‘Brownstone Yeowol’ in the Yeowol-dong area of Bucheon City, which has completed the formal contract schedule, will accept non-priority subscription applications on Wednesday, February 1. Non-priority subscription applications, supplied from remaining units due to non-contracts or cancellations from disqualified winners, do not require or use subscription savings accounts. Additionally, it uses a random lottery system rather than a point-based system. Therefore, it is considered a so-called ‘subscription chance’ for those who could not apply due to reasons such as ‘not having a subscription savings account’ or ‘short subscription period.’
Recently, the government relaxed real estate regulations nationwide except for the Gangnam 3 districts and Yongsan-gu through the January 3 real estate measures. Although the government announced the abolition of the ‘residence area requirement’ as part of the relaxation of non-priority subscription conditions, before the implementation, ‘Brownstone Yeowol’ effectively offers a subscription chance to adult members of non-homeowner households residing in Bucheon City.
‘Brownstone Yeowol,’ supplied through the Bucheon Yeowol LH Participatory Street Housing Redevelopment Project, is implemented by the Bucheon Yeowol LH Participatory Street Housing Redevelopment Project Association and constructed by Isu Construction Co., Ltd. ‘Brownstone Yeowol’ consists of 3 buildings from 2 basement floors to 13 above-ground floors, totaling 142 households, of which 31 units are supplied through non-priority subscription. By type, it includes 4 units of 26㎡ type, 8 units of 59A type, 7 units of 59B type, and 12 units of 59C type. The sale prices by exclusive area are △26㎡ at 217 million KRW △59㎡ ranging from 453.15 million KRW to 485 million KRW.
Yeowol-dong in Bucheon City is evaluated to have good transportation conditions with Bucheon Sports Complex Station (Line 7) and Wonjong Station (scheduled to open on the Sosa-Daegok Line), educational conditions with Yeowol Elementary and Middle Schools, Kkachiwool Middle School, Bucheon City Dream Yeoul Library, and Bucheon City Northern Library, and living convenience with Homeplus and the Administrative Welfare Center. ‘Brownstone Yeowol,’ supplied in the Yeowol-dong area of Bucheon City, is attracting attention from residents of Yeowol-dong and nearby areas within Bucheon City as a non-priority subscription eligibility requirement.
Meanwhile, the subscription market has frozen as applicants hesitate due to the burden caused by continuous interest rate hikes. However, ‘Brownstone Yeowol’ bears the risk of interest rate hikes (variable) by the project entity, the association. In other words, by providing a fixed interest rate of 3.5% for interim payment loans through a confirmation letter, buyers only bear a fixed interest rate of 3.5%.
Known as an apartment eligible for resale, ‘Brownstone Yeowol’ is operating a sales promotion center and is scheduled for move-in in January 2024.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
