- Asan City Housing Prices Rise 15.6%, New Apartments Attract Subscription Savings
- Samsung Display Invests 13 Trillion Won, Development Boons Like Asan Smart Valley Follow... Buyers Eye Beneficiary Complexes
The housing market in Asan City, Chungcheongnam-do is buzzing. With various urban development projects underway, including the establishment of industrial complexes in the area, the local value is rising day by day. Additionally, due to the effects of deregulation, demand is pouring in, causing the sales market to heat up continuously.
In fact, housing prices in Asan City have been soaring over the past year. In February of this year, the average sale price per 3.3㎡ in Asan City was 6.37 million KRW (based on KB Real Estate prices), marking a 15.6% increase compared to 5.51 million KRW in February last year. This is also the fourth highest growth rate among the 15 cities and counties in Chungnam.
Individual complexes have also seen average sale prices rise by hundreds of millions of KRW. For example, the ‘Tangjeong Samsung Trapalace’ located in Tangjeong-myeon, Asan City, recorded an average sale price of 460 million KRW for an exclusive area of 84.99㎡ in February 2021, which is an increase of 135 million KRW compared to 325 million KRW in February 2020.
A real estate agency in Asan City, S Real Estate, stated, “With Samsung Display’s 13 trillion KRW investment decision and the successive developments of Asan Tangjeong Techno General Industrial Complex and Asan Smart Valley nearby, the atmosphere of the Asan real estate market is heating up.” They added, “Especially, customers are increasingly contacting us with interest in apartments located near industrial complexes or newly supplied ones.”
Samsung Display announced last year its plan to invest 13 trillion KRW by 2025 to establish the world’s first next-generation 'QD Display' mass production line at its Asan plant. The expected indirect employment effect is estimated to be about 80,000 people over five years.
Moreover, Asan City currently has a total of seven industrial complexes under development, covering an area of over 6.28 million ㎡, with an investment scale reaching 2.8 trillion KRW. The industrial sites within these complexes are expected to house companies focused on advanced industries such as semiconductors, displays, and electric vehicles.
In particular, this month, three excellent domestic companies decided to invest 28 billion KRW in new factory construction in the Asan Smart Valley Industrial Complex, raising expectations for related benefits. Daejeon Dongwon Pharmaceutical plans to invest 10 billion KRW to establish a state-of-the-art distribution logistics center to facilitate the smooth distribution of excellent pharmaceuticals in the northwestern Chungnam region. S&C, a core technology company manufacturing ultrasonic flowmeters and industrial automation robots, which are key components of semiconductor manufacturing equipment, decided to invest 8 billion KRW in new factory construction. Hana Laser Tech, a semiconductor LCD equipment and parts manufacturer, plans to invest 10 billion KRW in the Smart Valley Industrial Complex to build a manufacturing plant for future sales growth and the expansion and merger of its first and second factories.
The Asan Smart Valley General Industrial Complex is being developed on a scale of 444,000㎡, and Asan City plans to attract manufacturing companies in metal processing, medical, precision, optical, and electrical equipment sectors to create about 3,000 jobs.
As proof of the ongoing development news in Asan City and the resulting interest from demanders, the subscription results for newly supplied apartments in Asan have also been outstanding recently. In December last year, ‘Hoban Summit Grand Mark’ in Tangjeong-myeon, Asan City, recorded an average competition rate of 47.17 to 1 in the first priority subscription. Last month, ‘Asan Tangjeong Samsung Trapalace’ recorded an average of 386.49 to 1 in the first priority subscription. Also, ‘The Sharp Centro,’ supplied this month in Baebang-eup, Asan City, succeeded in closing the first priority subscription with an average competition rate of 52.8 to 1.
Next month, new apartment supplies are scheduled in prime locations within Asan City, drawing the attention of demanders.
In the Asan area, Hyosung Heavy Industries plans to supply ‘Harrington Place Smart Valley.’ It consists of 10 buildings from basement level 1 to ground level 20, with a total of 704 households ranging from 59 to 84㎡ in exclusive area. The complex is adjacent to Cheonan Smile City, allowing residents to walk to various convenience facilities including Costco Cheonan branch. Since the Asan Smart Valley is planned to be developed nearby, benefits as a hinterland complex are expected. Additionally, Samsung SDI Cheonan Plant, Cheonan General Industrial Complex, Cheonan Foreign General Industrial Complex, and Majung General Industrial Complex are all located within a 3 km radius, making commuting convenient.
Line Construction’s ‘Asan Techno Valley EG the1 Phase 6’ is also scheduled to be supplied in Asan City. It will be developed with a total of 822 households ranging from 68 to 84㎡ in exclusive area. The complex is within walking distance to Yeomjak Elementary School and Techno Middle School.
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