Interest in 'Samcheok Central Doosan We’ve' Coming to Samcheok, Gangwon-do

As high-intensity real estate regulations spread beyond the Seoul metropolitan area to major provincial cities, attention is increasingly focused on small and medium-sized provincial cities that have yet to be affected by these regulations. Since the impact of regulations on first-priority subscription eligibility, restrictions on resale periods of pre-sale rights, and loan limits is relatively light, these areas are attracting interest not only from genuine buyers but also from outside investors.

Currently, in most small and medium-sized provincial cities, anyone with a subscription savings account for more than six months qualifies for first-priority subscription, and there are no restrictions on re-subscription. Unlike the Seoul metropolitan area and major provincial cities, where resale of pre-sale rights is prohibited until ownership registration, pre-sale rights can be bought and sold immediately after the contract or six months later. Additionally, these areas enjoy relatively fewer burdens in terms of taxes and loan limits.

As a result, news of sold-out projects continues to come from small and medium-sized provincial cities that have avoided regulations. For example, ‘Sokcho The Ocean Xi’ in Sokcho-si, Gangwon-do, supplied at the end of May last year, was fully sold out about one month after the official contract period began. Earlier, in July last year, ‘Forena Suncheon’ in Suncheon-si, Jeollanam-do, sold out all units within the five-day contract period.

Thanks to the premium of being in a non-regulated area, pre-sale rights also command high premiums. According to the Ministry of Land, Infrastructure and Transport’s actual transaction data, the 84㎡ unit of ‘Sokcho 2nd I-Park’ (scheduled for move-in in May 2022), launched in Sokcho-si, Gangwon-do, in February last year, saw pre-sale rights traded at 368.58 million KRW (25th floor) in January, which is about 60 million KRW higher than the sale price range of 310.8 million to 318.8 million KRW.

An industry insider explained, “As real estate regulations that began in the Seoul metropolitan area expand their scope, the real estate market in non-regulated areas is gaining momentum. In particular, small and medium-sized provincial cities like Gangwon-do, which have good access to the metropolitan area, are considered quasi-metropolitan areas due to their geographical advantages and excellent transportation networks, rapidly emerging as high-potential investment destinations.”

Meanwhile, a new pre-sale complex is about to be launched in Samcheok-si, Gangwon-do, a non-regulated area, attracting the attention of prospective buyers. Doosan Construction plans to supply ‘Samcheok Central Doosan We’ve’ in Samcheok-si, Gangwon-do. The complex will consist of 6 buildings, ranging from 4 basement floors to 36 above-ground floors, with a total of 736 units sized between 74 and 114㎡.

Samcheok-si, where the complex will be located, is a non-regulated area, so relaxed subscription conditions apply. Residents aged 19 or older in Samcheok-si and Gangwon-do who have held a subscription savings account for more than six months are eligible for first-priority subscription. Also, pre-sale rights can be resold immediately after the contract, which is expected to attract strong interest from both local residents seeking to live there and investors.

The complex offers ample parking spaces relative to the number of households. Including neighborhood living facilities, a total of 1,241 parking spaces will be available, securing 1.68 parking spaces per household, significantly enhancing residents’ convenience.

Additionally, with a building coverage ratio of about 17%, the complex allows for a pleasant living environment and is designed with both slab-type and tower-type structures to suit buyers’ preferences. Especially for slab-type units of 84㎡ or larger, a 4-bay cross-ventilation layout, an alpha room, and a large master bedroom walk-in closet are applied to maximize storage space, along with a ‘ㄷ’-shaped kitchen designed for efficient movement.

Located in the heart of Samcheok-si, the site offers excellent location conditions. Jeongra Elementary School is about a 5-minute walk away, and within a 2 km radius, there are many elementary, middle, and high schools including Samcheok Elementary, Cheonga Middle, Samcheok High, and Samcheok Girls’ High. Convenience facilities such as Homeplus (Samcheok branch) and Hanaro Mart (Gyodong branch) are nearby, along with abundant green spaces like Bonghwangsan Forest Bathing Area and Saecheonyeon Coastal Resort. The East Sea is located about 1 km from the complex, allowing for sea views from within the complex.

Transportation is also convenient. Using National Route 7 along the East Coast, residents can quickly reach neighboring areas such as Donghae-si, Gangneung-si, and Uljin-gun in Gangwon-do. The Donghae Expressway provides easy access to major highways including the Yeongdong Expressway and the Seoul-Yangyang Expressway. The opening of KTX Donghae Station about 15 minutes away by car in March last year has further improved rail access to Seoul and the metropolitan area.

The future value is also high due to transportation developments. In December last year, the electrification project of the Donghae Line connecting Pohang-si, Gyeongsangbuk-do, and Donghae-si, Gangwon-do, began. This project electrifies the only non-electrified section of the Donghae Line between Yeongdeok, Samcheok, and Donghae, aiming for completion in 2022. Once fully opened, travel time from Busan to Gangneung is expected to be reduced by about 40 minutes.