Pohang Cooperative Private Rental Housing 'Jungang Heights Yongheung' Promotion Center Successfully Opened

- Pohang Cooperative Private Rental Apartment ‘Jungang Heights Yongheung’… 10-Year Long-Term Lease & Sale Conversion Available
- Over 95% Land Contracts Already Signed... Rapid and Stable Project Progress

People have been continuously visiting the housing promotion center for the cooperative-type private rental apartment "Jungang Heights Yongheung," which is scheduled to be built in Yongheung-dong, Buk-gu, Pohang-si, Gyeongsangbuk-do. This is because it is highly regarded for its solid location, excellent product quality, and high project stability among private rental apartments.

Jungang Heights Yongheung will consist of a total of 572 units across 6 buildings, with a maximum of 29 floors above ground. The units include 217 households of 70㎡, 107 households of 74㎡, 44 households of 76㎡, and 204 households of 84㎡. Dongwoo Development Co., Ltd. and Jungang Construction Co., Ltd. will handle construction, while Kyobo Asset Trust Co., Ltd. will manage the funds.

Despite being a somewhat unfamiliar product as a private rental apartment with a sale conversion option, it is attracting consumer interest for several reasons.

First, Yongheung-dong is a representative residential area in Pohang with a steady housing demand. There is also relocation and waiting demand from residents of nearby aging apartments such as Woobang Town, Hanla Park, and Hyundai Mansion. However, the supply of new apartments to meet this demand is insufficient. In terms of location and demand, Jungang Heights Yongheung is filling this gap.

Additionally, Jungang Heights Yongheung allows anyone aged 19 or older to join the cooperative and receive a new apartment regardless of eligibility requirements such as subscription savings accounts or home ownership. This has attracted the attention of so-called "Cheongpoja" (subscription quitters) who had practically given up on owning a home due to lack of subscription savings or low subscription points.

Moreover, unlike other cooperative-type apartments, Jungang Heights Yongheung secured stability and transparency from the early stages of the project. It is subject to the June 2017 amendment of the Housing Act, which enhanced the institutional stability of cooperative housing projects and minimized project risks. Over 95% of the land contracts for the project site have already been signed, and funds for land costs and various project expenses have been invested to proceed with the project quickly and stably.

This private rental apartment in Pohang, Jungang Heights Yongheung, offers long-term rental for 10 years at rents lower than the surrounding market prices. The rental deposit paid is fully guaranteed by the Korea Housing & Urban Guarantee Corporation through a guarantee certificate. Afterward, tenants can either extend the lease or convert to ownership at about 80% of the market appraisal value.

For more detailed information, please contact the housing promotion center located in Jukdo-dong, Buk-gu, Pohang-si, Gyeongsangbuk-do, or check the website.

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