Hoban Construction Announces Bold Entry for Sinbanpo 15th Phase with 0.5% Interest Loans and Flexible Sale Timing

▲ Perspective view of 'Sinbanpo Hoban Summit,' the reconstruction of Sinbanpo 15th Complex in Banpo-dong, Seocho-gu, Seoul. (Provided by Hoban Construction)

[Asia Economy Reporter Lee Chun-hee] Hoban Construction, which has re-entered the Gangnam-area reconstruction market by joining the bid for the Sinbanpo 15th reconstruction project in Seocho-gu, Seoul, has revealed its ambitions for the complex's design.

On the 19th, Park Cheol-hee, president of Hoban Construction, stated, "Representative complexes in each region are determined by location and product value," adding, "Sinbanpo 15th has the best location conditions in Gangnam, aligning perfectly with Hoban's brand strategy." He also declared that through this bid, they will "definitely make Sinbanpo 15th the finest luxury complex in Gangnam."

The Sinbanpo 15th reconstruction project involves rebuilding the Sinbanpo 15th complex in Banpo-dong 12, Seocho-gu, into six buildings ranging from four basement floors to 35 above-ground floors, totaling 641 households.

Hoban Construction proposed a total construction cost of 251.3 billion KRW for the Sinbanpo 15th reconstruction project, including 39 billion KRW worth of non-product items. To enhance quality, they plan to elevate the complex's prestige with various high-end finishing materials such as kitchen furniture, home appliances, flooring, walls, and living room art walls.

In particular, Hoban Construction offered a project loan interest rate of 0.5% per annum, lower than competitors, based on their abundant financial strength. This solid financial capability is considered one of the key drivers of Hoban's recent growth. A Hoban Construction official explained, "The Sinbanpo 15th project has been delayed by several months, increasing the burden on union members," and said this decision was made out of consideration for the union members.

Regarding the expected low general sale prices due to the recent price controls by the Housing and Urban Guarantee Corporation (HUG) and the sale price ceiling system, Hoban introduced a 'sale timing selection system.' Typically, post-sale prices tend to be higher than pre-sale prices, but pre-sale is prioritized due to construction costs and financing issues. However, Hoban plans to keep construction costs and project conditions the same regardless of the sale timing, allowing union members to freely choose when to sell.

During the actual sales process, Hoban plans to prepay refunds based on the general sale payment ratio, require union members to pay 100% of their contributions upon move-in, and prioritize repaying union project costs before handling construction payments last, all to consider the convenience of the union and its members.

Additionally, the complex design will feature a high-quality exterior. The exterior design will intersect rhythmic lines to harmonize with the urban dynamism while making the complex noticeable from any direction. The complex's main gate will also be decorated like a sculptural artwork, serving as a symbol of the complex.

Hoban plans to open a dedicated defect repair office within the complex after completion to actively respond to any potential defects and provide differentiated after-sales service.

Meanwhile, the Sinbanpo 15th reconstruction union plans to hold a joint business briefing with construction companies on the 20th, followed by a general meeting to select the construction company on the 23rd.

This content was produced with the assistance of AI translation services.