- Anyone Over 19 Who Is the Head of a Household Can Apply Without a Subscription Savings Account
- Opportunity to Secure a Home at a Price Below Market Value While Living Stably for 10 Years
The first-ever long-term private rental apartment project on Ulleungdo, an eco-friendly resort island, is attracting significant attention from potential residents. Given that the lack of new housing supply has long been cited as the island's biggest issue, strong demand is anticipated.
'Ulleung Blue Seaon Resort & Apartment' (hereafter Ulleung Blue Seaon), a mixed-use development located at 169 Jeodong-ri, Ulleung-eup, Ulleung-gun, North Gyeongsang Province, is planned to consist of a high-end resort with three basement levels and 22 above-ground floors, offering a total of 283 units (planned), and a long-term private rental apartment building with four basement levels and 22 above-ground floors, featuring 143 units (planned) with an exclusive area of 59 square meters each.
The long-term private rental apartments, which will be introduced before the high-end resort, are open to anyone over the age of 19 who is the head of a household, including those who already own multiple homes, and do not require a subscription savings account. Additionally, these apartments are not counted towards the total number of homes owned, are free from resale restrictions, and allow residents to live stably for 10 years at a reasonable cost without concerns about transaction or holding-related taxes, while also offering the opportunity to purchase at a pre-determined price lower than the market rate.
All units offer views of the East Sea and beautiful waterfront scenery, with the complex designed primarily with south- and east-facing layouts to maximize openness. The apartments boast a wider floor plan (59㎡A and 59㎡B types) than the typical 59㎡ 4-bay layout, and a panoramic view of the sea (59㎡C type). The resort, to be introduced later, is planned to feature a variety of amenities and an infinity pool, enhancing both comfort and luxury beyond just a place to rest.
The landscaping within the complex is particularly noteworthy. The apartments will feature stone wall paths and sea-view terraces that reflect the unique characteristics of Ulleungdo. The resort will offer a 'Dawn Garden' inspired by the island's marine landscape and distinctive climate, as well as a 'Primeval Garden' featuring rare native plants such as the island thyme and island bellflower.
Furthermore, the location offers convenient transportation due to its proximity to the planned Ulleung Airport, and is close to the central living infrastructure of Jeodong Port, as well as educational facilities such as Jeodong Elementary School, Ulleung High School, and the Ulleung Library.
Meanwhile, Ulleung Blue Seaon is expected to play a significant role in addressing the severe shortage of new housing supply on Ulleungdo. According to the Ulleung-gun Statistical Yearbook, the housing supply rate in Ulleung-gun stood at only 75.12% as of 2022. In comparison, the housing supply rate for North Gyeongsang Province at the same time was 113.2%, making Ulleung-gun's rate approximately 38 percentage points lower.
The supply of new apartments is even more dire. While some public rental apartments have been provided in Ulleung-gun, strict eligibility requirements and the fact that all units are small (under 50 square meters) have made it difficult for families to reside there. No private apartments have been supplied since 'Ulleung Sangnok,' completed in 1982. Even then, only 111 units were built, and they are now too old for comfortable living, making the need for new apartments urgent.
The main reasons for the limited supply of apartments on Ulleungdo are the lack of flat land on the island and the absence of construction equipment, which must all be transported from the mainland, making apartment construction particularly challenging.
A sales representative stated, "Anyone over the age of 19 who is the head of a household, including those with multiple homes, can apply for the long-term private rental apartments at Ulleung Blue Seaon, and a subscription savings account is not required. Because these apartments can be purchased at a pre-determined price lower than the market rate without concerns about transaction or holding-related taxes, we are receiving inquiries not only from within Ulleungdo but also from various regions such as Daegu and North Gyeongsang Province."
The construction company for Ulleung Blue Seaon is scheduled to be Junghae Maruhill Co., Ltd., with Mugunghwa Trust Co., Ltd. as the fund manager ('trustee'). The model home is located in Sadong-ri, Ulleung-eup, Ulleung-gun, North Gyeongsang Province.
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