Refer Report
Lotte Engineering & Construction supplies ‘Central Park Lotte Castle Signature’ high-end rental furniture that can be converted to sale in Gwangju Metropolitan City. Its unique feature is that you can live there without the burden of acquisition tax or comprehensive real estate tax, and you can decide whether or not to sell it after living there for 10 years.
‘Central Park Lotte Castle Signature’ is a large apartment complex in Geumho-dong, Seo-gu, Gwangju, with 39 buildings, 3 underground floors and 28 floors above ground, with an exclusive area of 84~233㎡ and a total of 2,772 households. It is composed of a total of 3 blocks, including 1BL, 2-1BL, and 2-2BL, and the sale-convertible high-end rental units provided this time are a total of 408 households with an exclusive 84㎡ area located in 2-1BL.
The ‘Central Park Lotte Castle Signature’ sale conversion type high-end rental belongs to the ‘long-term general private rental housing’ type among the four types of private rental housing. The characteristic of long-term general private rental housing is that it can be converted to sale after 10 years. This means that ownership can be transferred through sale conversion after living in it for 10 years. Since you live there without owning it for 10 years, there is no burden of various taxes such as acquisition tax and comprehensive real estate tax.
Anyone over the age of 19 can apply without a subscription account, and there are no restrictions on winning again. Also, since the winner is selected through a lottery system, there is no need to worry about additional points for subscription. In addition, rent is set at a reasonable level, and the rate of rent increase is limited to less than 5% per year.
The sale conversion type high-end lease of ‘Central Park Lotte Castle Signature’ has various added benefits. First, it is possible to convert the sale to a fixed price at the time of the initial contract. Even after 10 years, the sale can be converted to the initial confirmed sale price set 10 years ago. This is an area where market gains can be expected in the future.
It is also noteworthy that the same high-quality finishing materials as general sales are applied. ‘Central Park Lotte Castle Signature’ features a variety of world-famous brands, including famous German kitchen brand Nolte, high-end kitchen furniture brand Dada, premium brand Paffoni related to the Italian capital, and island kitchen hood Elica. Luxury finishing materials are applied. Accordingly, even high-end rental units converted to sale can fully enjoy the residential value of ‘Central Park Lotte Castle Signature’.
The quality of housing has also been improved through high-end communities. A sky lounge will be built on the 28th floor and a luxury sauna will also be built. Additionally, a community including a senior club, reading room, book cafe, guest room, fitness center, golf club, and daycare center is planned. There are a total of 5,385 parking spaces for approximately 2 vehicles per household, of which 1,960 spaces are planned for expansion. In addition, space efficiency was maximized by providing a storage unit in front of the entrance where sports and seasonal items can be stored.
‘Central Park Lotte Castle Signature’ is a private park special project apartment in Central Park District 1 and boasts the largest scale in Gwangju. Central Park District 1 consists of 8 theme forests and 11 village forests, and will provide space that can be used as an urban camping site and garden fair. Facilities such as an outdoor performance hall and white sand beach will also be built around Pungam Lake.
High residential convenience is also expected. First, the Sangmu District, which is considered the central commercial district of Gwangju, is located near the complex, and various commercial facilities such as Lotte Outlet and Lotte Mart are also adjacent. Additionally, there are elementary, middle, and high schools within walking distance, including Hwajeongnam Elementary School, Hwagae Elementary School, and Pungam High School. Transportation factors also stand out. Two stations in the first phase of Gwangju Subway Line 2 (scheduled for 2026) are scheduled to be built within walking distance, so premium station proximity is also expected. Currently, fast vehicle movement is possible through the 2nd Ring Road and Sangmu-daero, and the distance to Seogwangju Station on the Gyeongjeon Line is also close.
Meanwhile, SPC Bitgoeul Central Park Development of ‘Central Park Lotte Castle Signature’ signed an intermediate payment loan business agreement with five financial institutions, including Gwangju Bank, on October 29. Recently, the confirmed interest rates for the first installment loan of 1.7% and the second installment loan of 2.7% will be applied to general sales contractees of ‘Central Park Lotte Castle Signature’ until December 26th of this year. Customers who signed a contract after December 26th of this year will be provided with an interim payment loan according to the market interest rate. Considering that an intermediate payment loan business agreement is generally concluded at a business site where about 60% of the contract has been completed, it is assessed that the current sale of ‘Central Park Lotte Castle Signature’ is progressing smoothly.
Reporter Yoo Oh-sang osyoo@hankyung.com
Source: Korean