The First Apartment Complex to Be Built on Ulleungdo... Local Housing Association Completes Land Acquisition

Site Secured, Local Residents Delighted

A large-scale apartment complex is set to be developed in Ulleung County, North Gyeongsang Province, where the housing supply rate remains among the lowest nationwide and improvements to residential conditions are urgently needed. The local housing association has already secured the land, which is expected to add momentum to the apartment construction project.

Perspective rendering of the 'Ulleunghaneulchae The First' apartment complex planned for construction on Ulleungdo.

According to the 'Ulleung Haneulchae The First Local Housing Association,' a 448-unit apartment complex is being planned in Jeodong-ri, Ulleung-eup, Ulleung County, North Gyeongsang Province. This apartment complex, established as a local housing association, will be built on a 39,525-square-meter site with 20 floors above ground and 3 basement levels. It is planned to feature hotel-style breakfast service, a large supermarket, an indoor golf practice range, and other amenities.

A local housing association apartment is a project in which local residents who do not own a home or own only one small home (with an exclusive area of 85 square meters or less) form a housing association to jointly purchase land and bear construction costs to build a multi-family residence (apartment).

Under relevant laws, this project can receive 'association establishment approval' only after obtaining land use consent for at least 80% of the planned households and securing ownership of at least 15% of the land. Afterward, at least 95% of land ownership must be secured to obtain project approval and begin full-scale construction.

In particular, local housing association sales offer advantages such as the ability to apply without a housing subscription savings account, the possibility of transfer and assignment after project approval without resale restrictions, and relatively affordable sale prices compared to general sales.

In the Ulleung area, where the housing supply rate remains in the 70% range due to limited land and high construction costs, the news of apartment construction has become a hot topic among island residents who have long struggled to achieve the dream of home ownership.

One resident said, "While high prices are one reason for the population decline, a significant number of young people leave their hometown simply because there is no place to live. I sincerely hope that the construction of the long-awaited high-rise apartment will proceed without any setbacks."

However, some point out that the planned apartment site has long been known for its weak ground, and efforts must be made to ensure safety.

An industry official commented, "For this project in Ulleungdo, a real estate sales contract has been signed for the project site and 100% of land rights have been secured, resolving the project's previous vulnerabilities."

A representative from the local housing association developer stated, "We will do our utmost to provide a safe apartment by promptly conducting ground inspections and simulation work using Dassault Systemes' 3DX program."