- 10% Deposit, Interest-Free Interim Loan Benefits... Reducing Initial Funding Burden and Financial Costs
- Up to 85% Tax Reduction Benefits When Requirements Are Met
Ascendio, which is actively entering the real estate development business, is currently accepting contracts for its ‘Byeollae DeFirst’ knowledge industry center. It is a manufacturing-type knowledge industry center with excellent contract terms considerate of tenant companies, specialized design, and high rarity value.
‘Byeollae DeFirst’ is being developed as a knowledge industry center and neighborhood living facilities with a total floor area of approximately 25,728㎡, spanning from two basement floors to nine above-ground floors, located on support facility land in Byeollae New Town, Namyangju-si, Gyeonggi-do. It is notable as Namyangju’s first vehicle-transport-specialized knowledge industry center featuring a ‘drive-in’ design on every floor.
The biggest issue in the real estate market in the second half of this year is undoubtedly the rising base interest rate. In October, the Bank of Korea’s Monetary Policy Committee implemented a ‘big step’ (raising the base interest rate by 0.5 percentage points at once), followed by another increase in November, bringing the base interest rate to 3.25%, the highest in about 10 years. This figure is 3.25 times the 1% rate from November last year and more than six times the 0.5% rate from November two years ago. As the base interest rate surged rapidly, loan interest rates naturally followed suit.
In such market conditions, demanders tend to seek excellent contract terms. Even if the project site is appealing and meets their needs, many are unable to enter due to the financial costs incurred before completion.
‘Byeollae DeFirst’ offers favorable sales conditions. The payment structure for the knowledge industry center consists of a 10% down payment, 50% interim payment, and 40% balance payment, with a special benefit of interest-free loans on the interim payment. By utilizing the interest-free interim payment benefit, no financial costs will be incurred on the interim loan until move-in, regardless of interest rate fluctuations.
Additionally, a tax reduction benefit of up to 85% is attractive. When a qualified knowledge industry center company moves into ‘Byeollae DeFirst,’ acquisition tax and property tax reductions are available. If relocating from an overconcentrated area to this location, tax benefits of up to 85% can be enjoyed.
Besides favorable sales conditions and tax reduction benefits, the rarity of a manufacturing-type knowledge industry center within the area is also noteworthy. Even when looking at knowledge industry centers supplied not only in Byeollae District but also in the nearby Dasan District and Guri-si’s Galmae District, the proportion of manufacturing-type factory facilities is very low.
A sales representative stated, “‘Byeollae DeFirst’ has reduced the burden on prospective tenants with excellent contract terms, and furthermore, it is highly rare with features such as the only drive-in design on every floor in Namyangju,” adding, “It is evaluated as a knowledge industry center with high future value.”
Meanwhile, ‘Byeollae DeFirst’ is accessible by car in about 2 minutes from Nambyeollae IC (Interchange). Using Nambyeollae IC allows entry to the Sejong-Pocheon Expressway, which, following the opening of the Pocheon-Guri section in 2017, is planned to be fully completed by 2024 with the Guri-Sejong section. Once fully opened, it is expected to create a smooth road network connecting northern Gyeonggi, southern Gyeonggi, and the Chungcheong region.
It is also designed with a wide drive-in ramp (7.3m) and wide corridor (3.5m) to allow passage of medium and large freight vehicles and forklift rotation. The maximum floor height is designed at 5.4m, and the floor load capacity is planned to withstand up to 1.2 tons per square meter, which is expected to enhance work efficiency. Demand for company relocations from nearby districts that have been thirsty for manufacturing-type knowledge industry centers is also expected to be high.
The project site’s east and south sides are adjacent to ‘Yongamcheon,’ allowing waterfront views from two sides. Tenants of ‘Byeollae DeFirst’ are expected to enjoy not only waterfront views depending on their unit but also expansive ‘mountain views.’ Looking east from the site, one can see Gopdolsan, and looking south, Yeongboksan. The southern dining area of the site is currently developed as low-rise buildings, so it does not obstruct the view.
Applications and contract signings can be made at the sales promotion center and are conducted on a first-come, first-served basis for qualified applicants.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
