Jeil Construction Signs Contract for ‘Jeju Jungbu Park Jeil Punggyeongchae Central Park’

Jeil Construction's first private park special project apartment in Jeju, 'Jeju Jungbu Park Jeil Punggyeongchae Central Park,' is gaining tremendous popularity among local residents and investors.

A Jeil Construction official stated, "Most types are currently being sold on a first-come, first-served basis with great success, and recently, the 84㎡ unit, known as the 'national standard size,' has been completely sold out."

A real estate expert in Jeju explained, "This is a completely different trend from the recent gloomy atmosphere of the Jeju real estate market," adding, "As the first private park special project in the region, the complex has significant symbolic value, a pleasant environment, and brand advantages. Recently, the popularity has increased further after changing the payment terms to interest-free interim payments."

In fact, Jeil Construction dramatically changed the payment terms from the existing deferred interest payment on interim payments to interest-free interim payments to reduce the financial burden on contract holders of Jeju Jungbu Park Jeil Punggyeongchae Central Park. The deferred interest payment method only delays the payment timing, but buyers must pay tens of millions of won in loan interest when paying the balance, which can be an unexpected heavy burden at once. However, interest-free interim payments mean that the developer bears the interest on the interim loan, reducing the interest burden. Even if interest rates rise after the sale, buyers can be assured, and no additional costs are incurred until move-in after paying only the deposit.

Additionally, Jeju Jungbu Park Jeil Punggyeongchae Central Park offers a first deposit of 5% (a fixed amount of 10 million KRW at contract signing), a second deposit of 5% with interest support, and free balcony expansion benefits, significantly reducing the financial burden on buyers.

According to Jeil Construction, the average balcony expansion cost for recently sold private park special project apartments nationwide ranges from 36 million to 49 million KRW, so the benefit of free expansion is expected to be substantial. For example, in the Ilgok Park private park special project in Buk-gu, Gwangju Metropolitan City, the expansion cost for an 84㎡ unit reached up to 39.7 million KRW, and for a 138㎡ unit, it approached 49.5 million KRW.

The reasonable sale price was also effective. Jeil Construction set the average sale price of Jeju Jungbu Park Jeil Punggyeongchae Central Park at 24.25 million KRW per 3.3㎡. This is more than 1 million KRW lower than last year's average sale price of private apartments in Jeju (25.74 million KRW). For the 84㎡ (approximately 34 pyeong) unit, this means a price more than 34 million KRW lower per unit.

As inflation in raw material costs and labor wages is expected to make it difficult for future complexes to avoid high sale price issues, demand is increasingly focusing on the reasonably priced Jeju Jungbu Park Jeil Punggyeongchae Central Park currently on sale.

Meanwhile, Jeju Jungbu Park Jeil Punggyeongchae Central Park, built by Jeil Construction, will consist of 12 buildings ranging from four basement floors to 15 above-ground floors, with a total of 728 households and unit sizes from 66 to 124㎡. The number of units by size is ▲84㎡A 130 units ▲84㎡B 87 units ▲84㎡C 231 units ▲119㎡A 102 units ▲119㎡B 28 units ▲124㎡ 75 units.

Jeju Jungbu Park Jeil Punggyeongchae Central Park recently enhanced its value by winning the Apartment Grand Prize at the '2024 First Half Hankyung Residential Culture Awards.' The complex is praised for its various specialized designs that increase buyer satisfaction, boasting the largest scale in Jeju's urban area.

Jeil Construction significantly improved the product completeness of Jeju Jungbu Park Jeil Punggyeongchae Central Park, living up to its reputation as Jeju's first Jeil Punggyeongchae brand complex. Most unit types feature a 4Bay slab-type layout, with a south-facing complex arrangement to secure abundant sunlight and pleasant park views. Additionally, various storage spaces such as dressing rooms and pantries are added by unit type to enhance space utilization. Notably, the large 119㎡B unit includes a study, while the 119㎡A and 124㎡ units have an additional alpha room. The alpha room in the 124㎡ unit can also be configured as an additional pantry through options.

The complex will feature four nature-themed gardens?Flower Garden, Water Light Maru, Stream Garden, and Healing Garden?along with Harmony Plaza and Pocket Gardens, creating a diverse and vibrant environment. As a large complex with over 500 households, it will also offer extensive community facilities such as a fitness center, GX room, sauna, single-person reading room, indoor golf practice range, lounge caf?, and coin laundry.

Ample parking space is another advantage. A total of 1,331 parking spaces have been secured, making it the first and largest scale in the Jeju area. Except for neighborhood living facility parking, all parking is underground, allowing the above ground to be a car-free park-style apartment.

The model house for Jeil Construction's Jeju Jungbu Park Jeil Punggyeongchae Central Park is located in Donam-dong, Jeju City.