Gwangcheon-dong, Gwangju's Representative Residential Area, Increases in Value

- Gwangcheon-dong, Gwangju's Largest Single Redevelopment Project, Sees Apartment Prices Rise 31.9% per 3.3㎡ in 3 Years
- ‘Hillstate Gwangcheon’ Offering This Month, Fully Embracing Gwangcheon-dong's Future Value... Attracting Buyer Attention

The housing prices in Gwangcheon-dong, Seo-gu, Gwangju Metropolitan City have been continuously rising, causing a stir in the local real estate market. Industry experts expect the value of this area to grow even further.

Gwangcheon-dong is strategically located between the old downtown areas of Geumnam-ro and Chungjang-ro, which have well-established living infrastructure, and the planned new downtown areas of Sangmu District and Suwan District, which focus on transportation, commerce, and business. Because of this, it is known as one of Gwangju’s most preferred residential areas and is considered a representative district of the city.

Recently, significant development projects have increased expectations even more. First, a large-scale housing redevelopment project, the largest single project in Gwangju with a budget of approximately 1.13 trillion KRW and covering about 425,984㎡, is underway in this area. Once completed, this area will transform into an emerging residential town with around 5,600 households, equipped with abundant infrastructure for living, commerce, and business, thereby increasing its residential value.

Moreover, development is also being pursued on the nearby sites of Jeonnam Textile and Ilsin Textile. On June 22 last year, Gwangju City announced plans to soon launch a task force (TF) team to devise a development plan for the Jeonnam Textile and Ilsin Textile factory sites in Im-dong, Buk-gu, which remain as modern industrial cultural heritage sites.

Previously, Jeonnam Textile and Ilsin Textile submitted a proposal to the city to change the approximately 304,131㎡ factory site in Im-dong from industrial land to commercial or residential land, aiming to create hotels, office facilities, shopping centers, mixed-use residential and commercial facilities, roads, and parks. Once the TF team establishes a comprehensive urban planning framework for the site and full-scale development begins, the residential conditions in the area are expected to improve further.

Thanks to these various development prospects, housing prices in Gwangcheon-dong, Seo-gu, Gwangju, have been steadily rising. According to real estate 114 statistics, housing prices in Gwangcheon-dong increased by 31.9% over the past three years (January 2018 to January 2021), significantly surpassing the overall average increase in Gwangju of 16.8%.

Individual complexes have also seen substantial price increases, with premiums reaching hundreds of millions of KRW in major complexes. A representative example is 'Gwangju Hoban Summit Place,' which was occupied in January last year. According to the Ministry of Land, Infrastructure and Transport’s actual transaction prices, an 84㎡ unit in this complex was sold for 680 million KRW (40th floor) in November last year, which is over 200 million KRW higher than the initial sale price of around 430 million KRW.

Industry insiders predict that the real estate boom in Gwangcheon-dong, Seo-gu, Gwangju, will continue. One industry official said, “Gwangcheon-dong has long been a highly preferred residential area. Above all, it is located between the old and new downtowns, allowing residents to enjoy various convenience and transportation facilities, making it popular among locals.” He added, “With the redevelopment project as a development catalyst, the area’s future looks even more promising,” expressing high expectations for Gwangcheon-dong.

Amid these high expectations for Gwangcheon-dong, news of a new complex that will fully benefit from the area’s future value has attracted attention. The protagonist is ‘Hillstate Gwangcheon,’ which Hyundai Engineering is launching this month in Gwangcheon-dong, Seo-gu, Gwangju.

This complex draws attention because it is located at the center of Gwangcheon-dong, boasting excellent residential conditions with close access to infrastructure such as transportation, education, nature, and conveniences. Right next to the complex is Gwangju U-Square, Asia’s largest integrated bus terminal, and Gwangju Station on the Gwangju Line and Nongseng Station on Gwangju Subway Line 1 are also nearby. Additionally, access to Jukbong-daero, Mujin-daero, and Seogwangju IC is convenient, providing residents with exceptional transportation convenience for travel within and outside the region.

The pleasant natural environment and abundant convenience facilities also stand out. Gwangju Stream flows in front of the complex, and some units offer views of Mudeungsan Mountain. Various convenience and cultural facilities such as Shinsegae Department Store, E-Mart, U-Square Cultural Center, CGV, Gwangju Kia Champions Field, and Medical Town are also nearby.

The school district is within walking distance, attracting the attention of parents with young children. Notably, Gwangcheon Elementary and Hyogwang Elementary are within walking distance, and nearby are Gwangdeok Middle and High Schools, as well as Seoseok Middle and High Schools, creating a child-friendly environment.

Hillstate Gwangcheon is also a beneficiary complex that can closely enjoy the various development benefits of Gwangcheon-dong mentioned earlier. The largest single redevelopment project in Gwangju is being promoted right next to the complex, and the Jeonnam and Ilsin Textile factory sites are located not far away, so it is expected to benefit from the full-scale development.

Meanwhile, Hillstate Gwangcheon, which embodies the future value of Gwangcheon-dong, is a mixed-use residential complex with three buildings ranging from three basement floors to a maximum of 32 floors above ground, totaling 359 households. The apartment units consist of 305 households with exclusive areas of 70 to 84㎡, and the officetel units consist of 54 rooms with an exclusive area of 29㎡.

Hillstate Gwangcheon allows simultaneous subscription for apartments and officetels. In particular, anyone aged 19 or older nationwide can apply for the officetel without needing a subscription savings account, and there are no resale restrictions, allowing immediate resale, which is attracting attention.

The model house will be set up in Seo-gu, Gwangju, and is scheduled to open this month.