-Scarce Commercial Facilities with 136 Units and 107 Section Offices Supplied in Geomdan New City, Rich in Development Prospects
Seoyoung Construction Plus Co., Ltd. opened the model house for ‘Incheon Geomdan Seoyoung Honor City Plus’ supplied today in Seo-gu, Incheon, and officially started sales.
Incheon Geomdan Seoyoung Honor City Plus will be constructed with 4 basement floors to 11 above-ground floors, featuring 136 rare commercial units and 107 section offices built together within Geomdan New Town.
The commercial facilities located at the lower part of the complex are situated within walking distance of Geomdan Station (tentative name) on Incheon Subway Line 1, making it a station-area commercial facility. It is designed as a three-sided open structure facing the main road of Geomdan New Town and pedestrian pathways, securing excellent accessibility and visibility.
Particularly noteworthy is that it is part of the Next Complex, a Geomdan Station area development project that aims to transform the area around Geomdan Station into a new-concept complex cultural space combining culture, commerce, business, and residential facilities. The Next Complex is planned as a mixed-use cultural space expected to become the center of Geomdan New Town, a self-sufficient new town, aiming to realize a differentiated urban space where cultural, commercial, business, and residential functions are vertically integrated.
Currently, Lotte Construction Consortium has been selected as the preferred negotiator with plans to start construction within two years, leading to analyses that this project area will become the central commercial district within Geomdan New Town.
Regarding the commercial facilities, the 107 office units located on the upper floors of the same building have a fixed demand base within a 1 km radius, including about 20,000 households such as ‘Geomdan New Town Woomee Lin The First.’ Additionally, with the confirmed establishment of the Northern Branch of Incheon District Court and the Northern Branch of Incheon District Prosecutors’ Office in March last year, the legal town development is expected to attract high-income legal professionals and visitors within about an 8-minute walking distance.
Moreover, the first phase of Geomdan New Town, where Incheon Geomdan Seoyoung Honor City Plus is located, has a low ratio of commercial land. The commercial land ratio in the first phase of Geomdan New Town is 1.12%, which is significantly lower compared to other new towns such as 10.41% in Bucheon Jungdong New Town and 4.84% in Pyeongchon New Town, making it easier to attract visitors.
The section offices located on the upper floors of the complex are also noteworthy. According to the Commercial Information Research Institute on the 18th of last month, the nationwide transaction volume of office real estate last year was 4,206 cases, an increase of about 11.3% compared to 3,780 cases in 2019.
As the demand for section offices expands, an analysis of business establishments around Seo-gu, Incheon, where Incheon Geomdan Seoyoung Honor City Plus is located, shows that small businesses with fewer than 10 employees account for 29,120 locations, or 90.12% of the total. Similarly, in the adjacent Pungmu-dong, Gimpo City, small businesses with fewer than 10 employees account for 91.18%, indicating strong potential demand absorption.
Furthermore, with the establishment of the Northern Branch of Incheon District Court and the Northern Branch of Incheon District Prosecutors’ Office, the creation of a legal town is expected to facilitate the move-in of demand linked to the legal town.
The complex is designed with a modular layout, allowing purchase of only the necessary area, enabling sales at reasonable prices. In addition to the section office’s own specialized design with high cost efficiency, innovative designs incorporating Seoyoung Construction Plus Co., Ltd.’s know-how will be applied.
The section offices of Incheon Geomdan Seoyoung Honor City Plus are urban lifestyle offices combining work and lifestyle, offering various layouts from SOHO offices for 1-2 people to offices accommodating multiple employees and terrace-type specialized offices. Moreover, meeting rooms and shower facilities are installed to enhance office environment convenience.
The section offices are expected to have excellent accessibility in the future due to the planned establishment of Geomdan Station (tentative name) on Incheon Subway Line 1, the development of the GTX-D line, and the extension projects of Seoul Subway Line 5 and Incheon Subway Line 2, making commuting convenient for employees and significantly improving connectivity with nearby industrial complexes.
Meanwhile, the model house for Incheon Geomdan Seoyoung Honor City Plus is located in Seo-gu, Incheon.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
