Recently, perceptions of low-rise units in the housing market have been changing. By applying specialized designs such as terraces, these units not only possess different values compared to high-rise units but also offer higher satisfaction in daily living.
In the past, low-rise units were less preferred than high-rise units due to reasons such as privacy protection, views, and natural lighting. However, construction companies have begun applying various designs to address these issues. For example, ceiling heights are designed to be higher to secure an open and spacious feeling, and innovative spaces such as terraces and attic rooms are provided. Additionally, low-rise units offer advantages that high-rise units cannot, such as relief from inter-floor noise stress and the ability to enjoy landscaping within the complex up close, which also helps secure demand.
As a result, low-rise types within the same complex are sometimes traded at prices similar to or even higher than high-rise units. The popularity of low-rise units is also leading to increased interest in terrace houses. Terrace houses generally consist of four-story homes grouped like an apartment complex, often offering terraces as service areas, allowing for more spacious use compared to typical apartments. In particular, terraces can be used as private gardens, mini pools, home cafes, or home camping sites, enabling residents to enjoy nature and leisure activities anytime within their homes, increasing their appeal to buyers.
In fact, terrace houses have shown significant increases in home prices. The four-story terrace house complex "Gwanggyo Park Xi The Terrace" in Gwanggyo New Town, Suwon-si, Gyeonggi-do, saw a 107.8255㎡ unit traded for 1.5 billion KRW in June. This is nearly double the original sale price of 807 million KRW at the time of pre-sale.
A real estate official stated, "Many construction companies are enhancing differentiation by designing terraces and other features in low-rise units, which is raising their value. Moreover, as more complexes are placing parking lots underground recently, demand is focusing on those who prioritize comfort."
Meanwhile, the terrace house "Jeju The Hill Terrace," featuring various specialized designs from the 1st to the 4th floor, is being supplied in Aewol-eup, Jeju-si, Jeju-do.
Jeju The Hill Terrace is the first terrace house introduced by Kumho Construction in Jeju-do, a company well known for its high-end residential developments, showcasing Kumho Eoullim’s specialized low-rise designs. Except for the 4th floor, all units have individual terraces, while the 4th-floor units without terraces offer attic spaces and rooftops. Buyers can choose terraces, attic spaces, or rooftops designed to fully enjoy Jeju’s scenery from inside their homes. Thanks to these spaces, residents can experience Jeju’s nature directly and enjoy a high-quality living environment, which is expected to enhance residential satisfaction through practical use.
Additionally, Jeju The Hill Terrace applies a 4Bay slab-type floor plan and wide kitchen windows to all unit types, and depending on the type, ample storage spaces such as dressing rooms, powder rooms, and pantries are provided, allowing residents to feel the residential quality of the Kumho Eoullim brand complex. Furthermore, a free balcony expansion benefit is offered to minimize the financial burden on buyers.
Jeju The Hill Terrace is located in Aewol-eup, Jeju-si, Jeju Special Self-Governing Province, consisting of 14 buildings from two basement floors to four above-ground floors, with 200 units ranging from 67 to 99㎡ in exclusive area. Move-in is scheduled for January 2024.
Meanwhile, Jeju The Hill Terrace is currently operating a housing promotion center.
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