Expected Scenic View Premium: 'ePyeonhansesang Sacheon Sky Marina' Scheduled for September Sale

- The Immutable Value That Raises House Prices, 'View Rights,' Constitutes 20% of House Prices
- 'ePyeonhansesang Sacheon Sky Marina' Attracts Attention with Rare Ocean View and Park View

What is the immutable value that drives up housing prices? Many agree that the answer lies in the natural locational advantage known as the ‘view rights.’ The market has long recognized view rights as a crucial criterion when choosing a residence.

In fact, there is a court precedent stating that view rights account for 20% of a home's value, highlighting their significant impact on housing prices. Since January 2012, the Financial Supervisory Service has implemented the ‘Strengthening Housing Mortgage Collateral Value Evaluation’ policy, which reflects collateral value based on view rights even within the same apartment complex and type.

This means that loans are granted by reflecting the actual value according to factors such as the apartment’s floor and orientation, surrounding scenery, view rights, sunlight exposure, and noise levels, making it easier to access so-called premium floors. Commercial banks also consider view rights to some extent, offering smaller loans for first floors compared to higher floors based on their own standards.

This clearly shows that view rights have become a decisive factor in determining housing prices. Consequently, apartments with view rights hold a price advantage over those without and are actively traded.

According to the Ministry of Land, Infrastructure and Transport’s apartment transaction data, an 84㎡ unit in ‘Yeosu Ungcheon Dream Green Complex 1’ in Ungcheon-dong, Yeosu City, which offers a sea view, was sold for 550 million KRW in August last year. In contrast, a similar 84㎡ unit in ‘Yeosu Ungcheon Marine Park Asiang Complex 2,’ located in a comparable area but with limited view rights, was sold for 402.6 million KRW in September last year.

The trend is similar in other regions. An 84㎡ unit in ‘Busan Oryukdo SK View’ in Yongho-dong, Nam-gu, Busan, was sold for 730 million KRW in August, showing a premium of 240 million KRW compared to 490 million KRW in May 2020. Meanwhile, an 84㎡ unit in ‘Ssangyong Yega’ was sold for 505 million KRW in May this year. This difference is attributed to ‘Busan Oryukdo SK View’ being a multi-view complex overlooking the sea, Igidae Natural Park, and Baegunpo Sports Park, whereas ‘Ssangyong Yega’ offers a single view of only Igidae Natural Park.

Real estate experts comment, “Apartment view rights significantly influence prices, as evidenced by court rulings that attribute 20% of a home’s value to them. When there are multiple view rights rather than just one, the residential and future value can increase further. Therefore, buyers and investors should pay attention to complexes that secure view rights.”

In the September pre-sale market, a complex with particularly picturesque views within the region is attracting attention. The highlight is ‘e-Pyeonhansesang Sacheon Sky Marina,’ developed by DL Construction in Sacheon City, Gyeongnam Province.

Scheduled for pre-sale in September, ‘e-Pyeonhansesang Sacheon Sky Marina’ is an apartment complex built by DL Construction in Yonghyeon-myeon, Sacheon City, Gyeongnam. It consists of 9 buildings ranging from 2 basement floors to 29 above-ground floors. The complex offers a total of 1,047 units, including 1,043 units of the highly preferred 84㎡ size (2 types) and 4 penthouse units of 154㎡ (1 type), which are rare in Sacheon City.

The Sacheon-eup area, where the complex is located, houses Sacheon Airport and is subject to a 45-meter height restriction, making apartments above 15 floors rare. Most complexes here have high building coverage ratios, resulting in a lack of openness. In contrast, ‘e-Pyeonhansesang Sacheon Sky Marina’ is situated outside the height restriction zone and is built up to 29 floors, offering ocean views (for some units) as well as park views (for some units).

Despite being a major construction company’s branded apartment with ocean and park views (for some units), the average price is expected to be in the 300 million KRW range (based on 84㎡ units), with some units priced below 300 million KRW.

The value of this complex is expected to rise significantly. Sacheon City is set to complete the Gyeongnam Aviation National Industrial Complex (Sacheon District) and the Yongdang (Aviation MRO) General Industrial Complex (Phase 2) by December this year. From 2023 onwards, as companies begin to move in, an influx of approximately 40,000 workers is anticipated. This marks a ‘super cycle’ 17 years after the establishment of Korea Aerospace Industries (KAI) and the Sacheon 1st and 2nd General Industrial Complexes, which generated about 10,000 jobs in 2006.

Although Sacheon City currently has a population of 100,000, about 40% of that workforce is expected to move in within the next 1 to 2 years. However, aside from ‘e-Pyeonhansesang Sacheon Sky Marina,’ there are no other new supply plans in the Sacheon area this year, suggesting a strong demand influx for new apartments.

The complex’s product quality is as impressive as its location. It applies e-Pyeonhansesang’s innovative C2 House design, featuring a large pantry at the entrance and an expanded master bedroom balcony, differentiating it from other complexes supplied in Sacheon City. Additionally, it secures 1.5 parking spaces per household and is designed as a park-style apartment with no parking spaces on the ground level, showcasing the product excellence typical of a major construction company’s branded apartment.

Furthermore, it offers a planned public daycare center and a care center for elementary school students, along with a school bus service operated by Sanam Elementary School (scheduled to run to Sanam Elementary), providing a safe educational environment with convenient commuting right in front of the complex.

‘e-Pyeonhansesang Sacheon Sky Marina,’ a major construction company’s branded apartment featuring both ocean and park views (for some units), is set to open a housing exhibition hall and begin sales.