Dongtan New City Begins Sales Next March

Apartment sales at Dongtan New City, Gyeonggi Hwaseong begins next March.

This is the first time for apartment sales in the 4 metropolitan area △Pangyo △Gimpo △Paju and △Dongtan Hwaseong, where the government is propelling construction to stabilize resident price.

The Ministry of Construction and Transportation clarified on the 9th that 6,624 model houses will be on sales next march among the 32,615 homes that are to be occupied in Hwaseong Dongtan New City. Also, the first stage will be proceeded next September (13,573 homes), and the second stage in February 2005 (12,418 homes).

The population density in Dongtan New City is 134 per 1㏊, and 24.3% is appropriated for park afforestation. The largest central park and bicycle road, leports (leisure and sports) and physical training park will be constructed to make the residence environment more pleasant.

The Ministry of Construction and Transportation is planning to form an updated venture industry complex to provide with self-sufficiency, and road network with 12 routes, 58.1㎞, to minimize concerned traffic problem.

Also, school for handicapped children (1) and Separated-form private high school are to be lured, which is under negotiation with Samsung Electronics and others.

▽ Business Plan= The model houses that are to be on sales first of all will be generally selling apartments. There will be 762 houses under 60㎡ (18 pyeong·private area as standard), 5,200 houses from 60㎡ to 85㎡ (25.7 pyeong), and 662 houses over 85㎡. The moving time is expected to be the end of 2006.

The number of homes (apartments) in the business field of 1st stage is △2,966 under 60㎡ △ 4,558 from 60㎡ to 85㎡, △and 6,049 over 85㎡. The moving time is expected to be August 2007.

The number of homes (apartment) in the business field of 1st stage is △4,441 under 60㎡ △ 6,780 from 60㎡ to 85㎡, △and 1,197 over 85㎡, total 12,418 homes. The moving time is expected to be January 2008.

▽ Subscription strategy = Gyeonggi Hwaseong residents will be given 30% of the houses, 50% will be provided to homeless householder over 35 years old who had never won other homes in the past and subscribed to subscription bankbook in the first place.

In particular, since the city of Hwaseong was designated as `District with excessive speculation` last September, only 2nd rank subscription is available for those who won an apartment within recent 5 years, and if 2 or more houses are possessed by the subscriber or any member of family.

Jae-Seong Hwang jsonhng@donga.com