Supply of 3,700 Households at The Sky City in Wulha, Gimhae, Gyeongnam in March

[Asia Economy Reporter Onyu Lim] The consortium of Doosan Construction and Kolon Global announced on the 6th that they will launch sales this month for ‘Gimhae Yulha The Sky City,’ being built in the area of 699-1 Sinmun-dong, Gimhae-si, Gyeongnam. This complex will become the largest apartment complex in Gimhae in the future.

Gimhae Yulha The Sky City will be constructed with a total of 15 buildings, ranging from 4 basement floors to a maximum of 49 floors, offering 3,764 apartments (with exclusive areas of 64 to 163㎡) and 629 officetel units (with exclusive areas of 23 to 59㎡), totaling 4,393 households. Among these, 1,254 apartments will be available for general sale.

This complex boasts excellent location conditions and significant development benefits, attracting attention not only from actual residents but also from investors.

The apartments are adjacent to Jangyu New Town and Gimhae Yulha District, which correspond to Gimhae’s new urban area, making it very convenient to use lifestyle facilities. Additionally, right next to the complex is the Gimhae Tourism Distribution Complex, where large-scale commercial, cultural, and leisure facilities can be used all at once. This area includes Nonghyup Hanaro Mart, Lotte Outlet, Lotte Cinema, and Gimhae Lotte Water Park. Furthermore, hotels, condos, theme parks, and sports centers are also planned.

The transportation conditions are also excellent. Through Chilsan-ro, located just north of the Gimhae Tourism Distribution Complex, it is easy to access the old downtown area of Gimhae. Also, via Jangyu IC, it is easy to enter the Namhae 2nd Branch Expressway. Using this road, one can quickly travel to major cities such as Busan and Changwon.

Public transportation conditions are expected to improve significantly in the future. With the scheduled opening of the Bujeon-Masan double-track railway next year, commuting to Busan and Changwon will become more convenient. According to the Gimhae City Urban Planning Team, it is expected to take about 27 minutes from Jangyu Station to Changwon Station and about 30 minutes to Bujeon Station.

Gimhae Yulha The Sky City will become a self-sufficient complex city along with the Gimhae Tourism Distribution Complex, Jangyu Sinmun District, and Sinmun 1 District. Construction of Jangyu Sinmun District began in July last year and is being promoted with the goal of completion by the end of 2023. Sinmun 1 District, located just north of Jangyu Sinmun District, is also planned for development. Once both developments are completed, together with Gimhae Yulha The Sky City, the area will transform into a new residential area capable of accommodating about 10,000 households.

Gimhae is a non-regulated area in the provinces, where after six months of subscription to a housing subscription savings account, not only the head of the household but also household members can apply for first-priority subscription. Moreover, homeowners can also apply with first priority, and the proportion of the point system (40%) is low. Since it is a non-regulated area and does not fall under a metropolitan city, there is no resale restriction period. Additionally, the burden of real estate-related taxes such as acquisition tax, property tax, and capital gains tax can be significantly reduced.

Doosan Construction and Kolon Global plan to open a model house and begin full-scale sales this month. The model house will be set up in the Bu-won-dong area of Gimhae.