- Brand Commercial Facilities Attracting Foot Traffic, Notable for Outstanding Brand Value and Scarcity
- 'Hills Avenue Bukwirye' Securing Large-Scale Demand, High Tenant Preference Makes It a Prime Investment Spot
The brand power of major construction companies, which has been attracting attention in the apartment sales market, is also gaining popularity in the commercial property sales market, making brand-name commercial facilities by large construction firms highly sought after.
Since brand-name commercial facilities are supplied by major construction companies, they not only promise high construction quality and excellent product value but also easily attract attention based on the familiarity of the brand among people. In particular, commercial spaces within large residential complexes developed by major brands benefit from abundant captive demand, making it advantageous for securing stable income.
In fact, commercial facilities within large brand-name complexes have received enthusiastic responses in the commercial property sales market over the past 2 to 3 years. For example, in June 2018, GS Construction’s publicly bid ‘Grang City Xi’ complex’s commercial space ‘Grang City Xi Avenue’ recorded a highest bid rate of 196% and a highest competition rate of 82 to 1, selling all 117 units in just one day, thanks to the abundant captive demand from 7,653 households and the brand power of Xi.
A real estate expert said, “In the real estate market, brand has established itself as an important factor determining success not only in the apartment market but also in the commercial property sales market,” adding, “Because large brand-name commercial facilities gain popularity based on their recognition, they attract much more interest than ordinary commercial spaces. Moreover, since their supply is limited, their rarity is high, which inevitably leads to concentrated demand.”
As large brand-name commercial facilities continue to gain strong popularity in the sales market, Hyundai Engineering’s ‘Hills Avenue Bukwirye’ is holding a bid today, drawing investors’ expectations.
‘Hills Avenue Bukwirye’ is a ‘prime commercial space’ with rarity, as it can monopolize the demand from a large complex of 1,078 households, making it advantageous for securing captive demand. Additionally, compared to general commercial districts, it is expected to have high tenant preference due to its potential for stable income generation.
‘Hills Avenue Bukwirye’ is a street-type commercial complex with better visibility and accessibility than conventional box-type commercial spaces. It offers efficient shopping flow and is adjacent to a main road, providing convenient access to the abundant captive demand from the nearby Bukwirye residential complex of about 4,000 households. It is developed as a commercial facility that enjoys the brand premium of Hillstate, proven in the apartment market, thus enhancing its value.
Meanwhile, ‘Hills Avenue Bukwirye’ will be built with 24 units across 2 buildings, and its sales office is located at 103 and 125, Woosung Wirye Tower, 328 Wirye Gwangjang-ro, Sujeong-gu, Seongnam-si, Gyeonggi-do.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
