Seokjeong Urban Development Co., Ltd. Soars with 'Smart City Osan Lotte Castle'. 96% Land Balance Paid and Ownership Transfer to Association Completed

Seokjeong Urban Development Co., Ltd. announced on June 29 that it has paid the remaining land payment for the Smart City Osan regional housing association project site. The company paid approximately 120 billion KRW for the remaining land payment, which accounts for 96% of the total project site land ownership, and transferred the land ownership to the association. Additionally, about 807 association members who wished to withdraw were fully refunded approximately 40 billion KRW without any deduction for service fees.

With this, the Smart City Osan regional housing association is on the verge of breaking ground under the Lotte Castle brand of Lotte Construction, which has been confirmed as the final contractor.

The Smart City Osan regional housing association project is a large-scale complex of about 2,000 households ambitiously promoted by Seokjeong Urban Development Co., Ltd. on July 27, 2018. However, unexpected issues such as permits and school-related problems delayed the project by more than two years beyond the originally promised period to the association members. In response, CEO Changseop Lee of Seokjeong Urban Development took a bold step by notarizing documents and amending contracts to return the service fees, which are the business profits of the agency, and promising a 100% refund to all association members if the project failed, thereby gaining the understanding and persuasion of the members while dedicating himself to the project.

After overcoming many difficulties, such a good result has been achieved today. Despite the project being halted for over two years, no emergency response committee, commonly seen at other sites, was formed, and this outcome is the result of the association members trusting and waiting for Seokjeong Urban Development.

Seohyun Seok, chairman of the Smart City Osan regional housing association, stated that although the project progress was stalled for over two years due to permit issues, with the recent submission of permits and full payment of the remaining land balance, he is confident that the project will proceed without any problems. He celebrated this as a victory for the association members who did not give up despite many crises and trusted and waited for Seokjeong Urban Development until the end.

Furthermore, CEO Changseop Lee of Seokjeong Urban Development expressed his ambition, stating that with the cooperation and support of the contractor Lotte Construction, they promised confirmed sale prices and a responsible occupancy system to the association members, and that the project will be completed without any harmed members, repaying the support and trust that the members have anxiously given over the past two years.

Seokjeong Urban Development Co., Ltd., as a real estate development specialist, is emerging as a rising developer supplying about 10,000 households nationwide, including Smart City Osan Lotte Castle, Cheongju Osong Station Hyundai Hillstate with about 2,000 households, Daejeon Doan GS Xi with about 2,500 households, and Daegu Beomeo Mark Summit with about 1,000 households.

Additionally, Seokjeong Urban Development Group is a company with subsidiaries in advertising, interior design, energy solar tree, general construction, and sports teams.