- Positioned as the oceanfront in Siwha MTV, a leading marine leisure tourism city in the Seoul metropolitan area, expected to attract tourism demand
- Featuring special relaxation spaces such as sky infinity pool, in-room swimming pools, and rooftop, gaining attention as a regional landmark
In Sihwa MTV, being developed as the closest marine leisure tourism city to Seoul, a residential lodging facility offering an oceanfront location as a relaxation space is being supplied, attracting the attention of investors.
With the social atmosphere changing and the population enjoying leisure rapidly increasing, the value of Sihwa MTV, where one can enjoy a leisurely rest nearby, is expected to rise even further. For this reason, various facilities for leisure are being established around Sihwa MTV. In addition to Wave Park, projects such as Sihwa ‘Aqua Pet Land,’ a specialized theme park for ornamental fish, the ‘Marine Ecology Science Center’ for marine education and ecological conservation, and the ‘Marine Leisure Tourism Hub,’ a space for marine leisure culture experience and professional education, are also underway.
Last October, Sihwa MTV gained attention as the closest marine leisure tourism city to the metropolitan area with the opening of ‘Wave Park,’ Asia’s largest artificial surfing site. Furthermore, various marine leisure-related industries, including an inland marina project utilizing Sihwa Lake, are being promoted, positioning Sihwa MTV as a representative marine tourism city in South Korea.
An industry expert explained, “Since the opening of ‘Wave Park’ last year, crowds who used to go all the way to Gangwon-do for surfing are now gathering at Sihwa MTV. It is gaining popularity because surfing can be enjoyed regardless of time or weather, and various facilities including a water park are being established one after another, making it a representative tourist attraction in the metropolitan area. It is expected that more than 3.5 million tourists will visit annually, and due to its accessibility adjacent to the metropolitan area and Incheon International Airport, the number of tourists is expected to increase further. Therefore, Gyeonggi Province and Siheung City are actively working to develop the Sihwa MTV Turtle Island area into a world-class marine leisure tourism complex like ‘Darling Harbour,’ a representative tourist attraction in Sydney, Australia.”
The residential lodging facility ‘Sihwa MTV Wave M,’ launching sales in the Turtle Island area, considered the center of Sihwa MTV, is attracting investors’ interest with various specialized designs and product configurations. Especially, as a complex located in a marine leisure city, it offers an oceanfront location and a special permanent ocean view. It is also well-equipped with specialized facilities. Plans include an infinity pool overlooking the sea and a rooftop space designed as a healing area to enjoy beautiful sunsets. Additionally, some units will feature in-room swimming pools, allowing residents to enjoy their own private infinity pools. Various amenities such as fitness facilities and Play Kids Park will be provided, making it a top destination for family tourists. Moreover, with a waterfront location offering ocean views from every floor, it is highly anticipated as a landmark of marine tourism representing South Korea.
Based on its excellent location, Sihwa MTV Wave M, recognized as a landmark representing Sihwa MTV, is attracting investor interest as it prepares to launch sales before the residential lodging facility regulations scheduled for April. In January, the Ministry of Land, Infrastructure and Transport announced a partial amendment to the Enforcement Decree of the Building Act, leading to industry expectations that new supply of residential lodging facilities will decrease. This has resulted in evaluations that this is virtually the last opportunity to invest in products with excellent investment value.
Residential lodging facilities are buildings subject to the Building Act and are relatively free from loan regulations. They do not require subscription savings accounts or points, and there are no restrictions such as re-winning limitations or resale restrictions. In terms of taxes, they are not subject to comprehensive real estate tax and are not counted as housing units, thus avoiding heavy capital gains tax and acquisition tax. Essentially, they are niche products that can avoid most real estate regulations. In fact, inquiries about residential lodging facilities have been increasing recently in the sales market. Since they cannot be used for residential purposes, complexes located near major tourist destinations that can generate rental income continue to attract steady interest from investors.
A real estate expert said, “With the upcoming amendment to the Enforcement Decree of the Building Act this month, interest in residential lodging facilities in the real estate investment market is higher than ever. Since these products are located near major tourist or resort areas and can absorb short-term rental demand while offering well-equipped specialized facilities, it is natural that investors are focusing on Sihwa MTV Wave M, which enjoys an oceanfront location in Sihwa MTV.”
Sihwa MTV Wave M consists of East and West residential lodging facilities. It comprises a total of 446 units (284 units in 3BL, 162 units in 2-1BL) and neighborhood living facilities. The operation is entrusted to South Korea’s top hotel resort specialist company, raising expectations for smooth room management and stable profits. Additionally, it has the advantage of absorbing marine leisure demand in Sihwa MTV, making it highly attractive to investors.
The commercial facilities to be developed together will be established as an oceanfront marina street mall adjacent to the coast.
The promotional center for Sihwa MTV Wave M (WAVE M) is located in Siheung City, Gyeonggi Province, near the project site.
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