Notice of Legislative Proposal for Amendments to the Housing Construction Standards Regulations and Others
[Asia Economy Reporter Minyoung Kim] In the future, prospective residents will be able to check parking space information in advance when selecting apartments subject to the price ceiling system for sale. Additionally, developers will be allowed to add costs to the sale price if they construct extra parking spaces.
The Ministry of Land, Infrastructure and Transport announced that it plans to publicly notify the proposed amendments to the "Regulations on Housing Construction Standards, etc." and the "Standards for Additional Costs Due to Housing Quality Improvement" starting from the 26th.
The amendment is designed to provide parking space information at the time of resident recruitment announcements and to incentivize developers to voluntarily add parking spaces by allowing additional costs to be added to the sale price when extra parking spaces are secured.
Furthermore, by adding a parking space performance grade to the apartment performance grades disclosed during resident recruitment announcements, prospective residents will be able to evaluate and select apartments based on parking convenience and related information. Although the apartment performance grades, which classify apartment performance alongside recruitment conditions and sale prices, have been disclosed, the parking category was previously excluded, making it difficult for prospective residents to verify parking performance.
A new parking category will be established among the additional cost items so that costs can be added when extra parking spaces are installed. To ensure excellent housing performance and quality, additional construction costs are currently added to the basic construction cost based on the apartment performance grade evaluation score at rates of 1-4%. With the addition of the parking space performance grade to the sale price additional cost items, additional construction cost increments can now be granted when extra parking spaces are installed. The performance grades for additional parking spaces are scored as follows: Grade 1 - 20 points, Grade 2 - 18 points, Grade 3 - 15 points, and Grade 4 - 2 points, which will be reflected in the sale price increments.
The sale price increment is calculated based on the proportion of the evaluation score, which sums the scores of each performance grade, relative to the total score of 171 points (which includes Grade 1 scores). If the evaluation score is 60% or more of the total score, a 4% increment is applied; 56% or more results in a 3% increment; 53% or more results in a 2% increment; and 50% or more results in a 1% increment.
Specifically, if the evaluation score is 103 points or more (60% of 171), a 4% increment is applied; 96 points or more (56%) results in 3%; 91 points or more (53%) results in 2%; and 86 points or more (50%) results in 1% increment.
However, to prevent excessive increases in sale prices due to additional construction costs for parking spaces, the additional costs will be calculated within the existing range of 1-4%.
This amendment is expected to lead to the construction of many apartments with improved parking convenience, which will not only alleviate parking inconveniences and conflicts in multi-family housing but also contribute to enhancing the quality of life for the public.
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