An Apartment Complex with About 600 Households to Be Built in the Border Area 'Yeoncheon Oksan District'

Yeoncheon-gun, Expected Population Influx and Economic Ripple Effects

Apartment bird's-eye view of Ok-san District, Yeoncheon [Provided by Yeoncheon County]

[Asia Economy Reporter Ra Young-cheol] Approximately 600 apartment units will be built in Yeoncheon-gun, Gyeonggi-do, a border area in northern Gyeonggi Province with a population of about 40,000, which faces more development restrictions than other cities due to military facility protection zones and Greenbelt designations.

Yeoncheon-gun announced on the 28th that "from mid-February, construction will begin on the joint housing project consisting of 499 units of e-Pyeonhansesang Yeoncheon Oksan Apartments (tentative name) in Block 1 of the urban development project district at 860 Oksan-ri, Yeoncheon-eup, and 140 units of public rental housing by Korea Land and Housing Corporation (LH) in Block 2."

The e-Pyeonhansesang Yeoncheon Oksan Apartments will consist of six buildings with 1 basement floor and 20 to 23 floors above ground, totaling 499 units: 82 units of 59㎡ type, 123 units of 74㎡ type, and 294 units of 84㎡ type. Completion is scheduled for April 2023, and 582 parking spaces have been secured.

Key facilities include a daycare center, indoor golf practice range, Moms Station, lounge caf?, fitness center, and a small library. Parking is planned underground, with a park designed on the surface. The location is also highly regarded for its proximity to forest areas connected to the Manggoksan mountain walking trail.

Sales will begin in May, with a housing exhibition hall set up near Hanaro Mart in Jeongok-ri, Jeongok-eup, and a cyber housing exhibition hall will also be operated.

The economic ripple effects from the construction of the Oksan district joint housing are expected to include a production and added value inducement effect of 291.2 billion KRW, employment inducement of 2,256 jobs, acquisition tax revenue of 2.46 billion KRW, and annual property tax and ordinary local tax revenue of approximately 1.05 billion KRW.

A Yeoncheon-gun official stated, "The extension and opening of Subway Line 1 to Yeoncheon Station (a 5-minute walk), proximity to key facilities such as the county office, and location near Chatancheon stream make the site very advantageous," adding, "It is expected to greatly contribute not only to population inflow but also to revitalizing the local economy and Yeoncheon-gun’s finances."

Meanwhile, the Oksan district joint housing site project began in 2012, and land supply was announced in 2014, but it remained unsupplied due to lack of interest from private developers.

However, with the recent active regional development projects following the promotion of the Gyeongwon Line subway extension to Yeoncheon, Yeoncheon-gun actively attracted Daehan Land Trust Co., Ltd. to initiate the project.