Yongin City Conducts Special Inspection of Unauthorized Private Rental Housing

Investors Recruitment Status Survey for Four Sites Without Business Approval

On the 19th, Yongin City in Gyeonggi Province announced that it will conduct a special inspection of four private rental housing projects underway in the area. This measure aims to prevent investor damage as promotions recruiting founders or investors (members) have been rampant on sites without housing construction project plan approval.

The inspection targets are ▲Namgok Hessen City Phase 1 (Block 5, Namgok 2 District, Yangji-myeon, Cheoin-gu) ▲Namgok Hessen City Phase 2 (Block 4, Namgok 2 District, Yangji-myeon, Cheoin-gu) ▲Samga Weberheim (299-1, Samga-dong, Cheoin-gu) ▲Singal Penta Honors (58, Singal-dong, Giheung-gu).

The Samga Weberheim project site has a proposed district unit plan decision but remains undecided, and the Singal Penta Honors project site has only received a building permit for 384 units of 20-story officetels. According to the city, none of the four sites have applied for housing construction project plan approval.

The city plans to inspect the promotional centers and other sites of these projects, take corrective actions if any illegalities are found, and announce the progress status of private rental housing projects along with a warning notice to prevent damage on the city’s website next month.

A city official stated, "The information promoted during the founder or investor (member) recruitment stage is not a finalized project plan and may change," adding, "Since the project may be delayed or canceled, it is necessary to carefully verify the facts and exercise caution when investing."