Developers had planned on charging customers three million won per square meter for new apartments going up in the Jeju Science Park. That’s much more than average here on the island, and after considerable public uproar, a provincial committee has cut that price by more than ten percent. Joseph Kim has more.
The Hanhwa Dream-Green apartment complex will be constructed in the Jeju Science Park in Jeju City. The construction company asked the Jeju Special Self-Governing Province to deliberate the sales price of the apartment so that they can sell 17 buildings, and 410 apartment units.

The construction company initially suggested 3,000,000 won per square meter as the sales price.

[camera]
Ko Moon-su

Since it is the highest apartment price in the history of Jeju’s multi-unit dwellings, it has been a controversial issue and the Jeju Special Self-Governing Province apartment sales price evaluation committee deemed that the price has been set too high.

The final price confirmed by the apartment sales price evaluation committee was set at 2,633,000 won per square meter, a huge drop from the original price that the company requested.


14.8 billion won has been cut from apartment building construction costs and 3.5 billion won has been cut from the residential district construction budget, which includes the area around the buildings from the requested price.


Differing from Nohyeong I-park, the construction site of Dream-Green is not in a rock bed area, so the cost for removing base rock has been reduced drastically.

Interview
Yang Seok-wan / Provincial apartment pricing committee
In the case of I-Park, there were a lot of rocks that had to be removed. Dream-Green had only 15% of the rocks, and our price reflects that...
<인터뷰: 양석완/ 道 분양가심사위원회 위원장>
"아이파크인 경우에는 암반이 상당히 많이 나왔었습니다만 꿈에 그린 아파트인 경우에는 암반이 15% 나오는 것으로 직접 도면을 보면서 확인해 본 결과 상당한 차이가 있었습니다. 그 부분을 반영해서...

However, the construction company is trying to request for a retrial expressing it is hard for them to accept the lowered price.

SYNC
Construction company worker
It is hard to accept the price that the committee came up with. Once we get an official notice from Jeju City and review it, we may ask them to reconsider.
<싱크: 시행사 관계자>
""심사위에서 결정된 금액을 수용하기는 어려운 입장이고요. 일단 내용 검토를 하고 도에서 정식으로 시를 통해서 결과에 대한 내용을 통보받으면 그 내용을 근거로 보고 재심의를 신청할 생각입니다."

[reporter]
Joseph Kim

It seems that the Jeju Special Self-Governing Province is doing what it can to address soaring apartment prices.

Joseph Kim KCTV