Hanwha Construction Begins Commercial Space Sales at Cheonan Dujeong and Luwon City Forena

100% Residential Units Sold Out, Business Feasibility Verified
"High Interest as a Large-Scale Landmark"

[Asia Economy Reporter Onyu Lim] Hanwha Construction announced on the 13th that it will actively proceed with the sale of commercial facilities in the Forena complexes, which sold out their residential units last year. A Hanwha Construction official stated, "Not only has the sale of residential units been completed 100%, verifying the project's viability, but these large-scale landmark complexes located in central areas of each region are attracting investors' attention."

Hanwha Construction will sell commercial spaces within the Forena Cheonan Dujeong complex in Dujeong District, which is emerging as a new residential hub in Cheonan, this March. The complex has a fixed demand from residents of 1,067 households whose sales have been completed, and it is located in the station area of Dujeong Station on Subway Line 1, ensuring abundant foot traffic. Nearby universities such as Dankook University, Baekseok University, and Sangmyung University are also located close by, so demand from university students commuting via Dujeong Station on Line 1 is expected.

Additionally, it is noteworthy that the complex is situated in the center of the new Dujeong District, which has about 8,000 households including newly occupied large construction company brand apartments. Although there are many development plans currently underway in Dujeong District, the commercial area is still underdeveloped, allowing for the advantage of early market capture.

The product appeal is also excellent. The commercial facilities within Forena Cheonan Dujeong are divided into two buildings near the main entrance of the complex and are designed as a boulevard-style street-type shopping area, which is currently a popular trend. Street-type shopping centers are low-rise and lined up, offering excellent visibility and accessibility to passersby, and the shopping flow is convenient, making it advantageous for increasing customers' dwell time.

The commercial facilities within Jeonju Eco City have already begun sales. Forena Jeonju Eco City, located in blocks 1 and 2 of the mixed-use residential site in Jeonju Eco City, is the tallest landmark in Jeonju, reaching up to 45 floors. Last year, its apartments were sold out with an average competition rate of 61.64 to 1 and a peak of 309 to 1 in the first-priority subscription.

The commercial facilities at Forena Jeonju Eco City are designed as a 170-meter-long street-type shopping area with a four-sided open and circular circulation layout, covering a total exclusive area of 12,614㎡ on Ground 1 (G1) and the first floor above ground. It benefits from a solid fixed demand from residents of 614 apartment units and 203 officetel units, as well as a substantial hinterland demand from about 33,000 residents in the developing Jeonju Eco City.

The commercial facilities plan to include child-specialized amenities such as a kids' theme park. A complex community center featuring a swimming pool, kids' library, and sports facilities is scheduled to open in 2022 next to the complex. Nearby are Hwajeong Elementary School and Hwajeong Middle School, both within walking distance, which is expected to generate child foot traffic. Additionally, Sebyeong Park, adjacent to the northeast, is a large-scale park about 30 times the size of a soccer field, attracting more people for walking and exercise.

Forena Luwon City is also currently selling commercial facilities. This complex recorded the highest average subscription competition rate of 20.27 to 1 among apartments sold in Luwon City. It secures demand from residents of 1,128 households and is located in the station area of Gajeong Station on Incheon Subway Line 2. Moreover, future foot traffic is expected to increase due to the planned extension of Seoul Subway Line 7. A Hanwha Construction official explained, "The commercial facilities are located near Bongsu Elementary School in front of the complex, making it a ‘Chopuma’ (an apartment complex embracing an elementary school) shopping area, where many facilities needed by parents and children, such as restaurants and hospitals, are expected to be established."