KTX/SRT Osong Station Area Urban Development Project Expected to Start Within the Year, Cheongju Real Estate Market 'Buzzing'
The Only Big Brand Large Complex in the Area, 'Osong Station Hyundai Hillstate', Sees Rush of Union Membership Due to High Future Value
Cheongju, Chungcheongbuk-do, which has been making headlines with a series of favorable developments such as the high-speed railway on the Chungbuk Line, the creation of the Osong Biopolis District, the construction of the Cheongju Exhibition Hall, and the establishment of the next-generation multipurpose synchrotron accelerator, is emerging as a uniquely promising player in the real estate market.
According to the data from the “May 2020 National Housing Price Trend Survey” released by the Korea Real Estate Board, the nationwide housing sales price index rose by 0.14% compared to the previous month as of May. While the average change rates for the metropolitan area and provincial areas were 0.25% and 0.03%, respectively, Seoul, which has many high-priced apartments, recorded a negative index of -0.09% following -0.02% in April, confirming a nationwide housing price decline centered on major cities.
In contrast, Cheongju in Chungbuk, which has been recording a continuous upward trend this year, maintained an average increase of 0.33% in May. Heungdeok-gu, where Osong?known as Chungbuk’s “treasure”?is located, recorded the highest increase among the four districts at 0.42%, followed by Cheongwon-gu, home to Ochang where the next-generation synchrotron accelerator is confirmed to be built, at 0.4%. These figures are comparable to neighboring Sejong (0.32%) and Daejeon (0.43%).
Compared to June of last year, the upward trend in these two areas is even more pronounced. In June 2019, the monthly housing sales price index change rate was -0.75% in Heungdeok-gu, Cheongju, and -0.76% in Cheongwon-gu, significantly lagging behind other districts such as Sangdang-gu (-0.32%) and Seowon-gu (-0.43%). The market has completely reversed in nearly one year.
As mentioned earlier, the region that propelled Heungdeok-gu’s rise is Osong. Osong hosts the Osong Life Science Complex, one of the world’s top three bio-health clusters, along with six major national institutions including the Korea Disease Control and Prevention Agency, the Ministry of Food and Drug Safety, the National Institute of Food and Drug Safety Evaluation, the National Institute of Health, the Korea Health Industry Development Institute, and the Korea Human Resource Development Institute for Health and Welfare, all located in the Osong Health and Medical Administration Town, as well as the Advanced Medical Complex. The Osong Biopolis District development project is progressing smoothly, and with the government’s confirmation of the next-generation multipurpose synchrotron accelerator construction in Ochang, about 10 km away, synergy in life sciences and new drug development is becoming visible. As a core hub of “K-Bio,” Osong’s regional value and local economic revitalization effects are expected to continue expanding.
Robust transportation infrastructure supporting global growth is also being firmly established. Centered on Osong Station, the only national railway junction of the Gyeongbu and Honam Lines serving as the “X-axis” of the national railway network for KTX/SRT, projects such as the Pyeongtaek-Osong double-tracking, Chungbuk Line railway high-speed project, and Cheonan-Cheongju Airport double-track railway construction are underway. Additionally, the Seoul-Sejong Expressway is scheduled to open in 2024.
The Osong Station area, covering 706,976㎡, is set to be upgraded into an “infrastructure paradise” with residential, commercial, office, and urban infrastructure through the Osong Station District Urban Development Project, which is expected to begin construction within the year under the leadership of the association. As the optimal location to directly and closely enjoy major development benefits related to station area development, bio-health industry, and MICE industry, demand and investor interest are focused on “Osong Station Hyundai Hillstate,” which occupies the central residential land of the district.
“Osong Station Hyundai Hillstate” will be developed in A1 Block of Osong Station District, Heungdeok-gu, Cheongju, Chungcheongbuk-do, consisting of 24 buildings ranging from 2 basement floors to a maximum of 25 floors, with a total of 2,094 households (planned) and exclusive areas ranging from 59 to 84㎡. It is the district’s only large-scale branded complex supplied jointly by the (tentative) Osong Station Hyundai Local Housing Association and the scheduled constructor Hyundai Engineering.
The promotional center for “Osong Station Hyundai Hillstate,” which opened on the 30th of last month, attracted large crowds throughout the weekend. Not only were inquiry calls pouring in, but due to COVID-19 prevention measures requiring visitors to maintain a distance of over 2 meters, lines extending over 100 meters formed outside the center. This is a remarkable result considering the economic downturn caused by COVID-19 and the preconceived notions about local housing association apartments.
The (tentative) Osong Station Hyundai Local Housing Association explained, “In addition to the local benefits centered on Osong Station, investor interest has concentrated due to the balloon effect from Sejong and Daejeon, which have been hit hard by government regulations. The premium of newly supplied apartments after 10 years and reasonable prices compared to market prices seem to be attractive points.” They emphasized the power of a 5-star location that anyone would covet and expressed their determination to challenge becoming Cheongju’s next landmark complex.
At “Osong Station Hyundai Hillstate,” KTX/SRT Osong Station is conveniently accessible within about a 10-minute walk, and proximity to BRT and the public bus terminal makes travel easy not only within Cheongju city but also to Seoul, the metropolitan area, and other parts of the country. The premium of a “one-stop school zone” is also notable, with Osong Elementary School right in front of the complex, along with Osong Middle and Osong High Schools.
Living infrastructure that guarantees residential conditions is also abundant. Shopping facilities such as Nonghyup Hanaro Mart, government offices, hospitals, and parks are densely located within a 3 km radius. Additionally, with about 12,000 apartment units planned in the adjacent Osong 2nd Life Science National Industrial Complex, expansion of commercial and living convenience facilities is anticipated.
The complex plans to arrange all households primarily facing south to maximize openness, sunlight, and views. Based on a 4-bay innovative design, it will present differentiated high-quality spatial designs while applying state-of-the-art residential systems such as smart & security systems and well-being & economy systems to enhance living convenience. Furthermore, premium home appliances will be provided as standard options to reduce costs and increase residential satisfaction.
High-quality community facilities for residents will be richly equipped, including daycare centers, kindergartens, small libraries, fitness clubs, indoor golf practice ranges, saunas, and senior rooms. The complex’s swimming pool, introduced for the first time in the region, will feature three 25-meter lanes to provide special leisure for residents of all ages. Various concept children’s playgrounds, sunken plazas, observation cafes, and lawn yards will also be prepared as eco-friendly relaxation and cultural spaces throughout the complex.
The “Osong Station Hyundai Hillstate” promotional center is located at 666 Yeonje-ri, Osong-eup, Heungdeok-gu, Cheongju-si, Chungcheongbuk-do.
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