Large Complexes with Over 2,000 Households Offer High Residential Convenience... Bigger Size Means Greater House Price Increase
'Ulsan Jiwell City Xi' Comprises 2,687 Households... Largest Complex in Ulsan in 30 Years
Large-scale complexes remain popular in the housing market. Especially for mammoth complexes with more than 2,000 households, they offer not only the premium benefits of abundant living infrastructure, diverse communities, and reduced maintenance fees but also symbolic significance due to their overwhelming scale, often becoming regional landmarks in the future.
Generally, when a large complex is established, population inflow rapidly increases, leading to the quick formation of surrounding infrastructure centered on transportation, education, and convenience. Additionally, since a certain percentage of the complex area must be secured as green space according to legal standards, the larger the complex, the more pleasant the residential environment. The variety of communities also increases proportionally with the size of the complex.
Because the shared maintenance fees are divided among many households, the effect of reducing maintenance costs is significant. According to data from the Apartment Management Information System nationwide by size, as of November 2019, the common maintenance fees per household were △1,238 KRW for 150?299 households △1,123 KRW for 300?499 households △1,065 KRW for 500?999 households △1,043 KRW for complexes with over 1,000 households, showing that the larger the number of households, the lower the maintenance fees.
For these reasons, large-scale apartments also experience steep price increases. According to KB Real Estate Market data, the 2,752-household large complex ‘The Sharp Centum Park’ in Haeundae-gu, Busan (moved in February 2006) saw the price of an 84㎡ unit rise by 115 million KRW over one year (January 2019 to January 2020). In contrast, the nearby ‘The Sharp Centum Nuri’ with 375 households (moved in November 2014) saw the same size unit increase by only 15 million KRW.
Subscription demand also floods in. According to data from the Korea Real Estate Board, ‘Illumi State’ supplied in Bucheon-si, Gyeonggi Province, in August last year, with 2,508 households, attracted 16,405 applicants in the first subscription round, setting a record for the highest number of applicants in Bucheon-si history. In November, the 2,564-household ‘Mudeungsan Xi & Eoullim’ in Buk-gu, Gwangju, also received a staggering 46,524 subscription applications in the first round, breaking the record for the highest number of applicants in Gwangju.
An industry insider explained, “Most apartments see more active transactions as the number of households increases, enabling stable price formation after move-in. Also, large complexes with over 2,000 households are often constructed by experienced large construction companies, so price gains from brand premiums can also be expected.”
Meanwhile, the largest complex in 30 years is scheduled to be unveiled in March in the Seobu-dong area of Dong-gu, Ulsan, attracting the attention of buyers. The project is ‘Ulsan Jiwell City Xi,’ supplied by Shinyoung Co., Ltd. It consists of two complexes, with 18 buildings ranging from 5 basement floors to a maximum of 37 floors above ground, totaling 2,687 households with exclusive areas ranging from 59 to 107㎡. GS Construction Co., Ltd. is in charge of construction.
This complex offers one-stop living within a 1 km radius, with education, convenience, and nature all available. Prestigious schools in Ulsan such as Seobu Elementary, Noksu Elementary, Hyundai Middle & High School, and Hyundai Cheongun Middle & High School are within walking distance. Additionally, Hyundai Department Store (Ulsan Dong-gu branch), Ulsan University Hospital, Hyundai Arts Center, Hanmaeum Hall, and Seobu Soccer Stadium are also located within walking distance. The surrounding area includes Yeompo Mountain, Geunmaeul Reservoir, and Hyundai Arts Park, providing a pleasant residential environment.
Accessibility to major industrial complexes in Ulsan is also excellent. Hyundai Heavy Industries is located directly opposite the complex, and large industrial complexes such as Hyundai Mipo Dockyard, Hyundai Motor, Hyundai Steel Ulsan Plant, KCC Ulsan Plant, and Hyundai Mobis Ulsan Yeompo-dong Plant are all reachable within 20 minutes by car, making it an ideal residential area close to workplaces.
The complex also offers various auxiliary facilities. For the first time in Ulsan, two mini kayak water playgrounds will be created within each of the two complexes, and a futsal field will be built in the central area of the complex. Each complex’s community center will be equipped with diverse facilities such as a fitness center, small library, single-person study rooms, GX room, dry sauna, multipurpose room, and indoor gymnasium.
The interior applies Shinyoung’s highly practical specialized design. It features a 4Bay slab-type cross ventilation design to enhance lighting and ventilation, and an LDK layout connecting the living room, dining room, and kitchen to maximize openness. Especially, the 84㎡A and 107㎡ units separate the kitchen and dining areas and apply full-window designs in the dining room to improve ventilation and openness. The 84㎡B unit offers an alpha room and pantry next to the kitchen to strengthen storage space.
A promotional center is currently operating at Terrace Park B-dong 201, 945 Ilsan-dong, Dong-gu, Ulsan, from early February, and the model house is scheduled to open in March near Beonyeong Intersection, Daldong, Nam-gu, Ulsan. The expected move-in date is April 2023.
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