Pangyo Will be Put on Sale from Next Year

Apartments in Pangyo new town, Seongnam-si, Gyeonggi, will be put up for sale starting March next year.

Acquisition and registration taxes will be reduced by one percent, and they will be decreased to 2.5 percent of the housing price.

The government announced on August 30 that these points would be included in the “8/31 comprehensive property measures” that are to be made public on August 31.

Dong-A Ilbo acquired the final plan of the government, and the main points of the soon-to-be released property measures, including strengthening the tax system, were introduced in the August 30 issue of Dong-A Ilbo.

The government decided to build an additional 3,100 housing units of medium and large size in Pangyo. Accordingly, due to the procedures such as changing the development plan, the date of the sale will be postponed from November this year to next year.

The apartments (7,680 units) of exclusive use area of 25.7 pyeong or less will be put on sale next March, and the apartments (7,666 units) of over 25.7 pyeong in next August.

Acquisition and registration taxes were initially planned to be reduced by 0.5 percent to individual transactions of houses or land, but due to the strong demand for additional reduction from the Uri Party, they were finally decided to be lowered by one percent only for individual transactions of houses.

The mini new town in Geoyeo district, Songpa-gu, designed to absorb demand in Gangnam area, will be expanded to two million pyeong. A total of 50,000 housing units including 20,000 medium and large sized houses will be built there, and they will be put on sale around 2008.

Besides, the government added Gimpo new town to the subjects of the expansion of housing land development district currently under development.

In addition, starting next year, the comprehensive property tax will be applied to houses worth more than 600 million won, and taxation sections will be broken down.

Ki-Jeong Ko Seung-Heon Lee koh@donga.com ddr@donga.com