Hanwha, Forena Cheonan Dujeong Commercial Complex March Sale

[Asia Economy Reporter Onyu Lim] Hanwha Construction announced on the 18th that it will sell commercial spaces within the large-scale apartment complex 'Forena Cheonan Dujeong,' which is being developed at 28 Dujeong-dong, Seobuk-gu, Cheonan City, in March.

The sale will be conducted through an 'open competitive bidding with disclosed base price' method, where the highest bidder above the base price for each unit wins the bid. The commercial space bidding is scheduled to take place at the model house site in early March. The model house for the commercial spaces within Forena Cheonan Dujeong is located at 1426 Seongjeong-dong, Seobuk-gu, Cheonan City (near Shilla Stay Cheonan).

Forena Cheonan Dujeong is a large-scale apartment complex consisting of a total of 1,067 households, developed in the Dujeong district, which is emerging as a new residential hub in Cheonan. It is the only single-brand apartment complex with over 1,000 households in the Dujeong district, raising expectations as a landmark representing the area. In fact, it was sold out within three months during last year's pre-sale.

The commercial spaces in Forena Cheonan Dujeong are located near the main and secondary entrances, which have high exposure to residents and external pedestrians, with one building each (from basement level 2 to ground level 1). The commercial spaces are arranged in a street-type layout, preferred by both landlords and tenants. The street-type commercial spaces have low-rise shops lined up along the sidewalk, offering a high sense of openness and an advantage in attracting foot traffic.

The differentiated MD composition tailored to consumer flow is also noteworthy. The first-floor level facing the road will be composed of convenience facilities, laundries, banks, etc., maximizing consumer attraction and accessibility, while the second-floor level will be planned for large-scale F&B, hospitals, academies, and other facilities with high purpose and dwell time.

Expectations are high for Forena Cheonan Dujeong commercial spaces due to abundant demand. In addition to the fixed demand from the 1,067-household complex, it can also absorb residential demand from about 8,000 households in nearby complexes such as ‘ePyeonhansesang Dujeong 3rd and 4th phases’ and ‘Cheonan Dujeong Station Prugio.’

Furthermore, the commercial spaces are evaluated to have substantial future value. The Cheonan Dujeong district, where the commercial spaces are being developed, is currently undergoing a land use plan change from a general industrial area to a second-class general residential area, being developed into a large-scale residential town. Once these projects are completed, the area is expected to become a representative residential hub of Cheonan City and form a new residential central commercial district. Therefore, there is high anticipation that a stable commercial district linked to this will be activated.

Song Heeyong, head of sales at Hanwha Construction, said, “The commercial spaces within Forena Cheonan Dujeong are street-type shops located at the gateway site of the Dujeong district, which is emerging as a new center in Cheonan. Given the large-scale demand base and foot traffic that can be directly absorbed, we expect high interest from consumers.”