Interest-Free Intermediate Payment Benefit Draws Attention... 'Asan Zai Grand Park' First-Come, First-Served Contract 진행

As soaring loan interest rates have made potential homeowners hesitate, complexes offering interest-free interim payments with relatively low financial burden are gaining great popularity.

In fact, the Bank of Korea raised the base interest rate seven times last year alone. Among these, in July and October, it took big steps of 0.5 percentage points each, resulting in the base rate soaring from 1.0% at the end of 2021 to 3.25% by the end of 2022. It did not stop there, raising it by another 0.25 percentage points in January this year, bringing the current base rate to 3.5%.

As a result, with the increased loan interest burden on housing demanders, complexes offering interest-free interim payment benefits are thriving in the sales market. For example, in November last year, IS Dongseo’s “Changwon Central Park Eilin’s Garden” in Changwon, Gyeongnam, sold out 1,107 general sale units early. Also, Kumho Construction’s “Gangneung Gyodong Kumho Eoullim Olympic Park” currently on sale in Gangneung, Gangwon-do, reportedly exceeded a 95% contract rate, exhausting most of its units. Both complexes provided interest-free interim payment benefits and achieved exceptional results despite the sluggish sales market atmosphere.

A real estate official said, “Recently, the decisive factor for sales success has ultimately been price, and financial benefits such as interest-free interim payments are translating into price competitiveness,” adding, “Considering the possibility of further base rate hikes by the Bank of Korea, more demanders are expected to head toward complexes with financial benefits this year.”

Meanwhile, “Asan Xi Grand Park” in Yonghwa-dong, Asan, Chungnam, which is conducting first-come, first-served unit designation contracts, offers special financial benefits such as full interest-free interim payments and a 5% down payment (for exclusive areas over 84㎡) to ease the financial burden on buyers.

In addition, a revision to the Local Tax Act easing acquisition tax surcharges for multi-homeowners is awaiting passage in the National Assembly. If the acquisition tax surcharge rates are eased, the acquisition tax for this complex will be significantly reduced to 4% for owners of three homes and 6% for owners of four or more homes and corporations. Under the current Local Tax Act, owners of three homes must pay 8%, and owners of four or more homes and corporations must pay 12% acquisition tax, so the tax burden on multi-homeowners is expected to be greatly reduced in the future.

Asan Xi Grand Park is a complex supplied through a private park special project for the approximately 160,000㎡ Yonghwa Sports Park (planned). Residents can always use spaces that promote physical activities such as a multipurpose lawn yard, multipurpose sports space, children’s sports playground, and indoor gymnasium, as well as rest and cultural spaces like an ecological experience center and forest health shelter.

Also, Asan Xi Grand Park is expected to have high residential convenience as it is located in Yonghwa-dong, the central living area of Asan. It boasts an excellent educational environment with nearby schools such as Asan Elementary, Yonghwa Elementary, Onyang Middle, and Yonghwa High, as well as the Asan City Central Library. Convenience facilities like E-Mart, Lotte Mart, and Asan City Hall, along with government offices, are easily accessible. Infrastructure is being expanded with a Nonghyup Hanaro Mart (planned) within walking distance, further enhancing residential convenience.

Various community facilities are also a unique advantage of Asan Xi Grand Park. The community center “Club Xi-An” in each complex includes a fitness club, golf practice range, and shared office, while the top floor “Club Cloud” features a sky lounge and cafeteria. Additionally, YBM English Library will be established in Complex 1, and Kyobo Bookstore Curation Library in Complex 2, where residents can receive YBM’s English reading programs and Kyobo Bookstore’s curation services free of charge for two years (planned).

Landscaping facilities commonly include Elysian Garden, Xi Forest, and themed children’s playground Xi Fun Ground, allowing residents to enjoy relaxing rest in nature. Especially, since the complex’s walking trails connect to the planned Yonghwa Sports Park, residents can enjoy richer greenery.

Meanwhile, at an investment agreement ceremony held in April at Samsung Display’s Asan Campus, President Yoon Suk-yeol announced plans to attract new private investments worth 52 trillion won to the Asan, Onyang, and Cheonan areas. This aims to enhance the technological capabilities of materials, parts, and equipment companies, secure a stable domestic supply chain and ecosystem, and lead to the creation of quality jobs. Accordingly, the Chungnam region is expected to grow as a key hub for future new industries, and experts evaluate that with regional development such as population inflow and economic revitalization, Asan Xi Grand Park will also benefit.

Asan Xi Grand Park consists of two complexes with a total of 1,588 households. By complex: ▲ Complex 1 has 739 households with exclusive areas ranging from 74 to 149㎡. ▲ Complex 2 has 849 households with exclusive areas ranging from 84 to 149㎡.

The first-come, first-served unit designation contracts for Asan Xi Grand Park are ongoing at the model house.

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