Amid instability in the real estate market, the region drawing recent attention is none other than ‘Sejong City.’ The government’s plan to establish Sejong City as the practical administrative capital is taking shape, with various favorable developments being announced one after another, including the reorganization of the Happy City Construction Plan after 15 years, attracting keen interest.
Sejong City currently faces various tasks such as the relocation of government ministries, the realization of the National Assembly Sejong Chamber establishment, and entering the third phase of the Happy City Construction Plan. At the end of last year, a budget of 14.7 billion KRW was approved for the design costs of the National Assembly Sejong Chamber, marking the first achievement toward completing the administrative capital.
According to the TF for the construction of the Sejong Chamber, the optimal site for the Sejong Chamber is area B1. The site covers a total of 616,000㎡, which is twice the size of the current Yeouido National Assembly site (330,000㎡). If the project proceeds as planned, the Sejong Chamber is expected to be completed as early as 2025. In addition, Chungcheongbuk-do is actively participating in completing Sejong City as the administrative capital by preparing detailed plans to expand the functions of the complementary administrative capital city.
With changes in the surrounding conditions such as the construction of the National Assembly Sejong Chamber and Green New Deal policies, the Happy City Construction Project plan, established in 2006, is also being reorganized after 15 years. The Happy City Construction Project, which began in 2007, is being promoted by the Happy City Construction Agency. The goal is to complete a self-sufficient city with a population of 500,000 by 2030, passing through initial, mature, and completion stages. The revised plan will include development for the city completion stage, appropriate infrastructure construction plans to respond to transportation demand, and sustainable urban operation methods.
Along with this, the Happy City Agency announced plans to designate areas requiring national support and management, such as the Government Sejong Complex, as ‘National Special Management Zones’ to continue planning and infrastructure installation. Additionally, in cooperation with four cities/provinces in the Chungcheong region, a new metropolitan plan for the Happy City area will be established, called the ‘Happy City Metropolitan Area Plan.’ If this project proceeds, the birth of a mega-city in the Chungcheong region is anticipated, generating significant synergy effects.
Sejong City’s Real Estate Prices Continue to Rise... Luxury Townhouse ‘Richmond Hill 2’ in the Spotlight
Based on these favorable conditions, real estate prices in the Sejong City area are steadily rising. The jeonse (long-term lease) price surged 39% in just four months, reaching the highest point nationwide. As sales prices rose sharply, jeonse prices also skyrocketed. For this reason, many people are paying attention to townhouses instead of apartments. Townhouses offer the advantages of apartments while also providing the benefits of detached houses, but at relatively affordable prices.
The townhouse currently attracting attention is ‘Richmond Hill 2,’ planned for sale by Taewon Construction Industry in Sejong City. It is a high-end townhouse in Sejong City with only 43 households. The entire site covers 14,467㎡, featuring 2 above-ground floors and a total of 44 units (43 residential units and 1 community facility). Under the slogan ‘Designing a Way of Life,’ it plans to offer residents three lifestyle experiences: ‘Healing Life,’ ‘Green Life,’ and ‘Edu Life.’
The living spaces reflect the personal tastes of family members, boasting excellent residential convenience. An apartment-style circulation structure is applied to create practical living spaces with minimal wasted space. Windows are installed on all sides exposed to sunlight, providing excellent natural lighting. The first floor consists of common areas (living room, kitchen, dining room, etc.) with ceilings over 2.7 meters high, offering a sense of openness and spaciousness.
The second floor includes a family room and a practical loft for hobbies and play. The master bedroom is designed with separated spaces to enhance privacy, and conveniences such as a dressing room, powder room, and bathtub are added. The laundry room on the second floor is another advantage, boasting an optimized circulation path. Each household can park up to two cars, and electric vehicle charging stations are provided to accommodate electric cars. Richmond’s unique specialized landscaping design is also applied. Private independent gardens and terraces are provided for all units, allowing for comfortable living throughout the year.
The high-quality interior further enhances competitiveness. Italian luxury kitchen furniture ‘Arclat Cucine’ and ‘Hanssem Efex’ will be offered as standard furniture options.
Cutting-edge systems typically applied to apartments are also implemented. Security CCTV is installed throughout the complex to minimize blind spots, and resident security guards will be stationed. Vehicle and pedestrian access control systems are applied within the complex. Solar power generation facilities and standby power cut-off systems will be installed, expected to reduce electricity bills.
The residential environment around the complex is also highly praised. Within walking distance are elementary, middle, and high schools, including an international high school and a science and arts gifted school, providing solid educational infrastructure. Nearby, there are abundant green spaces such as neighborhood parks and walking trails like Balgeun Tteul and Goun Tteul, promising a pleasant living environment. A nearby complex community center offers various cultural activities, and convenient access to various living infrastructures makes daily life comfortable.
Transportation conditions are excellent. Using National Road No. 1 near the complex, quick connections to Seoul and throughout Sejong City are possible. The Seoul-Sejong Expressway is scheduled for completion in 2024, which will strengthen the transportation network and is expected to increase the value of Richmond Hill 2.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
