Long-term Private Rental Housing Supply, ‘Yongin Namgok Dongwon Benest Hessen City’ Attracts Attention

- Upcoming Supply of Long-term Private Rental Housing Without Subscription Regulations or Tax Burdens
- Advantages in Stability Including Site Securing, District Unit Planning, and Payment Assurance

In Yongin Cheoin-gu, which is transforming into a hub for advanced industries such as semiconductor clusters and large logistics centers, long-term private rental housing with no burdens such as subscription or taxes is about to be supplied, attracting the attention of demanders.

Located in Namgok-ri, Yangji-myeon, Cheoin-gu, Yongin-si, the apartment complex ‘Yongin Namgok Dongwon Benest Hessen City’ is planned to have a total of 498 households with exclusive areas of 59 and 84㎡. It is a long-term private rental housing where residents can live without restrictions for up to 10 years. The construction company is Dongwon Construction Industry Co., Ltd.

Cheoin-gu, Yongin, where ‘Yongin Namgok Dongwon Benest Hessen City’ will be built, is seeing the establishment of a large-scale Yongin Semiconductor Cluster in the Wonsam-myeon area, and the development of Deokseong Technovalley (the 2nd Yongin Technovalley) is also being promoted in the Idong-myeon area of Cheoin-gu.

Additionally, in various parts of Cheoin-gu such as Yangji-myeon, Gorim-dong, and Namsa-eup, distribution business complexes and logistics centers like ‘Yongin International Logistics 4.0’ are scheduled to be completed or planned, leading to the creation of tens of thousands of jobs, economic inducement, and infrastructure improvements, which are rapidly increasing residential demand in the area.

As news of large-scale office facility developments spreads, land prices in Yongin Cheoin-gu rose by 2.15% in the third quarter of this year compared to the second quarter, recording the highest increase rate among cities, counties, and districts nationwide. This rise was more than 1 percentage point higher than the second-ranked Sujeong-gu, Seongnam-si (1.14%).

Moreover, in the monthly apartment sales index fluctuation rate by the Korea Real Estate Board, Yongin Cheoin-gu has maintained a positive growth rate for six consecutive months from April (1.10%) to September, showing a remarkable recovery in a sluggish market.

The ‘Yongin Namgok Dongwon Benest Hessen City’ apartment, as long-term private rental housing, offers various benefits that attract attention, unlike general sale apartments.

First, for subscription, it does not consider whether the applicant is an individual or corporation, whether they own a house, or whether they have a subscription savings account.

Also, it allows ownership of two or more units (up to 10% of the total households) without the one-household-one-home restriction, and since it is not included in the number of houses owned, there is no burden of various taxes such as property tax, acquisition tax, or comprehensive real estate tax.

It is possible to transfer ownership at any desired time without mandatory residence for up to 10 years, and there are no resale restrictions, so tenant status rights can also be transferred.

In particular, the relatively affordable price compared to surrounding market prices is another factor attracting demanders. The rental deposit for ‘Yongin Namgok Dongwon Benest Hessen City’ is about 9.6 million KRW per 3.3㎡, which is reasonably priced compared to other sites in Cheoin-gu, Yongin (12.9 million KRW per 3.3㎡) and Suji-gu, Yongin (26.7 million KRW per 3.3㎡).

Additionally, with mandatory subscription to the Housing and Urban Guarantee Corporation (HUG) or Seoul Guarantee Insurance, the deposit is securely preserved, eliminating concerns about rental fraud, which has recently become a social issue.

The Namgok 2 District unit plan area where the complex is located is currently under construction with 1,164 households (3 blocks) of ‘Yongin Gyeongnam Honorsville Decent,’ which completed sales in April 2022, and when new apartments are built on the remaining blocks, it will transform into a residential town with over 2,000 households.

Meanwhile, ‘Yongin Namgok Dongwon Benest Hessen City’ completed the unit plan notification after two revisions since the first notification in 2008, and has differentiated itself from other projects by securing over 91.14% of the project site through land sales contracts and other means.

Also, the investment funds paid by members of ‘Yongin Namgok Dongwon Benest Hessen City’ are backed by a ‘Safety Guarantee Certificate’ that refunds the funds if the project fails, and all investment funds are safely managed through a trust company to be used appropriately for the project purpose.

Membership recruitment for ‘Yongin Namgok Dongwon Benest Hessen City’ will be conducted in November 2023.