New apartments supplied within complex cities are attracting the attention of demanders. This is because large-scale housing supply is accompanied by the expansion of infrastructure that enhances living convenience.
Complex cities refer to places systematically developed with various convenience facilities such as education, culture, shopping, as well as residential areas, transforming into "mini new towns." These developments are led by the private sector rather than the government, allowing construction companies' creative ideas to be reflected and speeding up project progress. Additionally, most project sites are located near urban centers, enabling the sharing of old town infrastructure.
In particular, since the Land Development Promotion Act was abolished in 2014, land district supply has been "stopped," making complex cities increasingly popular as substitutes. In the metropolitan area, the 3rd New Town is underway but will take several years until move-in, and in provincial areas, complex city-level developments are rare, increasing their scarcity value.
Accordingly, apartments supplied in complex cities are experiencing steep price increases based on high preference. For example, the 84㎡ unit of "SK Leadersview" located in Luwon City, Seo-gu, Incheon, which consists of about 9,000 households, was traded at 621.7 million KRW in October, showing a premium increase of over 150 million KRW compared to a year ago.
In the provinces, Jeonbuk Gunsan Diocean City is a representative complex city. This site, formerly Paper Korea's land, is being developed with excellent infrastructure and about 6,400 households. Large-scale branded apartments, including POSCO Construction's "The Sharp," are being built one after another, emerging as a regional landmark and a new residential area. Jeonbuk's largest Lotte Mall (Gunsan branch) is located here, and street-type commercial facilities are also planned. Furthermore, facilities such as Geumgang Kindergarten (tentative), Yeonan Elementary School (tentative), and the Municipal Eastern District Library (planned) are scheduled to be established, promising an excellent educational environment for children.
Apartments in Diocean City are also commanding premiums in the hundreds of millions of KRW. According to the Ministry of Land, Infrastructure and Transport's actual transaction prices, the pre-sale rights for "The Sharp Diocean City (Phase 1)," scheduled for move-in in the second half of next year, were traded at 384.55 million KRW in November, rising about 100 million KRW within a year.
A real estate official said, "In provincial areas, large-scale supply and systematically equipped infrastructure are rare, so interest in newly supplied apartments within complex cities never fades. Especially, unlike redevelopment projects, there are no union member quotas, increasing the chances of winning royal units or lake-view units, which is also a popular factor."
Accordingly, prospective buyers are focusing on apartments for sale within complex cities this year. POSCO Construction plans to supply "The Sharp Diocean City Phase 2" in Gunsan Diocean City in December. It consists of 771 households with exclusive areas ranging from 84 to 154㎡. A notable feature is that only units of 84㎡ or larger, which are increasingly preferred by buyers, will be supplied.
It is also a point of pride that the apartments are built under POSCO Construction's "The Sharp" brand. POSCO Construction has ranked first for 11 consecutive years in the Apartment Quality Satisfaction Index announced annually by the Korea Standards Association and was the first in the industry to be inducted into the Hall of Fame. This year, the company renewed its brand to continue as a 100-year brand trusted and loved by customers. Moreover, POSCO Construction successfully completed the sale of "The Sharp Diocean City (Phase 1)," establishing strong local trust.
A real estate official said, "Diocean City is emerging as a coveted area for locals due to its top-notch infrastructure and branded apartment town. Given its excellent location and the trusted The Sharp brand, it is expected that not only locals but also demanders from nearby cities will show interest, leading to fierce competition in subscription rates."
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