Last year, the total amount of housing sales transactions in Gangwon Province exceeded 4 trillion won.
According to the "2020 Nationwide Housing Sales Transaction Status" announced in January by the real estate information company Zigbang Co., Ltd., the total amount of housing sales transactions in Gangwon Province last year recorded 4.67 trillion won. This is an increase of 1.95 trillion won compared to 2.72 trillion won in 2019.
The industry attributes the noticeable increase in real estate transaction volume in Gangwon Province to the rise in investments from outsiders.
In fact, according to the Korea Real Estate Board's housing transaction status by buyer's residence, the number of houses purchased by Seoul residents in Gangwon Province last year totaled 6,147 cases. This is a 170% increase compared to 3,606 transactions by Seoul residents in 2019.
A real estate expert stated, “With the expansion of transportation networks including the Seoul-Yangyang Expressway and the East-West High-Speed Railway, many investors have turned their attention to Gangwon Province, which has improved accessibility. Additionally, the concentration of wealthy individuals who want to have their ‘own retreat’ in Gangwon Province, where they can enjoy beautiful natural scenery and seasonal sports throughout the year, is also analyzed as a reason for the increase in real estate sales.”
Amid growing investor interest in Gangwon Province, the global hotel & resort chain Banyan Tree Group has attracted attention by choosing Sokcho City in Gangwon Province as the location for launching its first domestic ‘Cassia’ brand.
In July last year, Banyan Tree Group signed a business agreement with Maston No. 88 Sokcho PFV Co., Ltd. for the consignment operation of ‘Cassia Sokcho.’ Through this, the excellent product quality and global services of Banyan Tree Group can now be provided in Sokcho, Gangwon Province.
In fact, ‘Cassia Sokcho’ plans to offer luxurious rooms and ancillary facilities that have not been seen before in Sokcho City.
First, all rooms are composed of suites with ocean views. Additionally, every room is equipped with a Hinoki concept bathtub and balcony. In particular, the spatial arrangement where the bed, bathtub, balcony, and ocean are aligned in a straight line gives a feeling as if staying at a famous overseas resort.
Differentiated ancillary facilities will also be created. Outdoor infinity pools with sandy beaches, indoor pools, and kids’ pools will be provided, along with a premium spa and sauna using underground 1,000m mineral water, and a banquet hall with a capacity of 400 seats suitable for international conferences and business events.
The rarity of the location, which allows enjoying the ocean without any front interference, also draws attention.
Sokcho City has embarked on developing a site facing the East Sea as part of the Daepo Port Comprehensive Tourism Port Development Project, and ‘Cassia Sokcho’ will be built on that site. Especially, lodging facilities in Sokcho City that can offer an unobstructed ocean view are known to be scarce, so the ocean view premium of ‘Cassia Sokcho’ is evaluated even higher.
Another advantage is that it operates under an ownership system through individual registration.
Generally, memberships operated by luxury hotels make it difficult to book on desired dates such as peak seasons and weekends, or require additional fees for stays. However, Cassia Sokcho operates under an ownership system, allowing contract holders to use the facility on 30 days per year (7 days during peak season, 7 days on weekends and holidays, and 16 weekdays) through advance reservation at their preferred times.
In particular, the remaining 335 days are managed by Banyan Tree Group under consignment operation, so Cassia Sokcho contract holders can minimize operational burdens and are expected to enjoy stable rental income.
Currently, ‘Cassia Sokcho’ is operating a VIP lounge on a reservation basis in Gangnam-gu, Seoul.
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