Early Application Deadline for Private Rental Housing ‘Yongin Namgok Dongwon Benest Hessen City’

- Some Areas Already Forming Premium
- Promotion of Yongin Semiconductor Cluster Development in Cheoin-gu Idong and Namsa Areas

The contract recruitment for ‘Yongin Namgok Dongwon Benest Hessen City,’ which has garnered significant attention for its future value in Cheoin-gu, Yongin, and its high project stability, has been completed ahead of schedule. Some areas have already formed a premium (additional price).

The early sell-out of ‘Yongin Namgok Dongwon Benest Hessen City’ was already anticipated, as it recorded an 80% contract rate just two weeks after opening in November last year. In particular, the price advantage seems to have played a crucial role. Compared to ‘Yongin Everland Station Cantavil,’ recently supplied in Cheoin-gu, Yongin, it was much more affordable, demonstrating strong price competitiveness. Industry insiders even described it as being supplied at “cost price.”

In fact, the rental deposit for ‘Yongin Namgok Dongwon Benest Hessen City’ is about 9.6 million KRW per 3.3㎡, which is supplied at a reasonable price compared to other sites in Cheoin-gu, Yongin (12.9 million KRW per 3.3㎡) and Suji-gu, Yongin (26.7 million KRW per 3.3㎡).

Additionally, residents can live by paying only interest on a low rental deposit and, after 10 years, transfer ownership at the fixed sale price set at the current sale amount. Since there is no mandatory residence requirement for up to 10 years, positive evaluations have poured in for the potential capital gains. This allows maximizing profits while minimizing the capital ratio.

Moreover, the tenant’s rights can be transferred at any desired time without restrictions on transfer or resale, and the deposit is safely preserved through mandatory subscriptions to the Housing and Urban Guarantee Corporation (HUG) or Seoul Guarantee Insurance.

Along with the advantage of low financial burden due to price merit, the location is notable for its semiconductor and transportation benefits, promising future value. According to Yongin City last year, the Ministry of Land, Infrastructure and Transport has set a policy to develop the new town area in Idong-eup, Yongin, as a semiconductor-specialized city, planning to introduce advanced smart city technologies extensively in areas such as living, environment, safety, and transportation to develop a convenient and safe city.

The public housing district of the ‘semiconductor-specialized city’ to be established in Idong-eup, Yongin, is adjacent to the site of the world’s largest advanced system semiconductor national industrial complex. Once the national industrial complex is established, it is expected to serve as a residential city for workers and others.

Furthermore, besides the Idong and Namsa-eup national industrial complex where Samsung Electronics plans to invest 300 trillion KRW, many workers will be employed at the SK Hynix Yongin Semiconductor Cluster being developed in Wonsam-myeon, Yongin. Therefore, the new town to be established in Idong-eup is expected to see a rapid increase in residential value.

With numerous developments planned, an absolute shortage of residential facilities is expected due to the influx of over 30,000 new residents in the area, and a waiting demand of at least 5,000 households is anticipated in the future.

In addition to the semiconductor benefits, the transportation network is expected to improve with the ongoing Sejong-Pocheon Expressway project. The Sejong-Pocheon Expressway aims to alleviate severe traffic congestion on the Gyeongbu Expressway, stabilize Sejong City early, and resolve traffic difficulties in various regions. It is scheduled to open this year. In Cheoin-gu, Yongin, the Mohyeon IC (interchange) in Mohyeon-eup will facilitate easier vehicle access.

Other transportation improvement projects expected to benefit the area include the Yongin-Gwangju Expressway, the Mapyeong IC to Gorim-dong section project, and the Yangji to Pogok urban expressway project.

A sales official stated, “Yongin Namgok Dongwon Benest Hessen City has attracted attention as a product that combines the advantages of both jeonse (long-term deposit lease) and sale, allowing residents to live by paying only interest while securing their home at a fixed sale price through various government loans. This led to its rapid sell-out,” adding, “We will do our best to become a landmark complex representing Cheoin-gu, given the great interest shown.”

Meanwhile, the housing promotion center for ‘Yongin Namgok Dongwon Benest Hessen City’ is located in Dongcheon-dong, Suji-gu, Yongin, Gyeonggi-do.

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