[Asia Economy Reporter Moon Jiwon] Projects that build new housing on sites of former government offices or major commercial facilities are a guaranteed hit in the sales market. This is because most are located in city centers, offering excellent locations. Being commercial zones with fewer building regulations such as floor area ratio, high-density development is possible, increasing the likelihood of becoming a 'landmark.'
Last year, 'Brighton Yeouido,' built on the former MBC site in Yeouido, Seoul, attracted 22,462 applicants for 849 units, recording an average competition rate of 26.4 to 1 and a peak of 151 to 1. In February this year, 'Ssangyong The Platinum Seoul Station,' built on the former Jongno Academy site in Jungnim-dong, Jung-gu, Seoul, also showed a peak competition rate of 91 to 1 and an average of 4.2 to 1.
A real estate industry insider explained, "Residential products that replace old facilities located in the heart of the city have the advantage of abundant residential infrastructure such as transportation and commercial facilities right at the doorstep," adding, "With the added symbolism of being a landmark complex, their future value is high."
This month, Ssangyong Construction will sell 'Ssangyong The Platinum Wando' in Gayong-ri, Wando-eup, Wando-gun, Jeollanam-do, on the site of the former Wando Tourist Hotel. The complex will consist of two buildings, 2 basement floors to 37 floors above ground, with a total of 192 units ranging from 80 to 181㎡ in exclusive area.
It is a rare high-rise complex in Wando, offering unobstructed views of the Dadohae (Korean Archipelago). The top floors will feature luxury penthouses of 172 and 181㎡. The community facilities within the complex will also be introduced as high-end specialized amenities.
Being in the center of Wando, transportation is also convenient. Wando Public Bus Terminal is a 5-minute drive away, and the Gwangju-Wando Expressway is scheduled to open in 2024.
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