As the real estate market is being reorganized around actual demanders, apartments equipped with so-called 'double living zones' are attracting the attention of buyers.
A double living zone refers to an area that, although divided by administrative districts, is located at boundary points or adjacent areas, allowing good accessibility to both living zones and enabling residents to enjoy the infrastructure of both as if it were a single living zone. Various convenience facilities such as government offices, hospitals, large marts, schools, and academies, as well as cultural facilities and parks, can be shared by moving between the two areas.
These complexes possess both residential convenience and locational rarity value, leading the apartment market prices within the respective areas and contributing to the enhancement of regional value.
This popularity is also evident in the sales market. ‘Yeondong Haemoro Lumin,’ launched this month in Yeondong, Jeju City, highlighted the advantage of enjoying the abundant infrastructure of both Yeondong and Nohyeon-dong, closing its first-priority subscription with an average competition rate of 27.29 to 1. In January, ‘Hanwha Forena Cheonan Notaet’ in Seobuk-gu, Cheonan City, Chungnam Province, attracted attention from buyers due to its location allowing access to both Seongseong-dong and Baekseok-dong central living zones, recording an average competition rate of 12.39 to 1 in the first-priority subscription.
An industry insider stated, “Double living zone apartments, even if located in different administrative districts, allow most convenience facilities to be used together if the distance is close, making them highly preferred by buyers. However, since the available land for construction is limited, a premium based on rarity value can also be expected.”
Meanwhile, Shinil Co., Ltd. announced that it will launch the ‘Wanju Iseo Shinil Happy Tree’ apartments in the Iseo-myeon area of Wanju-gun, Jeonbuk, in April. The complex consists of 7 buildings from basement level 1 to ground level 15, with a total of 330 units ranging from 59 to 84 square meters in exclusive area.
Wanju Iseo Shinil Happy Tree is located within a 1.5 km radius of educational facilities such as Iseo Elementary School, Samwoo Middle School, and Jeonbuk National University Startup Incubation Center. It is also close to government offices including the Administrative Welfare Center, Police Substation, Post Office, Culture and Sports Center, and Imun Health Center, as well as convenience facilities such as the Express Bus Terminal (Aetong-ri Stop), Nonghyup Hanaro Mart, Baekkotdeul Small Library, and Moda Outlet.
Via the adjacent Kongjipatjilo Road, it is possible to reach Jeonju Western New Town within 10 minutes. The Western New Town area hosts school districts including Jeonju University, Jeonju National University of Education High School, Honam Jeil High School, Wansan High School, and Dongam High School, as well as key institutions such as Jeollabuk-do Provincial Office, Jeollabuk-do Provincial Police Agency, KBS Jeonju Broadcasting Headquarters, and the National Jeonju Museum. Convenience facilities like Lotte Mart (Jeonju branch), Homeplus (Jeonju Hyoja branch), and CGV (Seojeonju branch) are concentrated here, making it the largest commercial district in Jeonju City. Additionally, it is adjacent to Jeonbuk Innovation City and Manseong District, allowing residents to share diverse living infrastructure across education, administration, medical care, and culture.
The transportation environment is also excellent. Wanju Iseo Shinil Happy Tree is close to Kongjipatjilo Road and Honam Expressway (Seojeonju IC), facilitating easy travel to nearby cities such as Iksan, Gunsan, Gimje, and Jeongeup. With the opening of the Saemangeum-Jeonju Expressway scheduled for August 2023, it is expected to become a transportation hub covering the western region of Jeonbuk.
Meanwhile, since Wanju Iseo Shinil Happy Tree is located in Wanju-gun, Jeonbuk, a non-regulated area, it is advantageous in terms of restrictions on resale, loans, and subscriptions. Anyone aged 19 or older who has held a subscription account for more than six months and meets the deposit requirements by region and housing type can apply for first-priority subscription regardless of household head status or home ownership. The loan-to-value ratio (LTV) is also applied up to 70%. There are no restrictions on re-winning, and the tax burden for interim payment loans, capital gains tax, and acquisition tax is low.
‘Wanju Iseo Shinil Happy Tree’ plans to open a model house, with move-in scheduled for September 2023.
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