Real Estate Market Breeze Around Sihwa MTV, Ocean View 'Geobukseom Marina Bay' Sales Office Opens

Sihwa is a place name combining Siheung City and Hwaseong City, and it can be considered a large-scale new town. The Sihwa MTV project is an advanced complex industrial complex developing about 1 million pyeong with an investment of approximately 2.4 trillion won.

Currently, the overall construction progress is in the final stages, and not only the tourism infrastructure within the project site but also the sale of public land is actively underway. As a result, a favorable wind continues in the real estate market around Sihwa MTV. In particular, attention is increasingly focused on Sihwa MTV Geobukseom, which is poised to become a city specialized in the tourism industry. With the rapid increase in the domestic surfing population, it is expected that even more floating population will gather, leading to repeated sellouts of commercial facilities in the area.

In this regard, the sales promotion center for ‘Geobukseom Marina Bay 101,’ an emotional complex commercial facility located right in front of ‘Wave Park,’ the world's largest and Asia's first artificial surfing site, has opened and is forecasting great success.

Geobukseom Marina Bay 101, which will be backed by the Sihwa MTV entertainment district that will establish a 24-hour commercial zone, stands out not only for the premium of being able to see surfing and water park activities at a glance within the shopping area but also for enjoying an unobstructed ocean view.

The Geobukseom Marina Bay 101 commercial facility is a street mall with a view of the marina harbor, maximizing the view and openness, and the rooftop ocean view is also expected to be recognized as the best viewing point on Geobukseom. In particular, the nightscape specialized design using lighting and the flow line design that naturally attracts customers from nearby hotel guests and the Sihwa Narae Dullegil trail also draw attention.

With a half-day travel radius covering about 8.3 million people in the southwestern Incheon and Gyeonggi areas, plus about 350,000 fixed demand from industrial complexes near the project site and new tourism demand, Geobukseom Marina Bay 101 commercial facility can expect abundant demand exceeding 10 million people. Considering the recent explosive increase in the surfing population, it is also attractive to investors as a solid commercial facility securing infinite demand.

It is also noteworthy that it is located at the center of the West Coast tourism belt. A tourism belt is being established connecting Yeongjongdo - Songdo International New City - Oido - Sihwa MTV Geobukseom Marine Leisure Complex - Daebudo - Songsan Green City - Shinsegae International Theme Park. In particular, annual tourists to Daebudo alone reach 8.6 million, and combined tourism demand in the area is estimated at about 10 million.

The transportation infrastructure is also well established. The ‘Geobukseom Marine Leisure Complex’ is about a 50-minute drive from Incheon International Airport, securing demand from foreign tourists, and is accessible via Subway Line 4 and Suin-Bundang Line at Jeongwang Station and Oido Station. It is also convenient to visit from all over the country via the 3rd Gyeongin Expressway, Yeongdong Expressway, and Pyeongtaek-Siheung Expressway. Especially, the Ansan-Incheon section, the last puzzle of the construction of the 2nd Capital Area Circular Expressway, is scheduled to start construction next year, allowing entry to Geobukseom within 3 minutes after exiting Oido IC.

An industry official said, “The number of visitors to the West Coast area including Daebudo and Oido is close to 10 million annually, and it is highly likely that these demands will flow into the ‘Geobukseom Marine Leisure Complex,’ and commercial facilities targeting these customers are also expected to operate stably.” He added, “Just as the real estate value of surfing spots such as Yangyang in Gangwon has risen, commercial facilities around Sihwa MTV are also expected to have high profits and real estate value appreciation.”

Meanwhile, the recommended businesses for the first floor of the Geobukseom Marina Bay 101 waterfront shopping area are cafes, convenience stores, snack bars, restaurants, and clothing stores. The recommended businesses for the second and third floors, which capture the natural waterfront view, include family restaurants, wine bars, pubs, restaurants, and photo studios. The sales promotion center is located in Ansan City.