Kangsan Construction Supplies Niche Product 'Summit Bay Sokcho Urban Stay' Following Residential Brand Lian Bichea

- Lifestyle Accommodation Facilities, Niche Products Due to Stringent Housing Regulations
- Nature-Friendly Lifestyle Accommodation, Gangsan Construction's 'Summit Bay Sokcho Urban Stay'

Recently, as real estate transactions have sharply declined due to interest rate hikes, loan regulations, and tax burdens, the real estate market is contracting. In this context, lifestyle accommodation facilities, which are relatively less regulated, are attracting attention from investors.

Lifestyle accommodation facilities are products that can be operated by purchasing rooms in hotels or residences equipped with cooking and laundry facilities indoors. Unlike apartments, they are subject to the Building Act, so there is no burden of acquisition tax surcharges or holding taxes, and resale is possible. Additionally, they are not counted as housing units and are free from loan regulations such as LTV (Loan to Value ratio) and DSR (Debt Service Ratio).

In particular, lifestyle accommodation facilities located in tourist destinations such as Sokcho, Busan, and Yeosu are used for lodging purposes, thus exempt from heavy taxation on multi-homeowners and strengthened housing regulations such as loan restrictions, making them popular as niche real estate products.

Amid this, Gangsan Construction is supplying a noteworthy lifestyle accommodation facility, ‘Summit Bay Sokcho Urban Stay,’ in Sokcho, Gangwon-do, considered the largest tourist destination in Korea. ‘Summit Bay Sokcho Urban Stay’ is located in Sokcho City, Gangwon-do, and consists of a total of 425 rooms.

Gangsan Construction’s ‘Summit Bay Sokcho Urban Stay’ boasts an excellent location. With Deungdae Beach in front of the complex, all rooms except some lower-floor units offer an endless view of the East Sea. At the back, it features a triple view of Yeongnang Lake with its nightscape and Seoraksan Mountain.

Near the accommodation, the Deungdae Observatory, known as one of the eight scenic spots of Sokcho along with Yeonggeumjeong Pavilion, is located, and along the beach, there is a street of food stalls and the Yeongnang Lake cherry blossom path. Additionally, the coastal road is famous for its beautiful scenery and spectacular ocean views.

Especially, Gangsan Construction’s ‘Summit Bay Sokcho Urban Stay’ is entrusted to Handy’s, Korea’s official Airbnb partner and the number one operator in the country, providing hotel-level services. Furthermore, through Handy’s entrusted management system, room occupancy rates can be increased, and efficient management systems such as IoT unmanned check-in are applied to reduce operating costs and enhance investment returns.

Moreover, as tourism demand recovers, interest in lifestyle accommodation facilities is expected to grow. An official from the sales industry stated, “Due to COVID-19, domestic travel demand has increased, raising interest in lifestyle accommodation facilities,” and predicted, “If overseas travel demand also supports this, the popularity of lodging facilities will continue.”