Sangji Kailum Subsidiary Begins Large-Scale Apartment Construction Project in Naju

Apartment Complex of 1,645 Units, 500 Billion KRW Project... Expected to Drive Performance
Bitgaram Innovation City Population Influx in Naju-si, Anticipated Sales Success

[Asia Economy Reporter Jang Hyowon] Sangji Kyleum (CEO Choi Kibo) announced on the 29th that its subsidiary Seongam Holdings will pay the remaining land price for a large-scale new apartment project in Naju, Jeollanam-do, and commence the new construction project.

Seongam Holdings will build apartments and commercial buildings on a 28,000-pyeong site in Songwol-dong, Naju-si, Jeollanam-do. The construction plan includes apartments with 1,645 units, ranging from 2 basement floors to 29 floors above ground, with the groundbreaking scheduled for the end of this year. The project scale is approximately 500 billion KRW, and the company expects to improve profitability and drive performance through this large-scale apartment project.

Naju-si, where the company is undertaking the apartment construction project, has seen a significant population influx in recent years due to the relocation of 15 public institutions, including Korea Electric Power Corporation, to Bitgaram Innovation City. In particular, the demand for apartments is increasing as the younger population grows.

Future development prospects include the 'Bitgaram Energy Cluster,' which aims to foster growth by linking the innovation city and the old downtown area through the establishment of an energy experience park and an energy innovation startup town near Naju Station, as well as the planned opening of the 'Kepco University' in March 2022. These developments are expected to further increase population inflow.

Especially, the Songwol district, where the company’s large-scale apartment complex will be located, is densely populated with administrative facilities such as Naju City Hall, the court registry office, and the tax office. Additionally, it is an urban area adjacent to Naju KTX Station, praised for excellent existing living infrastructure including convenience, education, and transportation. The company expects strong sales upon future pre-sale.

A representative of Sangji Kyleum stated, “Currently, the supply of apartments in Bitgaram Innovation City, Naju-si, is limited, and demand for new housing in nearby areas is steadily increasing. In particular, the company is confident in the success of the project due to its premium apartment brand popular among the younger generation, offered at a reasonable pre-sale price, ensuring high competitiveness.”

They added, “If the large-scale Naju project proceeds successfully, the company is also positively considering a second phase project of about 300 units.”