‘Osong Hyundai Regional Housing Association’ Successfully Held, Capturing Both Project Safety and Member Satisfaction

Seokjeong Urban Development Co., Ltd. held the inaugural general meeting of the ‘Osong Station Hyundai Local Housing Association’ on the 30th of last month at the Hongik University International Training Center (Jochiwon, Sejong City) and completed the application for association establishment approval at Cheongju City Hall.

At this inaugural general meeting, with about 400 association members and Seokjeong Urban Development Co., Ltd. officials gathered, eight university lecture rooms were rented to accommodate attendees in a dispersed manner to strictly comply with COVID-19 prevention guidelines. Attendees were seated with spacing between each person to conduct the meeting.

Due to multiple postponements of the general meeting caused by the COVID-19 situation, the project was delayed beyond the original plan. Judging that any further delay would not benefit the association members, the meeting was strongly promoted with thorough quarantine measures, and the smoothly progressing project status was shared, receiving much praise from the members.

The Osong Station Hyundai Local Housing Association began recruiting apartment association members for 1,593 units excluding rental units out of 2,094 units last May, and set a record by completing 100% of all subscriptions in just one day and 100% of all contracts for all unit types within one week.

The project is being carried out on reserved land for multi-family housing within the Osong Station urban development zone (land excluded from the land readjustment plan in the land readjustment project), so there is no risk burden from purchasing the project site like other housing association apartments. Also, since Seokjeong Urban Development Co., Ltd. secured the first-tier brand ‘Hillstate’ as originally promised, it is said that they were able to gather 100% of the association members.

During the main agenda discussion of the general meeting, an introduction to the current situation and future plans was made. Notably, a subcontract agreement was signed with Hyundai Engineering, a major domestic construction company, and before recruiting association members, Seokjeong Urban Development Co., Ltd. secured the land contract and invested a huge amount of funds to ensure the project’s safety.

Hyundai Engineering, one of the major domestic construction companies, is famous for the ‘Hillstate’ brand, which is highly trusted and preferred by actual users.

A Hyundai Engineering official attending the general meeting explained the reason for participating in the project: “When joining the project, the real estate market in Cheongju Osong was very poor, but we decided to participate because we trusted Seokjeong Urban Development Co., Ltd.’s massive investment and strong promotion.”

[Osong Station Hyundai Local Housing Association Project Site]

Seokjeong Urban Development Co., Ltd., which is carrying out this project, is making efforts in various ways to ensure smooth project progress and satisfaction among association members.

In the Osong Station Hyundai Hillstate project, by applying a floor area ratio incentive through permit changes, Seokjeong Urban Development Co., Ltd. could have expected an additional profit of 5 billion KRW. However, instead of pursuing additional profitability, they fully adjusted and proceeded with the plan for fast and speedy project promotion, earning praise among the association members.

Also, the land balance and project funds amounting to 100 billion KRW were fully self-financed by Seokjeong Urban Development Co., Ltd., not through individual credit loans commonly used in other association projects, thus not imposing any burden on individual association members.

Chairman Lee Chang-seop of Seokjeong Urban Development Co., Ltd. said, “One of the problems with local housing association projects is that they are unstable and distrusted development products. Knowing this well, the Osong Station Hyundai Local Housing Association project is evaluated as a case that overcame this by pre-investing a huge amount of funds with my own project promotion capability to ensure safety despite uncertain project success.” He added, “It is planned to be developed as a first-tier brand luxury complex introduced for the first time in Osong, and currently, the association members’ rights have a premium exceeding 100 million KRW compared to surrounding market prices, causing envy in the neighborhood.”

Seokjeong Urban Development Co., Ltd., a real estate development specialist group, is promoting plans to supply about 5,000 households nationwide in 2021. In particular, the Smart City Osan local housing association project, which the company has been pushing with utmost effort for several years, has submitted permits, and GS Construction is scheduled to supply about 2,500 units for general sale in Daejeon Doan New Town, where the housing exhibition hall construction is currently underway.