve as a landmark. The office-tels also have a 3-bay slab-type structure and will provide ample parking space at a ratio of 1.59 spaces per unit.

Gwangju Metropolitan City is not designated as a speculative overheated district or subscription overheated area, so apartment applications are possible regardless of household head status or home ownership. After the announcement of winners, resale of the pre-sale rights is allowed six months later, attracting high consumer interest.

Especially, from August onwards, the resale restriction period for houses supplied in the metropolitan area (overcrowding control zone and growth management zone) and local metropolitan cities' private land will be strengthened until ownership transfer registration (previously six months), which is expected to bring secondary benefits.

Office-tels can be applied for simultaneously with apartments. Anyone aged 19 or older can apply regardless of residence. Applications are possible without a subscription savings account, there is no application deposit, and no re-winning restrictions. Another feature is that resale is possible immediately after contract.

A POSCO Engineering & Construction official said, “The Sharp Gwangju Forest is the first complex to be sold in Gwangju after The Sharp brand renewal, and Munheung and Gak-hwa areas are transforming into new residential towns in Gwangju, so its future value is expected.”