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| An aerial view of Gocheok IPARK town in southwestern Seoul / Courtesy of HDC |
By Kim Jae-heun
HDC Hyundai Development Company will start receiving applications of candidates to operate the rental business of its new apartment complex Gocheok IPARK in southwestern Seoul.
Gocheok IPARK consists of a residential complex of six buildings standing 45 stories tall and another five buildings standing 35 stories tall. The latter embraces 2,205 households and they come in two sizes, 64 square meters and 79 square meters.
HDC adopted a real estate investment trusts (REITs) system to supply IPARK apartments along with a public institution, and the project features large residential facilities, commercial buildings and administrative complex as well as a park.
Application for the rents takes place Monday and Tuesday and the successful candidates will be announced on Dec. 4.
"Gocheok IPARK is a new platform for structural changes in the housing market that combines the commercialization of the private sector and stability of public institutions," an HDC official said. "We will guarantee the period of housing for eight years while enhancing residential satisfaction by incorporating various life-convenience services to customers. We will establish IPARK as a private rental apartment brand that will change the paradigm of the existing rental market by combining our own specialized services, one-stop shopping platform, administrative services and parks."
Gocheok IPARK will be established as a large-scale complex development project with a park, shopping mall and an administrative area, where Gocheok District Community Center and Guro Tax Office will move in.
The community is located within a 500-meter radius of Gaebong Station on Seoul Metro Line 1, and Gyeonginno and Seobu Expressway run in front of it.
Also within walking distance are Gocheok High School, Gocheok Middle School and Gyeongin Elementary School, and national and public daycare centers are planned to be built there.
As it is a public-supported private rental apartment, rent is guaranteed for eight years and the rate of rent increase is limited to less than 5 percent when renewing contracts two years after moving in.
Residents will be provided with concierge services such as cleaning kitchen range hoods, sterilizing mattresses as well as rentals of home appliances and water purifiers.
