[Asia Economy Reporter Onyu Lim] DL E&C (formerly Daelim Industrial) announced on the 18th that it will launch sales next month for ‘e-Pyeonhansesang Geoje Euro Sky,’ located in the Big Island area around Gohyeon Port, Geoje, Gyeongnam. This complex will be built with 8 buildings ranging from basement level 1 to ground level 34, comprising 1,113 households: 746 units of 84㎡A, 238 units of 84㎡B, 126 units of 99㎡, and 3 units of 99㎡ penthouses.
◆ e-Pyeonhansesang Brand Town Established at the Heart of Geoje’s Marine City, Big Island
e-Pyeonhansesang Geoje Euro Sky is attracting attention with expectations of forming a massive e-Pyeonhansesang brand town totaling 2,162 households together with e-Pyeonhansesang Geoje Euro Island (hereafter Euro Island), which was first supplied in Big Island in 2019. Despite the stagnant market atmosphere in Geoje due to the shipbuilding industry downturn at the time of Euro Island’s sales, it recorded the highest number of first-priority subscription applications in Geoje in four years. Not only for its design completeness but also for its excellent location and brand power, the large complex of over 1,000 households was sold out within two months of contracts, creating a buzz.
In particular, Big Island, where these complexes are located, is called ‘Geoje’s Marine City’ and is gaining attention as a prestigious residential area and a core commercial district that will represent the Geoje region in the future. A DL E&C official said, "e-Pyeonhansesang Geoje Euro Sky and Euro Island are expected to become the flagship complexes representing Geoje as a large-scale brand town at the center." Residents can easily access shopping malls, marinas, central parks, and cinemas within walking distance inside Big Island. Additionally, the location advantage of easy access to existing old town infrastructure such as Geoje City Hall, courts, department stores, and Homeplus in the Gohyeon-dong area further enhances the value of this complex as Geoje’s flagship property.
◆ KTX, New Airport Benefits, and Shipbuilding Boom... Geoje’s Revival
Geoje, Gyeongnam, where e-Pyeonhansesang Geoje Euro Sky is located, once suffered a significant economic downturn due to the slump in the shipbuilding industry, resulting in falling housing prices and accumulating unsold units, causing the real estate market to remain sluggish. However, recently, various positive factors have contributed to a steep upward trend. First, the Southern Inland High-Speed Railway (Western Gyeongnam KTX) line, which was exempted from preliminary feasibility studies in early 2019 and is progressing rapidly, is scheduled to open in 2028, reducing the travel time to Seoul to about two hours. Furthermore, the construction project of Gimhae New Airport is currently under full reconsideration, raising expectations that a new airport will be built on Gadeokdo, connected to Geoje via the Geoga Bridge, further boosting Geoje’s upward momentum. Additionally, as South Korea has ranked first in ship orders for three consecutive years, expectations for the Geoje area, home to large shipyards, are also rising. The successful sales of the previously supplied Euro Island are also analyzed to have been directly influenced by these significant positive factors.
◆ Geoje as a Non-Regulated Area Emerges as an Investment Destination with Both Scarcity and Future Value
Geoje, with its ongoing positive developments, is also highly regarded as a non-regulated area. Real estate investors nationwide, seeking higher-value investment destinations, have begun to focus on Geoje, which is relatively free from regulations. In fact, for Euro Island supplied by DL E&C in 2019, a significant number of contracts were made not only by residents of Gyeongnam, including Geoje, but also by residents from the metropolitan area. Being free from regulations and expected to benefit from various development prospects, it has attracted a broad demand base nationwide.
◆ Maximizing Completeness with High-Quality Community Facilities Including Innovative Residential Layout C2 House, Sky Lounge, and Rooftop Terrace
DL E&C, which changed its name this year and is making a new leap forward, plans to continue the e-Pyeonhansesang brand power in Geoje with enhanced competitiveness. The new e-Pyeonhansesang Geoje Euro Sky applies a renewed brand identity with a higher level of design and ideas by incorporating digital innovation technology.
The most noticeable feature is DL E&C’s innovative residential layout, the C2 House, which was highly praised during the Euro Island sales. Its biggest characteristic is the ability to freely change the unit structure by removing internal walls according to preference. The design highlights include a large entrance pantry capable of storing large items such as bicycles, and a spacious utility room where the washing machine and dryer can be placed side by side, showcasing e-Pyeonhansesang’s ideas to enhance residential satisfaction. Additionally, a fan-separated range hood that reduces kitchen noise and improves exhaust performance is applied, and refrigerant piping is added even to children’s rooms, among various design ideas to provide optimal living conditions. Furthermore, the 84㎡A type units feature open balconies, allowing residents to fully enjoy the sea and surrounding views from inside the unit. The top-floor units are designed as penthouses, maximizing the value as high-end large units.
The high-end community facilities utilizing the upper floors, called the Sky Community, also stand out. Taking advantage of the location overlooking the Geoje front sea, specialized community facilities will be placed on the top floor. Plans include a sky lounge, sky guest house, and rooftop terrace. These spaces will offer a relaxing and pleasant rest area with unobstructed ocean views from the high floors, further elevating the complex’s prestige.
A DL E&C sales official said, “The shipbuilding industry, which supports Geoje’s economy, is reviving, and with major benefits such as the exemption of preliminary feasibility studies for the Southern Inland High-Speed Railway (Western Gyeongnam KTX) and the possibility of a new airport on Gadeokdo, the Geoje real estate market atmosphere is heating up. In this situation, this second phase complex also incorporates various specialized designs by DL E&C and is expected to establish itself as a flagship property representing Geoje together with Euro Island in the future.”
The promotional center for e-Pyeonhansesang Geoje Euro Sky operates as a drive-thru cafe and is located within Geoje Big Island.
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