"Only Down Payment Required, No Payments for 2 Years" Unprecedented Offer... International School Planned for This Area

First Housing Sale in Saemangeum Waterfront City Set for December
67 Single-Family Lots at 2 Million Won per Pyeong
Residential Conditions Prioritized with Medical Infrastructure
International School Roadmap to Be Announced by Year-End
City Va

Saemangeum Development Corporation will begin the first housing pre-sale for the 'Smart Waterfront City,' which was created by reclaiming land near the Saemangeum New Port site in Gimje-si, Jeonbuk, this coming December. Unlike previous public development projects, which typically followed a 'build houses first, infrastructure later' approach, this time, residential amenities such as an international school and hospital will be established first, followed by housing supply. The pre-sale price will be around 2 million won per pyeong, and generous terms such as a two-year deferment on interim payments have been offered.

Kwon Intaek, Head of Investment Projects at Saemangeum Development Corporation, said at a field briefing for the Ministry of Land, Infrastructure and Transport press corps held on the 11th at the wind rest area near the waterfront city in Gimje-si, Jeonbuk, "The development cost is slightly over 2 million won per pyeong," adding, "We expect the appraisal value for the housing sites to be set at a similar level." The corporation will divide 67 single-family housing lots into 302 square meters each (about 92 pyeong) and distribute them through a general lottery system.

International School and Medical Infrastructure First... Establishing Residential Conditions Upfront

Before and after views of the Saemangeum Smart Waterfront City reclamation. Construction began in December 2020 and was completed in June 2023. Saemangeum Development Corporation

The corporation will prioritize the pre-sale of single-family housing lots and neighborhood living facilities to lay the foundation for the first residents. Bold terms will be applied to the single-family housing lots. For example, if the pre-sale price is 200 million won, only a 10 percent down payment of 20 million won will be collected, and no interim payments will be required for two years. Kwon stated, "Once the necessary permits and approvals for the waterfront city development are finalized, we plan to confirm this through a board resolution," adding, "We also intend to include the interest-free terms typically applied to public institution land supply."

Expansion of daily living infrastructure will proceed in parallel. Kwon explained, "If we only build single-family houses in a barren field, it loses its appeal," and continued, "Unlike the conventional public development approach, we have chosen a strategy of first establishing international schools and medical and living infrastructure to create residential conditions, and then expanding to multi-family housing." He cited his experience at Jeju Free International City Development Center (JDC) in attracting an international school to Jeju as an example, saying, "Initially, there were significant concerns about unsold units, but once the educational infrastructure was established, the value of the city increased many times over," and added, "Even if we have to use our own resources, we will make upfront investments in essential facilities for the waterfront city."

The corporation is working with the Jeonbuk Research Institute to develop a model for establishing an international school. This project is one of the pledges of the Governor of Jeonbuk Province, and by the end of the year, the corporation and Jeonbuk Province will jointly present a detailed roadmap. Kwon stated, "There is a shortage of international schools in the surrounding area, so even domestic demand alone will allow operation within the legal scope," and added, "If more foreign companies are attracted in the future, the demand base will grow even further."

For medical infrastructure, the plan is to collaborate with Wonkwang University to gradually expand, starting with both Western and Korean medicine hospitals. Neighborhood living facilities will total 8,820 square meters (about 2,600 pyeong) and will be supplied in two combined lots through a competitive bidding process.

Saemangeum 'Smart Waterfront City' Land Use Plan. Saemangeum Development Corporation

First Urban-Style Residential Space in the Saemangeum District... Targeting Completion by 2028

The waterfront city, which will be built in the second zone of Saemangeum, will cover a total area of 6.25 million square meters (2 million pyeong). It will provide 10,293 housing units, accommodating up to 21,000 residents. According to the corporation, 21.5 percent of the total area will be allocated for residential use, while parks and green spaces will make up 27.3 percent. Inside the city, a smart infrastructure network over 5 kilometers long will be installed, enabling real-time operation of advanced services such as autonomous vehicles, unmanned delivery, and priority passage for emergency vehicles.

Saemangeum Development Corporation invested 142 billion won over two and a half years to reclaim the inner sea of Saemangeum, completing the reclamation for the smart waterfront city in June 2023. In November of the same year, the first phase of the first construction zone (including roads, water supply and drainage, and power infrastructure) began, while bidding for the second phase, zones 2 and 4, is currently underway.

Na Kyunggyun, President of Saemangeum Development Corporation, is speaking at the Ministry of Land, Infrastructure and Transport press corps field briefing held on the 11th near the wind rest area in the Saemangeum Smart Waterfront City, Gimje-si, Jeonbuk. Photo by Choi Seoyoon

The target for completing the development project is December 2028. Development of zone 3 has been put on hold to reflect changes in the master plan. The corporation plans to decide whether to resume development based on the contents of the final draft of the Saemangeum Master Plan (MP), which is scheduled to be announced at the end of the year.

Na Kyunggyun, President of Saemangeum Development Corporation, stated, "This pre-sale, the first to be promoted since the establishment of the corporation, is highly significant as it marks the first supply of an urban-style residential space in Saemangeum," adding, "We will develop the waterfront city, which is comparable in scale to Wirye New Town, into a self-sustaining city by incorporating residential, educational, medical, and industrial functions."