GS E&C announced that it would build an apartment complex with 783 households at Geoje View Golf Course. The apartment complex was initially planned as a resort annexed to the golf course, but the plans were changed to build residential facilities with splendid views of the course. (image: GS E&C)
GEOJE, Aug. 20 (Korea Bizwire) – Amid the rising concern over pleasant residential environments, the first apartment complex to be built directly adjacent to a golf course is coming to southeastern Geoje Island, the famous home of Korea’s largest shipyards.
GS E&C announced that it would build an apartment complex with 783 households at Geoje View Golf Course. The apartment complex was initially planned as a resort annexed to the golf course, but the plans were changed to build residential facilities with splendid views of the course.
Similar apartment complexes have been built nearby golf courses, but the new development will be the first apartment complex to be situated directly on the course. As such, those in the real estate industry are paying attention to its location and prospective property values.
In the meantime, one eye-catching study on the value of having a good view was released recently. In the study, Professor Kang Jeong-gyu of Dong-eui University said that residential properties with golf course views are more expensive than those without such views.
Professor Kang analyzed apartment prices in Yongin, where many golf courses are located, and argued that apartments with golf course views could be priced up to 25 percent higher than others.
“Even the court rules that environmental value like favorable views cover around 20 percent of the whole value of a house. In the future, apartment complexes with splendid views will gain popularity,” he said.
However, some argue that as the new complex lacks amenities such as education facilities due to its location, one should think carefully before choosing to live there.
By John Choi (johnchoi@koreabizwire.com)
