As public institutions, factories, military bases, and entertainment districts relocate or disappear, the remaining sites are undergoing remarkable transformations, attracting significant interest from demanders. The sites left in the heart of the city not only have excellent residential infrastructure but are also expected to see a substantial increase in value due to large-scale development projects.
Leveraging the superiority of their locations, large-scale residential complexes are being developed, or the areas are being transformed into centers of business, commerce, and culture. With the advantage of conveniently enjoying the existing urban infrastructure, these areas are becoming highly preferred residential zones and are gaining attention as emerging residential districts.
Moreover, such facilities are often located in commercial zones where building regulations like floor area ratio are less restrictive than in residential areas, allowing for high-density development and increasing the likelihood of becoming nearby landmarks. As a result, sales of ‘relocated sites’ or ‘former 00 sites’ often show record-breaking subscription results and sell out quickly.
For example, in February this year, Ssangyong Construction’s ‘Ssangyong The Platinum Seoul Station,’ built on the former Jongno Academy site in Jungnim-dong, Jung-gu, Seoul, attracted 2,388 applicants for 576 units despite the worsening COVID-19 situation, achieving a highest competition ratio of 91 to 1 and an average of 4.2 to 1. It also set a record by completing contracts within a week.
In May this year, Hyundai Engineering’s ‘Hillstate Cheongnyangni The First,’ located on the former St. Paul’s Hospital site in Jeonnong-dong, Dongdaemun-gu, Seoul, also completed subscriptions for all 486 units with 6,874 applications, benefiting from the Cheongnyangni station area and abundant nearby commercial infrastructure, achieving a highest competition ratio of 213 to 1 and an average of 14.14 to 1.
A real estate expert stated, “Residential products built by removing old facilities located in the middle of the city offer the basic advantage of enjoying abundant residential infrastructure such as transportation and commercial facilities right at the doorstep. When constructed as super high-rise buildings, they add symbolic value as landmark complexes representing the area, thereby increasing future value.”
Ssangyong Construction plans to sell ‘Ssangyong The Platinum Wando’ on the symbolic site of Wando, Jeollanam-do, at 3-22 Gayong-ri, Wando-eup, Wando-gun, the former Wando Tourist Hotel site. The complex will consist of two buildings with 2 basement floors and 37 above-ground floors, totaling 192 units with exclusive areas ranging from 80 to 181 square meters.
As a rare super high-rise building in Wando, residents will enjoy the lifelong privilege of an unobstructed view of the Dadohae (Korean Archipelago). The top floors will feature luxury penthouses of 172㎡ and 181㎡, showcasing the essence of high-end seaside housing. The sky bridge connecting the buildings will have an imposing exterior, establishing the complex as a local landmark and offering residents a special space. The community facilities will also include high-end features never before seen in Wando, such as a sky lounge on the 32nd floor and panoramic elevators.
This location is the center of Wando, with excellent overall residential infrastructure including transportation, convenience, and educational environment. Wando Public Bus Terminal is just a 5-minute drive away, and the Gwangju-Wando Expressway, scheduled to open in 2024, will further improve access to metropolitan areas. Nearby are Wando High School, Wando Jungang Elementary School, Wando County Office, and Hanaro Mart, providing a convenient living environment.
Detailed information about ‘Ssangyong The Platinum Wando’ can be found on the official website and through the main contact number.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
