▶ Following the supply of brand apartments by major construction companies, world-class hotels are also rushing to supply in Sokcho City
▶ Gaining status as a brand town area, it is being evaluated as the best time for home purchase and investment
Recently, the real estate industry’s perspective on Sokcho City, Gangwon Province, has become quite notable. Despite the domestic and international economic downturn, major construction companies and global corporations are actively moving forward with building branded apartments and large hotels in Sokcho City, Gangwon Province.
Starting with Hyundai Construction’s ‘Hillstate’ not long ago, this year GS Construction’s ‘Xi’, HDC Hyundai Development Company’s ‘IPARK’, Lotte Construction’s ‘Lotte Castle’, and Daelim Industrial’s ‘ePyeonhansesang’ brands?some of the most popular apartment brands in Korea?have either entered or are preparing to enter Sokcho City.
In particular, the Dongmyeong-dong area of Sokcho City, where these branded apartments are being built, has shed its past image as a densely populated residential area and is now being recognized as a new branded town area that plays a central role in Sokcho City.
Along with the branded apartments by major construction companies forming a brand town in the Dongmyeong-dong area, the nearby Daepo Port area is also enhancing Sokcho City’s value by supplying the ‘Cassia’ hotel operated by Banyan Tree, a world-renowned hotel and resort group.
The reason why major construction companies’ branded apartments and world-class hotels are rushing to supply Sokcho City is that it is a representative domestic region encompassing housing, tourism, and culture.
In fact, Sokcho City’s residential areas have been developed around natural landscapes such as the East Sea, Yeongnangho Lake, Cheongchoho Lake, and Seoraksan Mountain. From the Seoul metropolitan area, it has become a region accessible within an hour via the Seoul-Yangyang Expressway and the planned East-West High-Speed Railway.
Accordingly, the real estate industry agrees that now is the right time to purchase a home or invest in real estate in Sokcho City. In the early stages of development, entry into the area is possible at reasonable prices, but once most branded apartments and hotels are completed, the prices will rise along with the increased value of the area.
Moreover, since the government’s strong real estate policies have bypassed Sokcho City, the industry suggests paying attention to Sokcho City, which has been recording long-term growth.
- A place worth paying attention to: ‘Sokcho Lotte Castle in the Sky’
The reason to focus on ‘Sokcho Lotte Castle in the Sky’ supplied by Lotte Construction is precisely this. Currently, there are no other branded apartments planned for supply in Sokcho City after ‘Sokcho Lotte Castle in the Sky’, and even if there are, they will be supplied much later at higher prices.
Especially considering that the Lotte Castle brand is the highest-priced apartment brand in Gangwon Province, ‘Sokcho Lotte Castle in the Sky’, the first Lotte Castle branded apartment to debut in Sokcho City, is expected to become a landmark apartment dominating the local market value.
The construction company, Lotte Construction, has made meticulous efforts from the site selection stage to ensure that the quality and class demonstrated at Lotte Resort Sokcho are fully experienced at ‘Sokcho Lotte Castle in the Sky’. As a result, ‘Sokcho Lotte Castle in the Sky’ has secured a geographical location within Sokcho City that offers views of the East Sea, Cheongchoho Lake, Yeongnangho Lake, and Seoraksan Mountain, capturing both residential and future value.
- An opportunity open to nationwide buyers, first-come, first-served contracts for remaining units
‘Sokcho Lotte Castle in the Sky’ by Lotte Construction will be built at 436-1 Dongmyeong-dong, Sokcho City, Gangwon Province, consisting of 8 buildings from 2 basement floors to 29 floors above ground, with a total of 568 units ranging from 59 to 128 square meters in exclusive area. The complex features a high-level design that secures views of the East Sea, Cheongchoho Lake, Yeongnangho Lake, and Seoraksan Mountain from various units, including mid-to-upper floors as well as lower floors.
The first-come, first-served contracts for ‘Sokcho Lotte Castle in the Sky’ can be made by anyone aged 19 or older without using a subscription savings account. In particular, buyers nationwide can contract regardless of previous housing lottery wins, home ownership, or re-winning restrictions.
The first payment (1st installment) is set at 5 million KRW, and according to the revised Local Tax Act effective July 28, the existing acquisition tax rate (1-3%) applies up to two houses. Upon full payment of the deposit (10% of the sale price), resale of the pre-sale rights is also possible, allowing short-term experience of price gains due to brand premium.
Contracts signed by the 20th (Sunday) will enter a drawing to win a Genesis GV80 2.5 vehicle, and other prizes such as OLED TVs, stylers, vacuum cleaners, and air fryers will also be given away through separate drawings. Detailed event and first-come, first-served contract information can be found at the model house and on the website.
The model house is located at 1557-1 Joyang-dong, Sokcho City, Gangwon Province.
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