GH, Dongbu Construction to Supply 'Gwanggyo Jayeon & Centerville'

[Financial News] Gwanggyo Jayeon & Centerville, supplied by Gyeonggi Housing & Urban Development Corporation (GH) and Dongbu Construction, will accept first-priority subscription applications on the 10th. The development comprises 360 public-sale units with exclusive areas of 84 square meters and 240 equity-accrual-type homes with exclusive areas of 59 square meters.
According to Dongbu Construction, Gwanggyo Jayeon & Centerville will be built with two basement levels and 20 floors above ground, for a total of 600 units. 
Several schools are clustered near the complex, including Maewon Elementary School, Suwon Dasan Middle School, Gwanggyo Lake Middle School and Yushin High School. Gwanggyo Lake Park and Sasaek Park, which surrounds the complex, are also nearby.
The Shinbundang Line provides access to Seoul's Gangnam area via Gwanggyo Jungang Station, while the GTX-A line and the Yeongdong, Yongin-Seoul and Gyeongbu expressways provide quick access across the Seoul metropolitan area. The complex will offer a range of community facilities, including an indoor golf practice range, a community childcare center, shared offices, a moms' lounge and a guesthouse, as well as convenient storage space for each unit.
Equity-accrual housing is a model introduced by GH for the first time in the country. The complex will operate on a 20-year plan: buyers initially acquire a 25% stake based on the original sale price, then acquire an additional 20% in each of years 5, 10 and 15, and the remaining 15% in year 20, ultimately securing 100% ownership.
The price applied when additional shares are purchased in the future is calculated by adding the average interest rates on one-year term deposits at the time of the initial acquisition and at the time of the additional acquisition. Even if surrounding home prices rise, buyers need only add accrued interest to the original sale price when purchasing additional shares.
While living in the home, buyers will place a rental deposit as a usage fee for the public share they have yet to acquire. Depending on their financial circumstances, they may pay the full deposit or convert part of it into monthly rent. The program comes with a five-year residency requirement and a 10-year resale restriction. Once the restriction period has ended, the home may be sold to a third party in accordance with the relevant procedures. Any gain from the increase in market value will be divided according to the ownership shares held by the buyer and the public entity at that time.
Winners of the public-sale units will be announced on the 17th. Contract signing is scheduled for Dec. 21–23. Winners of the equity-accrual-type homes will be announced on Nov. 18. Contract signing is scheduled for Jan. 25–27, 2027.

[email protected] Kwon Jun-ho Reporter