Commercial Facility 'Hyundai Silicon Alley Art Dongtan' in the Complex Knowledge Industry Center in Dongtan Techno Valley
Recently, due to the low interest rate trend and housing regulations, income-generating real estate, especially knowledge industry centers, have attracted attention as investment destinations, and commercial facilities developed alongside them are also drawing investors' interest.
Among these, the most popular are knowledge industry centers in the Gyeonggi area, benefiting from companies' 'de-Seoulization.' In fact, looking at the office vacancy rates announced by the Korea Real Estate Board, in the fourth quarter of 2020, Seoul had 10.7%, Incheon 13.9%, Busan 17.1%, and Daegu 19.5%, showing double-digit vacancy rates in Seoul and major metropolitan cities. In contrast, Gyeonggi-do recorded an office vacancy rate of 5.2%, the lowest among the 16 cities and provinces nationwide.
Regarding this, O Dae-yeol, team leader at Economy Man Lab, stated, "Large-scale self-sufficient cities such as Pangyo and Dongtan have been developed mainly in the Gyeonggi area, showing a trend where companies and workers simultaneously 'de-Seoulize,' and as a result, the office vacancy rate is maintaining a top rank." He added, "With various large-scale transportation development benefits such as GTX and the Metropolitan Area 2nd Outer Ring Road, this trend is expected to continue."
Fueled by the popularity of knowledge industry centers in the Gyeonggi area, commercial facilities within recently launched knowledge industry centers are also gaining attention. This is because a steady influx of floating population is guaranteed, and most are located in prime positions within new residential districts, promising solid demand from the surrounding area.
One location recently spotlighted for such positioning is Dongtan Techno Valley in Dongtan New Town. It houses Hanmi Pharmaceutical Research Center, Asin Pharmaceutical, Hyundai Transys Research Center, among others, and about 4,500 companies are expected to move in later, predicting a hinterland demand of approximately 670,000 people, including resident population and major corporate floating population.
Additionally, nearby are several large corporations such as Samsung Electronics Hwaseong and Giheung Campuses, LG Electronics Pyeongtaek Digital Park, Doosan Heavy Industries & Construction I&C Dongtan Plant, and 3M Korea Technology Research Institute, predicting active linkage activities. On the other hand, the commercial land ratio recorded in the land use plan table is very low at around 2%, attracting high interest as an investment destination.
A project attracting attention in this area is the commercial facility 'Hyundai Silicon Alley Art Dongtan' within the complex knowledge industry center 'Hyundai Silicon Alley Dongtan.' It is a large-scale project spanning approximately 21,564㎡ from basement level 2 to ground level 1 in Dongtan 2 New Town.
It monopolizes about 10,000 knowledge industry center workers within the same building as fixed demand, and with dormitories also established, steady demand generation is expected not only on weekday evenings but also on weekends. Surrounding areas include large corporate industrial complexes and Hwaseong General Industrial Complex, which are expected to continue attracting workers.
'Hyundai Silicon Alley Art Dongtan' is a New York concept art street mall. It applies a red brick design that evokes an exotic atmosphere and creates colorful and artistic graffiti reproducing street art throughout the space, maximizing the modern street art sensibility of New York.
Moreover, it will create a '365-day complex cultural commercial district' where various festivals are held at the main plaza and other locations within the facility. Two media facades with dazzling visuals to captivate visitors, floor interaction, large sculptures, and artworks will also be installed to induce early commercial district activation and continuous influx of floating population.
At the same time, efforts are focused on composing large key tenants to help early commercial district activation. Currently, a large multiplex cinema and a rock bowling alley with about 12 officially regulated lanes have been confirmed to move in. Additionally, for the first time in the surrounding commercial district, hospitals, clinics, and banks have been successfully attracted, and it is expected that future stores will create synergy effects with these popular facilities.
The complex is located at a corner on a four-way intersection main road, adjacent to Giheung IC and Giheung Dongtan IC on the Gyeongbu Expressway, providing access to the Yongin-Seoul Expressway and the Metropolitan Area 2nd Ring Expressway. Public transportation includes SRT Dongtan Station, and the GTX-A line is scheduled to open additionally. Furthermore, the Indeokwon-Dongtan subway line, whose final plan was confirmed by the Ministry of Land, Infrastructure and Transport last year, is currently under development, and the Dongtan Urban Railway, whose basic plan was finalized by Gyeonggi-do in January this year, is progressing with the goal of opening in 2027.
Currently, the model house for 'Hyundai Silicon Alley Art Dongtan' is located in Hwaseong-si, Gyeonggi-do, behind Hanmi Pharmaceutical. In particular, a thorough quarantine system has been established so that customers can visit safely despite the spread of COVID-19. Along with continuous overall disinfection of the model house, hand sanitizer use is mandatory upon entry, and thermal imaging cameras (with staff assigned) have been installed. Air purifiers operate to maintain pleasant air quality, customer flow is restricted, and daily self-disinfection is planned.
Additionally, related facilities have been created at the model house to allow visitors to directly experience the media facade to be installed in the commercial facility, and a cross-sectional model reflecting the actual design of the commercial facility has been introduced so visitors can see the project at a glance. In a gallery-style, comfortably arranged space, a robot coffee machine applying 5G and artificial intelligence (AI) is operated to expand contact points with customers.
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