Hanwha, Forena Geoje Jangpyeong Cooperative Members' 97 Units for Sale

[Asia Economy Reporter Onyu Lim] Hanwha Construction announced on the 9th that it will proceed with the second phase of general sales for ‘Forena Geoje Jangpyeong,’ a reconstruction project in 337 Jangpyeong-dong, Geoje-si, Gyeongsangnam-do. This sale converts 97 units previously owned by existing association members into general sales, featuring many royal floors.

Forena Geoje Jangpyeong consists of 9 buildings ranging from 3 basement floors to 25 above-ground floors, totaling 817 units. In the first phase of general sales, 262 units were sold. Recently, the sale price was significantly lowered to 8.6 to 9.6 million KRW per 3.3㎡, and various benefits such as 30% interest-free interim payments were offered, resulting in most contracts being completed.

The 97 units supplied this time will also apply the discounted sale price, and the 30% interest-free interim payment benefit will remain. Above all, since these units were previously owned by association members, many of them are located in preferred buildings and floors.

The number of units by type supplied in this second phase is ▲59㎡A 17 units ▲59㎡B 3 units ▲75㎡ 12 units ▲84㎡A 51 units ▲84㎡B 13 units ▲99㎡ 1 unit. Applications will be accepted starting with special supply on the 13th, first priority on the 14th, and second priority on the 16th, with the announcement of winners scheduled for April 22.

Forena Geoje Jangpyeong is located in the core area of Jangpyeong-dong, the most preferred residential area in Geoje, and is within walking distance of Samsung Heavy Industries Geoje Shipyard, enhancing its value as a residence close to the workplace. Especially, with last year’s domestic shipbuilding order amount reaching $22.3 billion, ranking first in the world, expectations for improvement in the shipbuilding industry are rising, leading to a recovery trend in the Geoje real estate market.

Recently, the contract rate for Forena Geoje Jangpyeong has rapidly increased, and investment demand continues to flow in, as nearby Geoje Euro Island has sold out. Along with the recovery of shipbuilding orders, the preference for high-end brand complexes like Forena Geoje Jangpyeong is expected to rise in 2021 when residents move in.

Forena Geoje Jangpyeong also boasts excellent transportation conditions, offering outstanding regional accessibility not only to Geoje but also to Tongyeong and Busan. It is adjacent to Geoje-daero, National Road No. 14, Gyeryong-ro, and Geoje Jungang-ro, and is close to Gohyeon Bus Terminal and nearby city bus stops served by more than 20 routes.

Additionally, various schools including Jangpyeong Elementary and Yangji Elementary are within walking distance, and essential facilities such as D-Cube Department Store, Homeplus, Jangpyeong Community Center, and the courthouse are well established.

Song Heeyong, head of sales at Hanwha Construction, said, “As most of the first phase general sales of Forena Geoje Jangpyeong have recently been sold out, high popularity is expected for the second phase as well. Especially, with domestic shipbuilding orders regaining the world’s top position last year and the improvement of the shipbuilding industry, the recovery of the Geoje real estate market is expected to continue.”

The model house for Forena Geoje Jangpyeong is located at 202-1 Sangdong-dong, Geoje-si, Gyeongsangnam-do, and move-in is scheduled for February 2021.