- Price Increase Inevitable Due to June Sale Price Ceiling Reform... Long-Term General Private Rental Apartments as an Alternative for Homeownership
- Advantage of Stable Residence with Limited Rent Increase Rate for Up to 10 Years
Comprehensive price increases in housing sales are expected to be inevitable in the future. As the government plans to revise the price ceiling system for housing sales and actively reflect the rising construction material costs in construction expenses, along with anticipated tightening of mortgage loan regulations, long-term general private rental apartments are gaining attention.
Long-term general private rental housing allows residents to live in jeonse or monthly rent without worrying about moving for up to 10 years while preparing to own their own home. Rent increase rates are also limited, enabling stable residence for up to 10 years at prices cheaper than surrounding market prices, and there is no tax burden such as acquisition tax, property tax, or comprehensive real estate tax during the rental period.
According to data from Real Estate R114 (as of May 2022), apartment sale prices nationwide have risen by 40.71% over six years. During the same period, the entire metropolitan area increased by 32.93%, with regional increases of 54.23% in Seoul, 27.3% in Gyeonggi, and 72.13% in Incheon.
The problem is that sale prices are expected to rise further. On the 23rd, Won Hee-ryong, Minister of Land, Infrastructure and Transport, announced that the new government’s first real estate policy would be the announcement of a “revision plan for the price ceiling system” within June. This is due to the recent significant rise in raw material prices and land costs, making improvements to the price ceiling system necessary.
From the perspective of prospective buyers waiting for subscription, rising sale prices inevitably cause hesitation in purchasing. Amid this, WooMi Construction plans to supply a 10-year long-term general private rental apartment called ‘Rhythm City WooMirin’ in the San-gok-dong area of Uijeongbu City in June. The complex consists of 8 buildings from basement level 2 to ground level 25, with exclusive area of 84㎡, totaling 767 units.
Rhythm City, where the complex is being developed, is a project to develop a 654,379㎡ site in the San-gok-dong area of Uijeongbu City into a city combining culture, tourism, shopping, and residential areas. Within the district, large-scale commercial facilities including a K-POP cluster are planned, which is expected to create jobs and attract corporate investment.
Moreover, synergy effects with the Gosan district, Minrak district, and the planned Legal Town are also anticipated. Residents can share the infrastructure of the Gosan and Minrak districts, which are rich in living convenience facilities. The Legal Town, scheduled for completion in 2028, will include the relocation of the district court and local prosecutor’s office, along with the construction of over 4,400 public housing units and commercial facilities, positioning it as a future residential hub of Uijeongbu.
Transportation conditions are also excellent. The Uijeongbu Light Rail Gosan Station is nearby, making local travel easy, and the Guri-Pocheon Expressway and the Metropolitan Area 1st Ring Expressway are adjacent, facilitating travel to other regions. Access to the Gangnam area is convenient, and the Metropolitan Area Express Train (GTX-C) line connecting Uijeongbu through Gangnam to Suwon is scheduled to open in 2027, further improving transportation accessibility.
An elementary school is planned within walking distance, enabling convenient commuting for students, and abundant green spaces such as neighborhood parks and cultural parks are planned within the district, promising a pleasant residential environment. Additionally, the complex is adjacent to the Minrak and Gosan districts, which are rich in living convenience facilities such as E-Mart and Costco, allowing residents to enjoy abundant living infrastructure upon moving in. Furthermore, large-scale store development is planned in Rhythm City, which will further enhance living conditions.
‘Rhythm City WooMirin’ is designed with all units facing south, providing excellent views and sunlight rights, and includes various exercise facilities such as an indoor multipurpose gym, indoor golf practice range, and fitness center. Additionally, specialized services unique to the WooMirin brand, such as an indoor children’s playground and Caf? Lynn, will be applied.
A model house for ‘Rhythm City WooMirin’ will be prepared.
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