Recovery Wave in Geoje Island with Shipbuilding Industry Revival... 'Geoje 2nd I-Park' Gains Attention as a Beneficiary Complex

As the shipbuilding industry shows signs of recovery, the real estate market in regions where shipbuilding is a major industry is also experiencing an upturn.

The employment rates in Mokpo, Geoje, and Tongyeong, cities densely populated with shipbuilding and shipping industries, have all risen simultaneously. According to the '2019 Second Half Regional Employment Survey' released by Statistics Korea on the 25th, the employment rate in Mokpo City increased by 3.3 percentage points, Geoje City by 2.8 percentage points, and Tongyeong City by 0.2 percentage points in the second half of last year.

Additionally, the unemployment rates in these cities have decreased. The unemployment rates in Geoje and Tongyeong, Gyeongnam, which were among the highest in 2018 due to restructuring in the shipbuilding industry, showed significant recovery starting from the second half of last year. During the same period, the unemployment rate in Geoje, Gyeongnam, dropped by 2.4 percentage points from 7.1% to 4.7%, and Tongyeong, Gyeongnam, recorded a 1.2 percentage point decrease to 5.0%. Mokpo City's unemployment rate fell by 0.6 percentage points from 2.4% in the second half of 2018 to 1.8% in the second half of last year.

In fact, these cities, densely populated with shipbuilding and shipping companies, saw an increase in employment rates as the number of employed persons rose due to a significant increase in shipbuilding orders in 2018 and last year.

South Korea secured more than 80% of the shipbuilding orders in 2018, ranking first worldwide in both order amount and volume, which served as a signal of recovery. Citing data from Clarkson Research, a UK-based shipbuilding and shipping analysis agency, the Ministry of Trade, Industry and Energy announced on the 6th that South Korea's shipbuilding order amount in 2019 reached 9.43 million CGT (Compensated Gross Tonnage), ranking first in the world. This marked the second consecutive year South Korea surpassed China to claim the top spot globally.

In light of this news, Geoje City, home to many shipbuilding and shipping companies, is attracting attention. Geoje is notable for housing Samsung Heavy Industries Geoje Shipyard and Daewoo Shipbuilding & Marine Engineering Okpo Shipyard.

Accordingly, ‘Geoje 2nd I-Park’ supplied by HDC Hyundai Development Company is expected to benefit from this trend.

‘Geoje 2nd I-Park’ consists of 16 buildings ranging from 4 basement floors to 25 above-ground floors. Phase 1 is located at San 117, Yangjeong-dong, Geoje-si, Gyeongnam, with a total of 636 units sized between 73 and 103 square meters. Phase 2 is at 353-7, Mundong-dong, with 643 units sized between 73 and 84 square meters. Together, phases 1 and 2 comprise a total of 1,279 units. Along with the nearby ‘Geoje I-Park,’ the complex forms a large-scale branded town with 2,274 households, establishing itself as a landmark complex in the region.

‘Geoje 2nd I-Park’ boasts excellent transportation networks. It is a 15-minute drive to major workplaces such as Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, making commuting convenient. It takes about 10 minutes by car to reach the Gohyeon district, where Geoje City Hall is located, or the Suwol district.

Moreover, once National Road No. 58, which connects from Yangjeong Reservoir near the complex to Songjeong IC, is completed in 2023, it will be easier to access Geoje’s urban area as well as Busan and Tongyeong. The opening of the Geoje East-West connecting road (excavation completed in February 2020) is also expected to help distribute traffic volume on the Geoga Bridge.

Road traffic is convenient as well. Using National Road No. 14, which passes near the complex, residents can easily travel in both directions toward Tongyeong and Okpo. Especially with the opening of National Road No. 58 (scheduled for completion in 2023), which runs from Yangjeong Reservoir to Songjeong IC, access to Geoje’s urban area, Busan, and Tongyeong will become even easier. Additionally, the opening of Myeongjin Tunnel (part of the Geoje East-West connecting road, excavation completed in February 2020) is expected to help alleviate traffic congestion on the Geoga Bridge.

The living environment and infrastructure are pleasant. The complex is close to Yangjeong Reservoir, Gohyeon Stream, and Mundong Reservoir, with Oknyobong Mountain ridge to the east and Dokbong Mountain and Guksabong Mountain ridges to the north, providing a comfortable natural environment. A neighborhood park equipped with exercise equipment and resting areas is located in front of the secondary entrance, making it ideal for walking and leisure activities. Nearby are Maru Kindergarten, elementary and high schools, as well as a daycare center within the complex, allowing residents to enjoy a walkable school zone.

The property is also highly regarded among locals for its marketability. Most units are medium to small-sized, and the five different floor plans?73㎡A, 73㎡B, 84㎡A, 84㎡B, and 103㎡?offer a wide range of choices, making it popular among actual homebuyers.

‘Geoje 2nd I-Park’ also features excellent community facilities. It includes communication spaces for neighbors, a fitness club dedicated to residents’ health, and a book caf?-style library for reading and studying. A kids’ club where children can play safely is located within the complex. Outdoors, there is an outdoor water playground operated by Geoje City alongside a playground, allowing residents to enjoy water play and playground activities without traveling far during hot summers, and the playground can be used in winter, earning high praise from residents.