Youngmoo Construction to Grand Open Model House of ‘Songhak-dong 3rd Youngmoo Yedam’ on the 26th

Youngmoo Construction is opening the model house for ‘Songhak-dong 3rd Yedaeum’ today (26th) and will begin full-scale sales.

This complex, located in Iksan City, Jeonbuk Province, is a follow-up to the ‘Songhak 2nd Youngmoo Yedaeum’ launched at the end of last year. Upon completion of the 3rd phase, approximately 1,100 households will form a Youngmoo Yedaeum brand town in the area.

The supply consists of a total of 816 units from basement level 1 to 28 floors above ground, exclusively with 84㎡ units. The complex is planned with a south-facing layout, excellent lighting and ventilation through innovative 4Bay 4Room or 3-pantry designs, and specialized features such as dressing rooms to maximize space utilization.

Most notably, the complex will be supplied at a reasonable price of around 9 million KRW per 3.3㎡, drawing significant attention. According to last month’s Housing and Urban Guarantee Corporation (HUG) private apartment price trends, the average price for apartments in provincial areas was 11.9625 million KRW per 3.3㎡, making the affordable price in the 9 million KRW range a rare opportunity, thus enhancing the complex’s price competitiveness.

Additionally, in nearby Mohyeon-dong, about 90% of apartments are over 10 years old, indicating a high demand for moving to new apartments.

Recently, the Iksan area has seen increased subscription competition due to its status as a non-regulated area. According to Real Estate Info, interest in Jeollabuk-do, a non-regulated area, has risen sharply, with the average competition rate for apartments supplied in Jeonbuk this year reaching 21.17 to 1, more than five times higher than last year. Among these, Iksan’s competition rate increased from 1.55 to 1 last year to 8.86 to 1 this year.

Furthermore, on the 26th of last month, the Financial Services Commission announced the early implementation of the second phase of borrower-level DSR regulations under the ‘Strengthened Household Debt Management Plan.’ The second phase of borrower-level DSR applies a 40% DSR if the total loan amount exceeds 200 million KRW. Additionally, DSR will be applied regardless of region, significantly reducing loan limits. While the second phase of borrower-level DSR is scheduled to be implemented from 2022, ‘Songhak-dong 3rd Yedaeum’ being supplied this time is exempt from loan restrictions such as balance loans, attracting more interest.

Recently, major regional development benefits have further increased the value of this sale in the Iksan Station and Songhak-dong areas. First, the long-awaited project of building the Honam Gateway, Iksan Station’s wide-area complex transfer center, is being actively promoted. Iksan Station is a gateway for Honam railway traffic, connecting five railway lines: Honam Line, Jeolla Line, West Coast Line, Saemangeum Line, and Gunjang Industrial Complex Line, and is linked to KTX and SRT. The wide-area complex transfer center project will build transfer facilities allowing quick transfers between existing railways, city and intercity buses, taxis, and will include commercial, business, cultural, and residential support facilities, raising expectations for the area.

Also, centered around Iksan Station, the Songhak-dong urban regeneration New Deal project is underway to revitalize the declining old downtown through local initiatives, enhancing urban competitiveness and creating jobs. Large-scale development projects such as the Songhak Supply Promotion District and Manggi Supply Promotion District near the complex are planned, and upon completion, approximately 4,000 new residential units are expected to form a new residential town in the area.

A sales official for ‘Songhak 3rd Yedaeum’ stated, “Iksan is considered a transportation hub in Jeonbuk and is undergoing large-scale development. The upcoming 3rd phase sale, priced at around 9 million KRW per pyeong, is expected to attract strong interest from buyers due to its unprecedented affordable price.”

‘Songhak 3rd Yedaeum’ is equipped with various nearby lifestyle convenience facilities. Nonghyup Hanaro Mart, Jungang Market, E-Mart, Lotte Cinema, Mohyeon Park, Multipurpose Gymnasium (scheduled for completion), post office, police station, and Iksan City Hall are all nearby, enabling one-stop living. The educational environment is also favorable, with school districts including Songhak Elementary, Iri Middle, Jeonbuk Jeil High, Iil Girls’ Middle, and Iil Girls’ High, as well as proximity to Iksan City Mohyeon Library and Jeonbuk National University Specialized Campus, making it highly preferred by families with children.

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