- Recruitment of Cooperative-type Private Rental Members + 10-Year Housing Guarantee
- Rising Expectations for Large-scale Development in Ungchon Gokcheon District
The cooperative-type private rental project ‘Ungchon Gokcheon District’ is set to be actively promoted in a large-scale urban development site in the Ulsan area. Located in a large development area aiming to accommodate approximately 3,300 households and about 8,000 residents, the site is expected to contribute to the expansion of urban infrastructure, creation of a pleasant residential environment, and revitalization of the local economy.
A representative of the Ungchon Gokcheon Cooperative announced the start of recruiting members for the private rental apartments ‘Ulsan Ungchon Riverstate’ in the Ungchon Gokcheon District. The complex is located at Block 54 and Block 55, Lot 1, Ungchon Gokcheon District, Ungchon-myeon, Ulju-gun, Ulsan. It consists of a large complex with 1,990 households in total?996 households in Block 54 and 994 households in Block 55?ranging from 59 to 84 square meters in exclusive area, with buildings from 2 basement floors up to a maximum of 29 floors above ground. Members can reside for at least 10 years, and a stable development environment has been secured by obtaining 100% of the land use consent forms.
A project official stated, “This project is being promoted on the leftover land within the Ungchon District urban development site, and in February we signed a contract to succeed the sale agreement of the leftover land from the urban development cooperative,” adding, “We have completed the architectural review and are preparing for project plan approval, moving forward at a fast pace.”
Cooperative-type private rental housing involves establishing a cooperative composed of five or more members and constructing apartments for rental purposes. Members are given priority to rent housing for 10 years, and after the rental period ends, they can convert to ownership at an affordable sale price.
According to Article 24 of the Framework Act on Cooperatives, member status can be transferred without resale restrictions, and anyone aged 19 or older residing anywhere in the country can apply without a subscription savings account. While typical rental housing is often limited to households without homeownership, cooperative-type private rentals are also available to multiple homeowners and corporations.
In addition, rental costs and future sale conversion prices are lower compared to market prices, and there are no tax burdens such as acquisition tax, property tax, or comprehensive income tax. Housing and Urban Fund loans can also be utilized, reducing the financial burden for securing funds.
The project site is equipped with living infrastructure such as Ungchon Elementary School, Ungchon Middle School, Ulsan Beauty Arts High School, Chunhae Health University, the administrative welfare center and health branch office, and Gokcheon Public Market. The complex is adjacent to the Hoeya River waterfront on the east side and the Ungchon Sports Complex, allowing residents to enjoy a relaxed daily life.
‘Ulsan Ungchon Riverstate’ offers the premium of proximity to industrial complexes. Yongdang General Industrial Complex, GW General Industrial Complex, and Namchang Industrial Complex are located nearby. With the promotion of the Gokcheon District urban development project by Ulsan City and Ulju-gun, there are plans to attract workers from nearby industrial complexes into the Ungchon area, expanding the city’s residential belt.
The complex is connected to the Ulsan-Hamyang Expressway via the Donghae Expressway Munsu IC and Ulju JC. The Ulsan-Woongsang-Nopo metropolitan railway is scheduled to open in 2029. Additionally, with the full opening of National Route 7 between Ulsan and Busan, travel between Ulsan-Yangsan and Ulsan-Busan is possible within 30 minutes.
The sales promotion center for ‘Ulsan Ungchon Riverstate’ is located in Samsan-dong, Nam-gu, Ulsan.
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