Elysium World Co., Ltd. Signs Partnership Agreement with New York World Group for Half-Price Apartments

[Chairman Cha Young-su of Elysium World Co., Ltd. (left), Kim In-duk, Head of New York World Group Korea Branch (right)]

Elysium World Co., Ltd. (Chairman Cha Young-su) announced that it has signed a partnership agreement for half-price apartments with New York World Group, an investment specialist company based in New York, USA.

At the signing ceremony held on June 15, Kim In-duk, head of the Korean branch of New York World Group, expressed deep interest in the unique housing projects carried out by Elysium World Co., Ltd. He stated that in addition to the hotel business currently operated in the U.S., they will also pursue apartment construction projects and have decided to make an in-kind investment in the half-price apartment platform in the Korean housing market.

Additionally, Elysium World Co., Ltd. plans to establish a branch in the U.S. soon, and if it enters the U.S. stock market in the future, New York World Group will actively promote its role as a partner company, which is the core content of this agreement. New York World Group is a funding and real estate investment specialist company in New York, especially Manhattan, engaged in real estate ownership and management, development, construction, investment, syndication, and financing businesses.

Elysium World Co., Ltd. unveiled its long-prepared ‘Project Elysium’ in March of this year. Through this partnership agreement, they are pioneering and promoting a privately-led half-price apartment project (at 50% of the government-approved sale price) together with New York World Group.

‘Project Elysium’ by Elysium World Co., Ltd. differentiates itself from existing half-price apartments in that the actual owners receive apartments at half price but hold 100% ownership rights (registration) over the entire land and building, allowing them to freely trade at any time. For investors who do not intend to reside, 50% equity of the apartment, entrusted by the actual owner, is issued as electronic registered beneficiary certificates, so it does not count as owning two houses per household, thus exempting them from various tax obligations such as acquisition tax, registration tax, and property tax, according to the company. However, transaction taxes and fees may still apply.

Chairman Cha Young-su explained that this approach significantly reduces the enormous costs incurred annually by the government’s public-led real estate policies and realizes the supply of genuinely residential housing, eliminating the need for separate real estate policies. Elysium World Co., Ltd. is currently promoting a regulatory sandbox this month to facilitate related transactions for the smooth dissemination of ‘Project Elysium.’

Chairman Cha Young-su of Elysium World Co., Ltd. stated, “Although these half-price apartments are sold at half price, they are not low-quality apartments. On the contrary, they will be developed as premium luxury healing towns applying cutting-edge eco-friendly AI systems that no one has attempted before, as well as nano technology from the Korea Atomic Energy Research Institute.” He added, “We will quickly secure sufficient land in prime locations nationwide, including Seoul and the metropolitan area, to continuously supply premium eco-friendly apartments to actual demanders, supporting the government’s housing stability policy. We will vigorously implement this in cooperation with New York World Group.”

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