‘Gaya Station LOTTE Castle Skyel’ to offer 486 newly built jeonse units

[Financial News] The Gaya Station LOTTE Castle Skyel in Gaya-dong, Busanjin District, Busan, is seeking to offer 486 jeonse units through a corporate restructuring real estate investment trust (CR REIT). The newly built apartment complex has no history of occupancy. The standard lease term is two years, and tenants can live there for up to four years if they exercise their right to request a contract renewal.
According to LOTTE Engineering & Construction Co., Ltd. on the 26th, the jeonse units are the 77m2A and 84m2A and B types, measured by exclusive floor area. The complex, located around 3-11 Gaya-dong, consists of four buildings with four basement levels and 43 floors above ground, comprising 725 apartment units and 80 officetel units.
Under this offering, a REIT, rather than an individual landlord, will own and rent out the homes. CR REITs pool funds from investors, purchase unsold homes after construction is completed, operate them as rentals and then sell them.
According to a notice from the Ministry of Land, Infrastructure and Transport, Value Trust No. 2 Corporate Restructuring Real Estate Investment Company, which operates the homes, completed its business registration on September 17. Tenants will sign lease agreements with the REIT.
The units being offered come with balcony extensions, system air conditioning, a secondary entrance door and built-in bedroom wardrobes. Hybrid cooktops, built-in electric ovens and dishwashers are also provided, reducing the burden of installing appliances and furnishings upon move-in.
The 77m2A and 84m2A units have four-bay slab-style layouts, with storage space including an entryway closet, pantry and master bedroom dressing room. The 84m2B units have a tower-style layout open on three sides, designed to allow cross-ventilation between the kitchen and living room.
The complex is near Gaya Station on Busan Metro Line 2. Passengers can transfer to Line 1 at Seomyeon Station, two stops away, and use BRT stops in the Gaya Station area.
Lotte Department Store, commercial facilities and medical facilities such as Seomyeon Medical Street are nearby in the Seomyeon area. The complex also has community facilities including a fitness center, indoor golf practice range and small library.
[email protected] Choi Ga-young Reporter