Supply of ‘Yuseong Oncheon Station Hallabibaldi’ in Daejeon Doan New Town

With the Amendment of the Housing Act, Business Feasibility + Stability UP... 'Local Housing Association Apartments' Relieve Financial and Scoring Burdens, Gaining Popularity
Yuseong Oncheon Station Double & Ultra-Station Area with Green Zone! 'All-Accessible' Doan New Town Small to Medium Apartments Starting from 300 Million KRW!

Despite real estate regulations, the real estate market is experiencing a boom like never before. Every complex that opens for subscription closes with high competition rates, proving the invincibility theory of real estate. Interest in ‘local housing association apartments’ is also increasing, centered on genuine homebuyers who lack enough subscription points and investors targeting ‘niche’ opportunities.

The main factors driving popularity are the favorable living conditions recognized first by local residents, significantly lower prices compared to general sales, the proactive authority to ‘customize’ the overall design including preferred construction companies, floor plans, and auxiliary facilities, and above all, the ability to enjoy all these freely and easily without being bound by the complex subscription system.

In fact, during the recent years when the real estate market nationwide, including Seoul and the metropolitan area, has overheated, local housing association apartments have created numerous success stories. In November last year, ‘Mansunam Gwangha House Story’ succeeded in moving in within the shortest period ever, just over three years from the date of recruiting members. ‘Sangdo Station Lotte Castle,’ which won the grand prize at the 2020 Hankyung Residential Culture Awards, attracted attention with high capital gains. Meanwhile, ‘Nokyang Station Hillstate’ refunded 1.6 billion KRW in project costs to its members, and its transparent and excellent project execution helped dispel public prejudice against local housing associations.

Experts agree that unlike the past, when local housing association projects caused conflicts within associations and social problems due to sluggish land acquisition and project promotion, the revised Housing Act has secured stability as well as profitability. Key points include ▲mandatory acquisition of land use rights for over 50% of the land when recruiting members and prohibition of false or exaggerated advertising ▲mandatory acquisition of land use rights for over 80% and ownership rights for over 15% when applying for association establishment approval ▲dissolution of the association by resolution if project plan approval is not obtained within three years after establishment approval following member recruitment approval within two years.

One expert said, “Local housing association projects are formed by household heads who establish an association, purchase land, and bear construction costs to directly develop the property, so there are no additional financing costs. Also, because the project scale is small, promotion costs are relatively low, making the supply price cheaper than general sale apartments.” He added, “Especially if a construction company with extensive project know-how is selected, project promotion can be smoother. Companies like Halla Co., Ltd., which is writing a new history of local housing associations in places like Gimhae Haebancheon Hanra Vivaldi, Daejeon, Ulsan, Gwangyang, and Jeonju, are representative examples.”

His focus is on Halla’s next ‘masterpiece,’ the local housing association apartment ‘Yuseong Oncheon Station Hanra Vivaldi,’ being promoted together with the Yuseong Oncheon Station Local Housing Association Promotion Committee. It is a product with low entry barriers for both genuine buyers and investors, as it offers newly built, branded, small-to-medium-sized apartments in a prime location in the heart of Bongmyeong-dong, the starting point of Doan New Town, the undisputed ‘price leader’ in Daejeon, for just 300 to 400 million KRW. Even without a subscription savings account, anyone who has lived continuously for six months or more in Daejeon, Sejong, or Chungnam as of the association establishment approval application date and has been a household head owning no home or only one home under 85㎡ exclusive area for one year prior can join as a member.

‘Yuseong Oncheon Station Hanra Vivaldi’ will be developed on 546-5 Bongmyeong-dong, Yuseong-gu, Daejeon Metropolitan City, consisting of three buildings from four basement floors to 32 above-ground floors (with a separate officetel building). It is a mixed-use complex with 306 small-to-medium-sized apartments (planned) ranging from 68 to 74㎡ exclusive area, 120 officetel units (planned), and neighborhood living facilities. It will feature innovative 4-bay floor plans advantageous for lighting, ventilation, and airflow, specialized storage designs such as pantries and dressing rooms, and diverse amenities including daycare centers, community facilities, second-floor lounges, and children’s playgrounds.

The complex secures a double station area and ultra-station area location, being just a three-minute walk from Yuseong Oncheon Station, a transfer station for Daejeon Subway Line 1 and the tram line scheduled to open in 2027. It is also close to the intercity bus terminal, express bus terminal, National Route 32, and Honam Expressway branch, making travel to Daejeon city center, Sejong, and Seoul convenient.

With the ‘Sanctuary of National Defense’ and Oncheon Park located in front, residents can enjoy unobstructed views and a pleasant living environment. Within a 1 km radius, there are three elementary schools and two middle schools, providing excellent educational conditions. The area around Yuseong Oncheon Station offers abundant commercial facilities, including Homeplus, CGV, and ‘Golden High,’ the largest complex shopping mall in Yuseong-gu (scheduled to open in January 2021), as well as public convenience facilities such as the post office and community center, ensuring no inconvenience in daily life.

The ‘Yuseong Oncheon Station Hanra Vivaldi’ promotional center operates under strict COVID-19 prevention measures, including social distancing and its own ‘clean system.’